African stock markets delivered a constructive week. The BRVM, the West African regional exchange, closed the week of July 28 to August 1, 2026 up 0.32%, recovering after several weeks of profit-taking. A mixed picture on the regional market, but one that conceals some spectacular individual surges. And in Nigeria, the scorecard is unambiguous: the Lagos Stock Exchange (NGX) wrapped up the first half of 2026 with a +46% gain — the second-best performance worldwide, behind South Korea.
On the BRVM: ORGT surges, Ecobank retreats
The week was marked by the performance of Oragroup Togo (ORGT), which jumped +16.3%, followed by Sicor Côte d'Ivoire (+14.29%) and Safca Côte d'Ivoire (+10.63%). On the downside, the biggest decliners were Ecobank Transnational Inc (ETIT, -9.59%), Sicable Côte d'Ivoire (-7.89%) and Setao Côte d'Ivoire (-7.75%). This consolidation reflects profit-taking after several weeks of gains, without challenging the broader upward trend.
Nigeria: +46%, the world's 2nd best-performing exchange
The standout event of the semester in Africa is the performance of the Nigerian Exchange Group (NGX). The benchmark index climbed 46% in the first six months of 2026, pushing market capitalisation above 147 trillion nairas at end-June. Energy led the rally: Seplat Energy and Aradel Holdings propelled the oil and gas index above +90%. In banking, Ecobank Transnational posted +127%, Jaiz Bank +82% and Zenith Bank +78%. Berger Paints, in the industrials space, surged an extraordinary +207%.
The one caveat: this historic performance was largely missed by foreign investors, including diaspora funds, due to access and liquidity barriers — fuelling debate about the modernisation of the continent's financial markets.
Tokenisation: Nairobi opens a new frontier
In Nairobi, another development is drawing attention: Tether, the issuer of the USDT stablecoin, and the Nairobi Securities Exchange (NSE Kenya) are jointly exploring securities tokenisation. The stated goal is to transform access to capital markets and liquidity across East Africa — a development worth watching closely, with the potential to accelerate financial inclusion at a regional scale.
Why it matters
For economic players in the Indian Ocean, these dynamics are far from trivial. Sub-Saharan Africa is emerging as a magnet for global capital, outpacing many classic emerging markets. The exchanges in Lagos, Nairobi and Abidjan are setting a new benchmark for regional investors. Mauritius, the Indian Ocean's financial hub, is particularly well-placed to serve as a gateway to these dynamic markets.
Sources: Daba Finance / allAfrica, NGX Group, TechMoonshot, BRVM.