Business
Mauritius Remains the Only African Stock Market to Drop as Malawi Gains 247%
The Stock Exchange of Mauritius (SEM) has emerged as the sole outlier in an otherwise historic year for African equities, finishing 2025 as the only major exchange on the continent to record a negative performance.
While neighbouring markets celebrated triple-digit gains, data compiled by The Kenyan Wall Street reveals that the Mauritian bourse closed the year down 1.41%. This decline stands in stark contrast to a continent-wide boom that saw investor capital pour into African frontier and emerging markets.
A Continent in Bloom
The year was defined by extraordinary growth elsewhere, with the Malawi Stock Exchange delivering a staggering 247.63% return. This performance was more than triple that of its nearest competitors, firmly placing the small market ahead of more established financial hubs.
Other top performers included:
- Ghana
- Zambia
- Nigeria
- Kenya
African Stock Market Performance Rankings (2025)
| Rank | Country | Annual Performance |
| 1 | Malawi | +247.63% |
| 2 | Ghana | +79.27% |
| 3 | Zambia | +67.86% |
| 4 | Nigeria | +51.19% |
| 5 | Kenya | +51.1% |
| 6 | Egypt | +40.18% |
| 7 | South Africa | +37.74% |
| 8 | Uganda | +36.58% |
| 9 | Tunisia | +35.12% |
| 10 | Tanzania | +29.08% |
| 11 | Zimbabwe | +27.7% |
| 12 | Morocco | +27.57% |
| 13 | BRVM* | +25.26% |
| 14 | Rwanda | +22.45% |
| 15 | Namibia | +18.88% |
| 16 | Botswana | +9.76% |
| 17 | Mauritius | -1.41% (only declining market) |
*Regional Securities Exchange
The Malawi Phenomenon
According to year-end data from 31 December 2025, Malawi’s surge was driven largely by financial institutions, investment funds, and holding companies.
These sectors dominated trading volumes and market capitalisation, amplifying price gains within one of Africa’s smaller trading environments.
Despite the liquidity and size of giants like Nigeria and Kenya, the trend for 2025 favoured high-growth rallies in diverse sectors—leaving Mauritius to navigate the new year as the only African market to end the period in the red.
Source: Defi Media
