RFA Breakfast Paper - April 14, 2026

South Africa Gold Output Surges 12.8% YoY

Gold production in South Africa rose 12.8% year-on-year in February 2026, accelerating sharply from a 0.7% increase in January and marking the strongest growth since June 2023. Historically, gold output has averaged a -3.78% contraction since 1981, highlighting the sector’s long-term structural decline despite periodic rebounds. Production hit an all-time high growth rate of 175.2% in April 2021 and a record low of -60.8% in April 2020, underscoring the volatility in the sector.

U.S. Stocks Rise as Softer PPI Data and Earnings Support Sentiment

U.S. stocks rose Tuesday as cooler March PPI data and positive bank earnings boosted investor sentiment. Consumer and communication sectors led the rally, while energy stocks fell 2% alongside declining oil prices. Globally, Asian and European markets closed higher, and U.S. Treasury yields retreated, with the 10-year easing to 4.25%. Geopolitical optimism regarding potential U.S.-Iran negotiations further pressured oil prices toward $92 and weakened the Dollar. While the Fed is expected to hold rates steady in April, easing tensions and stable inflation could open the door for rate cuts in late 2026 or 2027.

NGX Extends Rally as Oil & Gas, Banking Stocks Drive Gains

The Nigerian equity market closed today’s trading session on a bullish note, with the NGX All-Share Index (NGX-ASI) and Market Capitalization both rising by 0.71%. The rally was supported by sustained buying interest and positive trading momentum, particularly in large-cap stocks such as SEPLAT, WAPCO, ZENITHBANK, and GTCO across major sectors. Sectoral performance was led by the Oil & Gas sector, which advanced by 4.36%, followed by the banking sector with a 1.97% gain. Consequently, the benchmark index added 1,455.07 basis points to close at 205,913.93, while Market Capitalization increased by ₦936.60 billion to settle at ₦132.55 trillion.