Daily Report 30 April 2026

SA Company News:

The Johannesburg Stock Exchange All-Share Index closed 0.47% higher at the 113 866 level.

MTN Nigeria delivered a sharp improvement in financial performance in the first quarter, with profit after tax surging 166% and EBITDA rising 68%, supported by stronger operating momentum and a firmer naira.  The company reported earnings before interest, tax, depreciation and amoritisation (ebidta) rose by 68.1% in the quarter ended March to 828.3-billion naira (about R10bn), with the ebitda margin increasing by 8.7 percentage points to 55.3%. Subscriber growth remained robust, with total subscribers up 6.5% to 89.5 million, active data users increasing 9.5% to 55 million, and data traffic growing nearly 23%, driving service revenue growth of 41.8%.  A more stable exchange rate helped offset inflationary and energy‑cost pressures, enabling MTN Nigeria to sustain margins, accelerate network investment of ₦390 billion, and keep performance in line with medium‑term guidance.  Strategically, the group advanced the partial separation of its fintech business, while managing the temporary suspension of its airtime lending service, with management indicating no expected material financial impact and continued confidence in Nigeria’s long‑term digital growth trends.

 

SA Economy:

Motorists are set to face another sharp round of fuel price increases in May, driven largely by the ongoing Middle East conflict that is keeping global oil prices elevated. According to the latest daily data from the Central Energy Fund (CEF), petrol prices are expected to rise by about R1.74/l for 93‑octane and R2.05/l for 95‑octane, while diesel users will be hardest hit, with wholesale diesel prices projected to jump by around R5.17–R5.18/l. Government intervention will soften the blow somewhat, as the temporary R3/l fuel levy reduction on petrol is extended to June 2 and the diesel levy is effectively reduced to zero in May, including an additional 93c/l relief. Even with this support, higher fuel costs are expected to feed through to transport, food and logistics prices, raising inflation risks, with final fuel price adjustments due to be confirmed before they take effect on 6 May 2026.

 

Global Economy:

The Eurozone industrial confidence indicator fell to -7.7 in April 2026, down from -7.0 in March and below market expectations of -7.2. The decline was driven by the escalating Iran war, which has darkened the economic outlook. A sharp drop in managers’ production expectations offset stable order books and slight improvements in their assessment of finished product stocks.

The index measuring services confidence in the Euro Area sank to 0.9 points in April of 2026 from 4.1 in the previous month, firmly below market expectations of 3.5 to reflect the least optimistic sentiment since April of 2021.

Euro Area consumer confidence was confirmed at -20.6 in April 2026, the lowest since December 2022, compared to -16.4 in the prior month, according to flash estimates.

Germany’s consumer price inflation rose to 2.9% year-over-year in April 2026, up from 2.7% in March and slightly below market expectations of 3%.

China’s official NBS Manufacturing PMI inched down to 50.3 in April 2026 from March’s 12-month high of 50.4, but surpassed expectations of 50.1.

The US Federal Reserve kept interest rates unchanged at 3.5%–3.75% in April 2026, making it the third consecutive meeting without a change and aligning with market expectations. However, the decision was unusually divided. One policymaker, Governor Miran, voted for a 25‑basis‑point rate cut, while three others opposed the wording of the statement, arguing it implied future rate cuts. The 8–4 vote was notable, as it marked the first time since October 1992 that four Fed officials dissented from an FOMC decision, highlighting growing disagreement within the central bank over the future path of interest rates.

 

Global Company:

The FTSE 100 closed 1.17% lower at 10 213. AstraZeneca dropped over 2% and GSK slumped more than 6%, despite both companies slightly beating earnings expectations, reflecting pressure on two of the index’s largest constituents. Lloyds Banking eased around 0.8%, even after reporting stronger‑than‑expected first‑quarter profits and a more upbeat full‑year outlook. Haleon declined about 3% after keeping its guidance unchanged but flagging weaker US sales due to a mild cold and flu season.

The Hang Seng Index is trading 1.43% lower at 25 741 as investor confidence was weighed down by a continued rise in oil prices, which extended their rally for a fourth straight day amid escalating Middle East tensions and ongoing disruptions in the Strait of Hormuz. Technology shares weakened as early optimism around artificial intelligence faded in the face of rising oil prices and geopolitical uncertainty. Notable laggards included Tencent Holdings (-1.6%), Xiaomi (-2.3%), Meituan (-1.2%), China Resources Land (-1.2%), and WH Group (-2.0%).

In China, the Shanghai Composite is down 0.07% at 4 104.

The Dow Jones Industrial Average closed 0.57% lower at 48 862, while the S&P 500 closed 0.04% lower at  7 135. US equity futures moved higher as investors digested earnings updates from the Magnificent Seven technology firms. Optimism was led by strong results in cloud computing. Alphabet surged about 7% in extended trading after beating revenue expectations, supported by robust growth in Google Cloud. Amazon rose nearly 3% on solid expansion in its own cloud business, while Microsoft edged higher after reporting a 40% jump in revenue from Azure and related cloud services.

Not all results were positive, however. Meta Platforms fell around 7% after disappointing investors with weaker‑than‑expected capital spending in the first quarter and slower user growth.

 

Commodities:

Gold is trading lower by 0.74% at $4 566/oz, while Platinum is lower by 1.3% to $1 916.85/oz.

Brent crude was 1.5% higher at $113.20 a barrel.

 

Currency:

The rand traded at R16.64 against the US Dollar, R22.74 against British Pound and R19.69 against the Euro.

The Euro is slightly weaker against the US Dollar to trade at $1.1663.