Africa’s 250 largest listed companies have staged a strong recovery, with their combined market value rising 34% to $795 billion after years of volatility driven by the pandemic and weak commodity prices. Mining firms have led the charge, driven by demand for critical minerals from the energy transition and AI revolution, plus surging gold prices. AngloGold Ashanti became Africa’s most valuable listed company after its market capitalization nearly doubled to almost $50 billion, while other miners and major South African banks also posted strong gains. Nigerian firms, including MTN Nigeria and Dangote Cement, recorded sharp increases in value as investor sentiment improved. Despite the recovery, South African companies still dominate Africa’s corporate landscape, accounting for more than half of the continent’s total listed market capitalization.
African Business
