Divergence was the defining feature across African stock markets today in the week of May 11-16, 2026: Tunis extended its rally with the TUNINDEX at 17,383.37 points, up 29.24% in 2026, while Johannesburg fell 2.40% on Friday and Casablanca kept its year-to-date loss at 2.27% on the MASI. In the background, Brent crude at $109.26 a barrel, up 4.8% for the week, revived the energy trade, but the impact varied sharply depending on index composition, currencies and sector exposure.
That split was the week’s biggest pan-African story. North Africa did not move as a bloc, West Africa was supported by dividends and banks, Southern Africa was hit by the pullback in metals, and Nairobi stayed relatively defensive. In other words, this African market recap was not about one continental macro bet; it was about earnings quality, dividend calendars, commodity transmission and local-currency resilience.
Key figures
- TUNINDEX: +29.24% in 2026 at 17,383.37
- Brent crude: $109.26/bbl, up 4.8% for the week
- MASI: -2.27% in 2026 at 18,419.21
- BRVM Composite: +1.7% in 2026 at 412.64
- JSE All Share: -2.40% on Friday at 114,544.37
A continent moving at different speeds
Among the 7 exchanges in scope, Tunisia remains the clear outperformer in 2026. The is up , the banking index , financial services , and industries . That breadth matters. Based on BVMT data, this is not a rally driven by 2 or 3 isolated names; it is a broader re-rating of Tunisian equities, from lenders to industrials to consumer-facing stocks.