A Pan-African Benchmark for the Continent's Economic Engine
Backtested from January 1, 2020. Methodology applied retroactively using historical price data from 23 constituent stocks covering 78.95% of index weight across JSE, NYSE, EGX, Euronext, LSE, NGX, and Casablanca exchanges.
| Metric | AFR 30 | S&P 500 | VanEck Africa | MSCI EM |
|---|
Methodology note: Backtest uses historical closing prices from Yahoo Finance (16 stocks) and Investing.com (7 stocks) for 23 of 30 constituents, covering 78.95% of index weight by market capitalisation. Data spans JSE, NYSE, EGX, Euronext, LSE, NGX (Nigeria), and Casablanca exchanges. Remaining 7 constituents are on exchanges without free historical data (NSE Kenya, BRVM West Africa). All values normalised to base 1,000 on January 1, 2020. Past performance does not guarantee future results.
The Africa 30 Index uses a free-float market-capitalisation weighted methodology — the same approach used by the S&P 500, FTSE 100, and MSCI World. Here's exactly how today's value of 5,068.73 is derived:
At the end of each trading day, we collect the closing share price for each of the 30 constituent companies from their primary exchange (JSE, NGX, NSE, EGX, BRVM, CSE Casablanca). All prices are converted to USD using that day's closing exchange rate.
For each company: Share Price × Free-Float Shares Outstanding = Free-Float Market Cap. Free-float excludes shares held by governments, founding families, or strategic holders (locked shares that never trade). This ensures the index reflects what investors can actually buy.
We add up the free-float market caps of all 30 companies. Today's aggregate: $285.4 billion. This represents a significant portion of Africa's total listed equity market capitalisation.
The total market cap is divided by a fixed number called the Divisor. The Divisor was set on January 1, 2020 (the base date) so that the index equalled exactly 1,000.00. It is only adjusted for corporate actions (stock splits, rights issues, constituent changes) — never for normal price movements.
The value of 5,068.73 means the aggregate free-float market value of Africa's top 30 companies has grown by 406.87% since the base date of January 1, 2020. This single number captures the economic trajectory of the continent's largest, most liquid, most diversified public companies.
A company's weight in the index equals its free-float market cap divided by the total. For example, if Naspers has a free-float market cap of $24.3B out of a $285.4B total, its weight is 8.52%. Larger companies move the index more — just as Apple moves the S&P 500 more than a smaller constituent. This is recalculated every trading day as prices change.
Sorted by index weight. Prices delayed 15 minutes. Rebalanced 15 October 2026; weights are fixed until the March 2027 review. Free-float market cap at the 13 September 2026 reference date.
| # | Company | Country | Sector | Exchange | Price (USD) | Day Chg | FF Mkt Cap | Weight |
|---|---|---|---|---|---|---|---|---|
| 1 | AngloGold AshantiAU | 🇿🇦 South Africa | Mining | JSE / NYSE | — | — | $52.6B | |
| 2 | Gold FieldsGFI | 🇿🇦 South Africa | Mining | JSE / NYSE | — | — | $40.4B | |
| 3 | NaspersNPN.JO | 🇿🇦 South Africa | Technology | JSE | — | — | $34.2B | |
| 4 | CIB EgyptCOMI.CA | 🇪🇬 Egypt | Financials | EGX | — | — | $6.2B | |
| 5 | Attijariwafa BankATW.CS | 🇲🇦 Morocco | Financials | CSE | — | — | $5.5B | |
| 6 | Seplat EnergySEPLAT.LG | 🇳🇬 Nigeria | Energy | NGX | — | — | $3.8B | |
| 7 | Aradel HoldingsARADEL.LG | 🇳🇬 Nigeria | Energy | NGX | — | — | $3.5B | |
| 8 | FirstRandFSR.JO | 🇿🇦 South Africa | Financials | JSE | — | — | $32.7B | |
| 9 | Valterra PlatinumVAL.JO | 🇿🇦 South Africa | Mining | JSE | — | — | $23.2B | |
