A sharp divergence defined African stock markets this week ending August 22, 2026: Tunis still leads the continent with the TUNINDEX up 49.02% in 2026, Johannesburg closed with a strong 1.81% gain, while Nairobi fell 2.68%. In the background, Brent crude settled at $94.39 a barrel, up 3.9% for the week, a level that reshaped sector positioning across importers, commodity producers and domestic financials.
That split matters because it captures the current phase of African stock markets today better than any single index move. Exchanges with heavy exposure to banks, miners or companies able to pass through inflation held up better; markets more exposed to weaker import currencies or domestic consumption showed more strain. The dollar rose 0.41% against the Egyptian pound to EGP 50.83 and 0.67% against the Kenyan shilling to KES 129.3, but fell 0.36% against the naira to NGN 1,344.92 and 0.62% against the rand to ZAR 16.0029. Those FX moves were not just background noise; they directly influenced equity leadership across the continent.
Key figures
- TUNINDEX: +49.02% in 2026 at 20,042.75
- JSE All Share: +1.81% at 117,747.8
- NSE 25: -2.68% at 4,084.44
- MASI: -2.74% in 2026 despite a +1.48% daily rise