The week's biggest market move was not just Brent crude jumping to $108.54 a barrel, up 7.3% on April 2, 2026. Across African stock markets today, the more important transmission channel was foreign exchange: the dollar strengthened to 16.9338 ZAR, the Kenyan shilling weakened to 130.0 KES, while the Nigerian naira firmed modestly to 1,377.91 NGN and the Egyptian pound to 54.2 EGP, based on the market data provided in the global context.
Key figures
- Brent crude: $108.54/bbl, up 7.3% on the day
- USD/ZAR: 16.9338, up 0.41%
- USD/NGN: 1,377.91, down 0.50%
- USD/EGP: 54.2, down 0.55%
- EUR/MAD: 10.789, up 3.60%
Market context: FX, not just commodities, is driving African stock markets today
For investors trying to read African stock markets today, the key commodity is often the currency in which commodities are priced. When Brent rises 7.3% in a single session while gold falls 2.1% to $4,681 and silver drops 4.3% to $72.58, equity investors do not simply mark up producer earnings. They also reprice import bills, dollar debt, working-capital needs and the local-currency value of export revenues from Casablanca to Nairobi.