Maturity Analysis of Stock Exchanges in Africa: Prepandemic Sustainability Perspective

This paper focuses on the economic dimension of sustainability by examining stock exchange interface financial markets, influence capital market stakeholders, and instruments that contribute to a supportive fiscal framework. Only mature exchanges are present in indices; hence, comparative assessment is limited contributes complexity conducting such study. Utilizing multivariate analysis, this study investigates potential for African support sustainability. An empirical was conducted selected sample 15 at end 2020 using collected 5-year interval data from Q1 2021. A total 22 variables were based their legitimacy Using exploratory factor two key drivers differentiation classified identified, i.e., hard soft. K-means classification method verified results found four identified homogeneous groups, one—the Johannesburg Stock Exchange, Nigerian Egyptian Exchange—emerged top. Two smaller groups had be strengthened, majority group lagged behind. The research demonstrated importance identifying examined materiality within an context.