| 10 | MTN GroupMTN.JO | 🇿🇦 South Africa | Telecom | JSE | — | — | $21.6B | |
| 11 | MTN NigeriaMTNN.LG | 🇳🇬 Nigeria | Telecom | NGX | — | — | $3.4B | |
| 12 | SafaricomSCOM.NR | 🇰🇪 Kenya | Telecom | NSE | — | — | $2.7B | |
| 13 | Standard BankSBK.JO | 🇿🇦 South Africa | Financials | JSE | — | — | $24.7B | |
| 14 | GTCO HoldingsGTCO.LG | 🇳🇬 Nigeria | Financials | NGX | — | — | $3.6B | |
| 15 | Capitec BankCPI.JO | 🇿🇦 South Africa | Financials | JSE | — | — | $23.4B | |
| 16 | Zenith BankZENITHBA.LG | 🇳🇬 Nigeria | Financials | NGX | — | — | $3.3B | |
| 17 | Impala PlatinumIMP.JO | 🇿🇦 South Africa | Mining | JSE | — | — | $13.2B | |
| 18 | Dangote CementDANGCEM.LG | 🇳🇬 Nigeria | Mining | NGX | — | — | $1.4B | |
| 19 | Maroc TelecomIAM.CS | 🇲🇦 Morocco | Telecom | CSE | — | — | $2.2B | |
| 20 | Equity GroupEQTY.NR | 🇰🇪 Kenya | Financials | NSE | — | — | $2.3B | |
| 21 | SonatelSNTS.BV | 🇸🇳 Senegal | Telecom | BRVM | — | — | — | |
| 22 | KCB GroupKCB.NR | 🇰🇪 Kenya | Financials | NSE | — | — | $1.8B | |
| 23 | Absa GroupABG.JO | 🇿🇦 South Africa | Financials | JSE | — | — | $10.8B | |
| 24 | CosumarCSR.CS | 🇲🇦 Morocco | Consumer | CSE | — | — | $1.2B | |
| 25 | Telecom EgyptETEL.CA | 🇪🇬 Egypt | Telecom | EGX | — | — | $1.3B | |
| 26 | Talaat Moustafa GroupTMGH.CA | 🇪🇬 Egypt | Financials | EGX | — | — | $1.4B | |
| 27 | DiscoveryDSY.JO | 🇿🇦 South Africa | Financials | JSE | — | — | $9.2B | |
| 28 | Ecobank TransnationalETI.BV | 🇹🇬 Togo | Financials | BRVM | — | — | — | |
| 29 | East African BreweriesEABL.NR | 🇰🇪 Kenya | Consumer | NSE | — | — | $0.6B | |
| 30 | Société Générale CISGBC.BV | 🇨🇮 Côte d'Ivoire | Financials | BRVM | — | — | — |
Weights at the 15 October 2026 rebalancing (Methodology v1.3). Caps: 15% per stock, 50% per country, 35% per sector. South Africa is held at exactly 50.00% and Financials at exactly 35.00%. The three BRVM names (Sonatel 2.03%, Ecobank Transnational 0.98%, Société Générale CI 0.46%) are carried at their combined pre-review weight and are not sector-classified; Sonatel is a telecom and the other two are banks. Sector classification as in the rebalancing notice, in which Dangote Cement is counted under Mining & Resources and Talaat Moustafa Group under Financials.
Version 1.2 — Effective 4 June 2026. Eligibility criteria, weighting, rebalancing, corporate actions & governance.
The Africa 30 Index is calculated from publicly available market data sourced directly from African stock exchanges and verified through multiple providers. Stock prices are factual data — once a trade executes on a public exchange, the price is a fact.
Africa's largest exchange. $900B+ total market cap. Real-time feeds via JSE SENS. 11 of 30 constituents, including AngloGold Ashanti and Gold Fields (priced on their NYSE listings).
End-of-day data • PublicWest Africa's dominant market. $80B market cap. Daily bulletins published publicly. 6 of 30 constituents.
End-of-day data • PublicEast Africa's leading exchange. $20B market cap. Market reports via NSE website. 4 of 30 constituents.
End-of-day data • PublicNorth Africa's second-largest market. $50B+ market cap. Real-time data on EGX website. 3 of 30 constituents.
End-of-day data • PublicNorth Africa's leading exchange. $70B market cap. Arabic-French bilingual platform. 3 of 30 constituents.
End-of-day data • PublicRegional exchange serving 8 West African nations. $15B market cap. CFA franc denominated. 3 of 30 constituents.
End-of-day data • PublicFor Africa-origin companies dual-listed in New York: AngloGold Ashanti (AU) and Gold Fields (GFI). 2 of 30 constituents, counted above under the JSE.
Real-time data • Public APIsAutomated data collection via MarketStack, Twelve Data, and direct exchange APIs. End-of-day prices with 15-minute delayed intraday where available.
Automated • Verified