This study seeks to examine the effect of external financing on stock markets post-Covid-19 recovery in selected African countries using quarterly time series data from 2015Q1 to 2022Q4. This study did a comparative analysis using bivariate model for the individual countries. The Nairobi stock exchange in Kenya had its market capitalization adversely affected by the coronavirus pandemic given that foreign portfolio investment and foreign direct investment also decreased in that period. The Nigeria Stock Exchange capital market capitalization was not significantly affected by the COVID-19 pandemic. Although foreign portfolio investment was not forthcoming in the face of a depreciating currency and a negative governance quality variable in the pandemic era. The Johannesburg Stock Exchange was affected by the COVID-19 pandemic. But, then the inflow of capital inflows into the country did not influence stock market recovery after the pandemic era. The continued fluctuations in external financing will continue to affect global stock markets, so stock markets in Africa must put in place a conducive financial environment to attract these foreign capital inflows for investment.