This paper empirically evaluates the relationship between stock market performance and trade and financial development in selected countries in Africa. Thus, whether such level of development could be fostered through trade and financial development is an interesting issue. Again, the paper observes how the region’s endowment level facilitates both stock market and financial developments. The theoretical idea is rooted from the endowment theory in which a region endowed with natural resources is expected to promote its financial development and the estimation technique based on the panel least squares. Stock value traded as a measure of stock market performance is fostered by a more efficient financial development either through financial depth or credit to the private sector as against using the stock market capitalization measure. The natural resource endowment appears to hamper stock market growth and financial development in the region.