Abstract
Several studies have examined ICT in relation to stock market development, economic growth and development and other macroeconomic variables. Most of the studies have been on the
developed and emerging economies. Studies have been relatively scanty for the developing
economies, especially Sub-Saharan Africa. Thus, knowledge gap has been identified in the literature
for the African Continent. Pooled data were used in this paper to spur further studies on financial
markets in Africa. This paper employed data on functional models adapted from Gompertz curve
model for technology diffusion to investigate the effects of ICT on market outcomes of two leading
stock exchange markets in Africa during the 1995-2015 periods. Results showed mixed effects of
most ICT metrics and moderating variables in the study. Specifically, the effect of mobile telephone
on all market indicators was positive and significant. Further, aggregate effect of the ICT proxies and
moderating variables on all market indices was statistically significant. The ICT proxies accounted for
positive dynamics in market outcomes, market operations and, thus, sine quo non to growth and
development of the markets and financial sectors in the Continent. Therefore, more investments in
ICT wares and innovation by the stock exchanges and financial sectors in Africa were recommended.
