Most African countries are still poor, and financing domestic expenditures is often constrained by inefficient and narrow tax bases. Consequently, financing development has often concentrated on domestic and/or foreign borrowing. While the former has severe implications of crowding out investments among other distortions, the latter is either subject to sudden reversals or comes with strings attached, and at times does not find most African countries as a conducive environment to thrive. At the same time, evidence suggests that well-functioning stock markets can help mobilise capital for domestic firms. They can also help inject more liquidity into national economies to enhance growth and development. Research on the role of Africa’s domestic stock markets in contributing to the continent’s growth spurt is, however, very harrowing. This deficiency may be due to the relatively small size of some of the markets and lack of information on the relative potentials of African stock markets in general. This article is a contribution to the role of African stock markets as hubs for portfolio diversification, both in tranquil and turbulent times. To the extent that the study reveals the strength of African stocks in cushioning international portfolio investors in a mean-variance stand-point during market crashes, the paper helps to decay all doubts in the minds of investors on the perceived lack of capacity of the continent’s stocks to yield higher expected risk-return trade-offs during global market crashes. In all, 11 of the largest stock markets in Africa (South Africa, Egypt, Ghana, Botswana, Tunisia, Mauritius, Morocco, Namibia, Kenya, Cote D’Ivoire and Nigeria) and spot prices of five (5) important global commodities (gold, oil, silver, platinum, and cocoa) are covered in this study.