RFA Breakfast Paper - April 24, 2026
South Africa’s Building Activity Slumps on Weak Non-Residential Demand
The value of building plans approved in South Africa fell 11.2% year-on-year to ZAR 7.4 billion in February 2026, reversing a revised 1.2% gain in January. The decline was driven by a sharp drop in non-residential permits (-43.6%) and continued weakness in additions and alterations (-6.1%), which outweighed a modest rise in residential approvals (8.4%).
U.S. Markets Rally as Peace Hopes and Tech Strength Drive Record Highs
U.S. equity markets closed higher on Friday, with the S&P 500 and Nasdaq reaching fresh record highs amid renewed optimism surrounding potential U.S.–Iran negotiations. Investor sentiment improved following signals that both sides may return to the negotiating table, alongside reports that the Israel–Lebanon ceasefire has been extended, and diplomatic engagements are set to continue. At the same time, the recent surge in oil prices, which saw WTI crude rise significantly during the week, paused as easing geopolitical tensions reduced immediate supply concerns. This combination of moderating oil prices and improving diplomatic outlook supported risk appetite and sustained the upward momentum in equities. Technology stocks led the gains, particularly within the semiconductor sector, after Intel delivered a stronger-than-expected sales outlook, driving its shares sharply higher. Overall, the session reflected a shift toward growth-oriented sectors, with improving geopolitical signals and strong corporate performance reinforcing confidence in the market.
NGX Extends Gains as Investor Confidence Sustains Market Rally
The Nigerian equity market ended the week on a strong note, as investors actively drove prices higher across major sectors. Sustained buying interest, particularly in medium and large-cap stocks pushed the market upward and reflected growing confidence in equities. As a result, the NGX All-Share Index rose by 2,886.65 points, representing a 1.30% gain to close at 225,724.33. Similarly, market capitalization increased by ₦1.86 trillion to settle at ₦145.34 trillion, also marking a 1.30% rise. The broad-based rally highlights how investors continued to position themselves in fundamentally strong stocks, sustaining positive market momentum through the close of the week. On a weekly basis, the market maintained a bullish trajectory, with the NGX-ASI advancing by 3.94% and total investor wealth expanding by approximately ₦5.51 trillion. Trading activity presented a mixed picture, as total volume declined by 6.04%, suggesting more selective participation, while total value traded rose by 16.76%, indicating increased interest in higher-value transactions.
