The biggest shock on 26 March 2026 did not come from Brent, even at $102.14 a barrel, but from currencies: USD/MAD jumped 3.63% to 9.339, USD/ZAR rose 1.28% to 17.1226, USD/NGN gained 0.63% to 1,383.42, and USD/KES climbed 1.13% to 129.8. For African stock markets today, that dollar move changed how commodity prices fed into equities: firm oil supports producers, but it also raises imported energy bills, hard-currency debt costs and industrial input prices.
That is why African exchanges did not read the same commodity tape in the same way on Thursday. Markets with listed oil or mining exporters still had a fundamental cushion, while bourses dominated by importers or companies with dollar-linked liabilities saw FX risk move to the front of the valuation debate. According to the global headlines driving sentiment, from Middle East conflict to trade barriers, the stronger dollar is acting as a force multiplier: it magnifies commodity winners and punishes losers faster.
Key figures
- USD/MAD: 9.339, up 3.63%
- Brent: $102.14, up 2.2% on the week
- USD/ZAR: 17.1226, up 1.28%
- USD/NGN: 1,383.42, up 0.63%
- Gold: $4,380.6, down 3.7%; platinum down 4.5%