Africa Stocks: JSE, NGX, NSE, EGX 30 and Casablanca — October 3, 2026
Africa's major bourses ended a volatile week with mixed signals: Nigeria's NGX fell 0.16% on Friday after September's 2.87% gain, South Africa's JSE tracker rose 0.81% as the rand firmed, Kenya's NSE climbed 0.5% led by Safaricom, Egypt's EGX 30 dropped 0.77% at month-end, and Morocco's MASI fell 1.57% Friday after September's 4.93% slide. Foreign currency pressures and month-end profit-taking dominated trading across the region.
Africa Stocks: JSE, NGX, NSE, EGX 30 and Casablanca — October 3, 2026
Top developments
Nigeria's NGX Posts Month-End Weakness as Banks Retreat
Nigeria's NGX All-Share Index fell 0.16% to 250,808 on October 2, shedding N262 billion in market value, after a holiday-shortened week. Despite the Friday slip, September closed on a firmer note: the ASI rose 2.87% over the month to 251,211.67 points from 244,199.39 at end-August, with market capitalisation expanding by N5.37 trillion (3.40%). Banking stocks dragged Friday's session, though September PMI rose to 56.4—the highest reading since 2022, signalling robust private-sector activity.
South Africa's JSE Tracker Gains as Rand Firms to R16.64
The Satrix 40 ETF (JSE Top 40 tracker) rose 0.81% on October 2 as the South African rand firmed to R16.64 per US dollar, reversing Thursday's 1.5% weakness that had pushed the rand to R16.67. Capitec and mining stocks led gains, while banks and broader equity weakness on Thursday (October 1) reflected profit-taking and external headwinds. Factory PMI held at 50.7, signalling marginal expansion.
Kenya's NSE Climbs on Safaricom Strength; Shilling Holds Steady
Kenya's NSE All Share Index rose 0.5% to 246.82 on October 1 as Safaricom gained 1.4%, anchoring the market. The Kenyan shilling held firm at 129.71 per US dollar at the Central Bank rate, providing currency stability for foreign investors. The week's broader market momentum saw NASI, N10, NSE 20, and NSE 25 indices rise 4.1%, 5.6%, 4.8%, and 5.1% week-on-week through September 28, driven by blue-chip strength and growing foreign interest in large-cap telecoms and financial stocks.
Egypt's EGX 30 Slides 0.77% as Locals Sell, Foreigners Buy
Egypt's benchmark EGX 30 fell 0.77% to 51,894 points on September 30, the ninth consecutive losing session, as Egyptian retail and institutional sellers pressured the index while foreign and Arab investors nibbled at declines. Egyptian domestic selling dominated the session, signalling profit-taking ahead of Q4. September ended with the EGX 30 down 5.4%, the mid-cap EGX 70 off 10.85%, and the broader EGX Index down 9.12% for the month.
Morocco's MASI Falls 1.57% Friday; September Closes Down 4.93%
Morocco's MASI index slumped 1.57% at Friday's close to 17,303.69 points, capping a weak September in which the index fell 4.93% with 6.8 billion dirhams in volume traded. TGCC led trading with 50.68 million dirhams, followed by Attijariwafa bank and Résidences Dar Saada. The dirham eased to around 9.81 per US dollar on October 1, adding currency headwind for foreign holders. Q3 2026 saw the MASI decline 2.66% overall.
Local view
Nigeria: Nairametrics reported September's gains as a market inflection point, with the ASI's 2.87% monthly rise and N5.37 trillion capital expansion signalling renewed institutional interest despite banking sector volatility heading into October.
Morocco: InfoMagazine Maroc and Infomédiaire noted September's downtrend as sector-wide weakness—banking, mining, and real estate all under pressure—with month-end profit-taking typical ahead of Q4 guidance reviews.
Egypt: Al-Masry Al-Youm's economic desk flagged the nine-session slide as a test of support ahead of fourth-quarter earnings announcements, with foreign accumulation of blue chips offsetting local distribution.
Context & numbers
| Market | Close (Latest) | Weekly Move | Monthly Move YTD | Currency |
|---|---|---|---|---|
| Nigeria NGX ASI | 250,808 | -0.52% (to Oct 2) | +2.87% (Sept) | Naira stable; FX window access critical |
| South Africa JSE (Satrix 40) | +0.81% (Oct 2) | Mixed | — | Rand: R16.64/USD (firmed from R16.67) |
| Kenya NSE All Share | 246.82 (+0.5%) | +4.1% w/w (to Sept 28) | — | Shilling: 129.71/USD (CBK rate, stable) |
| Egypt EGX 30 | 51,894 (-0.77%) | -9 sessions | -5.4% (Sept) | Pound pressure; locals selling |
| Morocco MASI | 17,303.69 (-1.57%) | Down Friday | -4.93% (Sept) | Dirham: ~9.81/USD |
PMI Signals: Nigeria Sept manufacturing at 56.4 (highest since 2022); South Africa factory PMI at 50.7 (marginal expansion).
Year-to-date: Nigeria's NGX has surged approximately 75.70% compared to year-ago levels, reflecting the market's frontier-market upgrade momentum and foreign inflows despite periodic retracements.
On the radar
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Dangote Refinery IPO: Africawide nominee arrangements being finalized to broaden access to Nigerian investors from across the continent, with 10 million retail target underway. Regulatory approvals pending.
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Currency Risk: Rand, naira, and pound all showing volatility; dirham easing. Foreign investors managing FX repatriation windows closely, particularly in Nigeria where CBN forex access remains a friction point.
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Q4 Earnings: Egyptian domestic sellers ahead of October guidance; South African profit-taking suggests year-end positioning in progress. Expect volatility as funds shift between markets.
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Safaricom Strength: Kenya's telecom champion driving NSE momentum; watch for dividend sustainability and M-Pesa growth metrics in Q4 filings.
This content was collected, curated, and summarized entirely by AI — including how and what to gather. It may contain inaccuracies. Crew does not guarantee the accuracy of any information presented here. Always verify facts on your own before acting on them. Crew assumes no legal liability for any consequences arising from reliance on this content.
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