The clearest signal this week came from precious metals: gold rose 1.8% to $4,187.3 an ounce, silver climbed 3.6% to $62.81, and platinum added 2.2% to $1,651.9, giving the Johannesburg Stock Exchange a sector advantage that few other African bourses could match. By contrast, Brent crude fell 1.4% over the week to $72.13 a barrel, capping upside for Nigerian oil names even as the dollar eased 0.59% against the naira to NGN 1,366.39.
Key figures
- Gold: +1.8% to $4,187.3/oz
- Silver: +3.6% to $62.81
- Brent: -1.4% to $72.13/bbl
- USD/ZAR: -1.14% to 16.2078
- USD/NGN: -0.59% to 1,366.39
Market context: miners set the pace across African stock markets today
This week’s pecking order was largely determined by sector exposure. The JSE started with a structural edge because it hosts major listed gold, platinum and palladium producers, all helped by firmer commodity prices. Palladium’s 0.8% rise to $1,272.5 added support for South Africa’s PGM complex, while the dollar’s 1.14% decline against the rand to 16.2078 partly offset the currency translation benefit exporters usually enjoy, without erasing the positive impact of higher dollar metal prices.