RFA Breakfast Paper - March 30, 2026

Broad Money Supply M3 in South Africa increased by 8.39% year-on-year

Broad Money Supply M3 in South Africa increased by 8.39% year-on-year to reach an all-time high of ZAR 5,912,705 million in February 2026, following a 7.44% rise in the previous month. Money Supply M3 in South Africa averaged 1180893.95 ZAR Million from 1965 until 2026, reaching an all time high of 5912705.00 ZAR Million in February of 2026 and a record low of 4796.00 ZAR Million in March of 1965.

U.S. Stocks Slip as Tech Weakness Offsets Early Gains

Equity markets closed lower on Monday as losses in technology and industrial stocks erased earlier gains. Global markets were mixed, with Asia weaker and Europe slightly higher on stable economic data, while the U.S. dollar strengthened on safe-haven demand. Despite near-term volatility, opportunities remain in U.S. large- and mid-cap equities, alongside international and emerging markets, supported by resilient growth and improving market breadth.

Oil prices continued to rise, with WTI crude above $104 per barrel amid disruptions in the Strait of Hormuz, though futures point to possible easing later in the year. Meanwhile, the 10-year Treasury yield edged lower to around 4.35% as markets priced in a slower pace of Fed rate cuts. While inflation concerns persist, the Fed is still expected to ease gradually, with higher yields supporting income potential in fixed income.

Nigerian Equities Start Week Lower on Profit-Taking Pressure

The Nigerian equity market began the week on a bearish note, as the NGX All-Share Index and Market Capitalization both declined by 0.21%. Profit-taking in key stocks such as WAPCO, ZENITHBANK, and GTCO weighed on performance across major sectors. The index dropped 428.63 points to close at 200,484.43, while market capitalization decreased by ₦270.84 billion to ₦128.70 trillion. Trading activity was mixed, with volume slightly lower but value traded rising by 7.10%, indicating selective participation.

Market breadth closed negative, reflecting broader weakness despite some notable gainers. AUSTINLAZ led the advancers, while NSLTECH topped the losers’ chart. Declines outweighed gains, with 34 losers against 26 gainers. Sectoral performance was largely negative, as losses in Insurance, Banking, Industrial Goods, and Consumer Goods overshadowed the marginal gain recorded in the Oil & Gas sector, highlighting cautious investor sentiment at the start of the week.