RFA Breakfast Paper - April 22, 2026
South Africa’s Inflation Edges Up to 3.1%
Annual inflation in South Africa ticked up to 3.1% in March 2026 from 3.0% in February, in line with expectations, as early effects of the Middle East conflict began filtering into domestic prices. The main drivers were housing & utilities (5.1% vs 4.8%), alongside steady contributions from food & non-alcoholic beverages (3.6%) and insurance & financial services (4.6%). Meanwhile, transport costs remained in deflation but eased slightly (-1.6% vs -2.1%), offering some offset. Core inflation rose to 3.2% from 3.0%, indicating a mild pickup in underlying price pressures. On a month-on-month basis, CPI increased 0.6%, up from 0.4% in February, pointing to gradually building inflation momentum.
US. Markets Close Higher as Ceasefire Extension underpins Investor Sentiment
U.S. markets closed higher on Wednesday, as investors responded positively to the extension of the U.S.-Iran ceasefire, which helped ease near-term geopolitical concerns. With uncertainty moderating, market participants shifted focus back to growth and corporate earnings, supporting gains across major indices. Technology and communications stocks led the advance, reinforcing a risk-on tone, while bond yields edged lower, with the 10-year Treasury yield settling around 4.31%. The ceasefire extension provided a degree of short-term stability, although underlying geopolitical tensions continued to influence energy markets. Oil prices moved higher amid ongoing disruptions in a key global shipping route and continued restrictions on certain exports, highlighting persistent supply-side pressures. Overall, the market reflected a more constructive tone, balancing geopolitical developments with a renewed focus on economic fundamentals.
NGX Maintains Rally as Confidence Strengthens Across Sectors
The Nigerian equities market advanced with quiet determination, as investors returned to the floor with a focus on value and positioning. Sustained buying interest, particularly in fundamentally sound mid- and large-cap counters, drove the market higher and lifted key performance indicators. The All-Share Index climbed by 0.61%, gaining 1,336.39 points to close at 219,586.20, while market capitalization expanded by ₦860.89 billion to settle at ₦141.38 trillion. The banking space set the pace for the session, reinforcing broader market confidence, while other sectors followed with moderate gains. The rally reflected a market that is gradually regaining momentum, supported by selective accumulation and a forward-looking stance among participants. Beneath the surface, however, activity levels told a more cautious story. Trading volume and value both declined notably, suggesting that while sentiment remains positive, participation has become more measured.
