Africa’s 100 Largest Frontier Stocks

You may not hear much about them in the pages of the Wall Street Journal or Financial Times, but Sub-Saharan Africa has its own set of blue-chip companies.

It’s important for investors to be aware of these giants of African commerce and industry because they tend to be less risky than their smaller counterparts.

The table below lists Sub-Saharan Africa’s 100 largest stocks (excluding those listed on the Johannesburg Stock Exchange).

Photo by World Bank


They are ranked in order of US$ market capitalization as of July 20, 2012.

Note that Nigerian and Kenyan companies dominate the list, as do banks, breweries, and cement companies.

100 Largest Companies in Sub-Saharan Africa (ex S.A.)
RankCompanyCountryMarket Cap ($ millions)Industry
1.Dangote CementNigeria11,978Cement
2.Nigerian BreweriesNigeria5,456Brewery
3.Guaranty Trust BankNigeria3,158Bank
4.Zenith BankNigeria2,926Bank
5.First Bank of NigeriaNigeria2,394Bank
6.East African BreweriesKenya2,142Brewery
7.SonatelSenegal2,126Telecom
8.Guinness NigeriaNigeria2,082Brewery
9.Nestle NigeriaNigeria2,066Food
10.SafaricomKenya1,838Telecom
11.Mauritius Commercial BankMauritius1,450Bank
12.First National Bank of BotswanaBotswana984Bank
13.Equity BankKenya972Bank
14.Ecobank Transnational (Cote d'Ivoire Listing)Togo962Bank
15.Barclays Bank KenyaKenya901Bank
16.United Bank for AfricaNigeria881Bank
17.Access BankNigeria873Bank
18.State Bank of MauritiusMauritius860Bank
19.Kenya Commercial BankKenya832Bank
20.Lafarge WAPCONigeria809Cement
21.Stanbic IBTC BankNigeria805Bank
22.Delta CorpZimbabwe803Brewery
23.Barclays Bank BotswanaBotswana795Bank
24.Bamburi CementKenya775Cement
25.Unilever NigeriaNigeria761Household Products
26.Econet WirelessZimbabwe693Telecom
27.Standard Chartered Bank of KenyaKenya665Bank
28.Flour Mills of NigeriaNigeria634Food
29.Stanbic Bank UgandaUganda561Bank
30.PZ Cussons NigeriaNigeria511Home Furnishings
31.FNB NamibiaNamibia495Bank
32.Co-operative Bank of KenyaKenya479Bank
33.Tanzania BreweriesTanzania466Brewery
34.Standard Chartered Bank of GhanaGhana444Bank
35.British American Tobacco KenyaKenya442Tobacco
36.Illovo Sugar MalawiMalawi396Sugar
37.Botswana Insurance HoldingsBotswana380Insurance
38.Standard Chartered Bank of ZambiaZambia380Bank
39.Zambia SugarZambia369Sugar
40.Golden Star ResourcesGhana360Mining
41.Kenya Power & LightingKenya354Electric
42.Ecobank GhanaGhana351Bank
43.Standard Chartered Bank BotswanaBotswana349Bank
44.UAC of NigeriaNigeria341Retail
45.Union Bank of NigeriaNigeria340Bank
46.Dangote Sugar RefineryNigeria337Sugar
47.LetshegoBotswana335Financial Services
48.First City Monument BankNigeria335Bank
49.New Mauritius HotelsMauritius333Lodging
50.Lafarge Cement ZambiaZambia327Cement
51.Nation Media GroupKenya321Media
52.Namibia BreweriesNamibia306Brewery
53.Innscor AfricaZimbabwe303Conglomerate
54.Societe Africaine de Plantations d'HeveasCote d'Ivoire300Rubber
55.National Microfinance BankTanzania297Bank
56.Zambian BreweriesZambia296Brewery
57.BralirwaRwanda294Brewery
58.Societe de Limonaderies et BrasseriesCote d'Ivoire289Brewery
59.PALM-CICote d'Ivoire288Palm Oil
60.Cadbury NigeriaNigeria286Food
61.Terra MauriciaMauritius286Conglomerate
62.Tanzania Portland CementTanzania278Cement
63.Bidvest NamibiaNamibia278Fishing
64.KenolKobilKenya275Petrol Retail
65.Total NigeriaNigeria274Petrol Retail
66.Ghana Commercial BankGhana273Bank
67.Zambia National Commercial BankZambia271Bank
68.Bramer Banking CorpMauritius270Bank
69.Unilever GhanaGhana266Household Products
70.Societe Generale de Banques en Cote d'IvoireCote d'Ivoire261Bank
71.Guinness GhanaGhana254Brewery
72.Skye BankNigeria250Bank
73.Kenya AirwaysKenya250Airline
74.Choppies EnterprisesBotswana249Retail
75.Rogers and CompanyMauritius248Conglomerate
76.OnatelBurkina Faso247Telecom
77.Societe de Caoutchoucs de Grand-BerebyCote d'Ivoire244Rubber
78.Athi River MiningKenya234Cement
79.Fidelity BankNigeria233Bank
80.Mobil NigeriaNigeria233Petrol Retail
81.Sechaba BreweriesBotswana227Brewery
82.Diamond Trust Bank KenyaKenya221Bank
83.Kenya Electricity Generating CompanyKenya218Electricity
84.Diamond BankNigeria215Bank
85.Tanzania Cigarette CompanyTanzania212Tobacco
86.Dangote Flour MillsNigeria211Food
87.OandoNigeria206Petrol Retail
88.Julius BergerNigeria205Construction
89.Hippo Valley EstatesZimbabwe193Sugar
90.Scan GroupKenya182Advertising
91.Ireland BlythMauritius181Conglomerate
92.New Africa PropertiesBotswana181Real Estate
93.NIC BankKenya172Bank
94.Seed CompanyZimbabwe168Agriculture
95.CRDB BankTanzania165Bank
96.OmnicaneMauritius164Sugar
97.Vivo Energy MauritiusMauritius161Petrol Retail
98.7 Up Bottling CompanyNigeria160Beverages
99.GlaxoSmithKline NigeriaNigeria152Pharmaceuticals
100.British American Investments CompanyKenya144Insurance

 

Comments

  1. Dark.iNiTro says:

    Thanks for listing! I will try to learn more about these companies. Great opportunities!

  2. Hi Ryan – just wondering what criteria you used for multinationals – no Tullow (TLW) under Ghana, for example, but Bidvest Namibia? Thanks

    • Hi Mike,
      Bidvest Namibia is listed because it is a separately-listed operating unit in Namibia. Tullow Oil, on the other hand, is only dual-listed in Ghana. It doesn’t have a primary listing or Ghanaian subsidiary listed on the Ghana Stock Exchange.

Speak Your Mind