The sharpest move of the week did not come from oil but from cocoa, up 5.5% to $5,394 a tonne, a meaningful signal for African stock markets with direct exposure to export agriculture. At the same time, Brent crude rose 1.9% to $90.01 a barrel, while gold held above $4,108 an ounce, creating a three-way tailwind for African stocks tied to energy, mining and agricultural commodities.
Key figures
- Cocoa: +5.5% on the week to $5,394
- Brent: +1.9% on the week to $90.01/barrel
- Gold: +0.2% to $4,108/oz
- Platinum: +0.8% to $1,664.6/oz
- USD/EGP: +0.91% to 51.1, versus USD/ZAR -0.75% to 16.5353
African stock markets today: sector mix mattered more than geography
In the week of July 27-31, 2026, performance gaps across African exchanges were driven less by geography than by sector composition. Markets with heavier exposure to energy and mining, notably Johannesburg and Lagos, had a more supportive commodity backdrop than bourses tilted toward domestic consumption. By contrast, exchanges where listed companies rely more heavily on imported inputs had to absorb sharper moves in European currencies, especially EUR/MAD up 3.77% to 10.732 and EUR/TND up 3.35% to 3.3844.
The macro picture was mixed. On one side, the dollar weakened against the South African rand, with USD/ZAR down 0.75%, reducing part of the FX translation benefit usually enjoyed by JSE-listed exporters. On the other, the dollar strengthened against the Egyptian pound, with , and against the Kenyan shilling, with , increasing the import bill for fuel and raw materials. That divergence helps explain why the same rise in Brent did not produce the same equity response from Casablanca to Nairobi.