Market brief · Friday, 6 November 2026

Tech stocks crash, BoE hikes, oil climbs back to $98

US tech shares had their worst day since 2020, and Asian chip stocks fell sharply this morning. The Bank of England raised rates to 4%, its first rise in over three years. Oil rose almost 4% on new tanker attacks. The rand held near two-week highs as South Africa's votes were counted, and the US jobs report is due today.

By the Africa.Forex research desk · Friday, 6 November 2026 · Written with AI from the sources linked under each story

In this brief

AI and chip shares crash on Wall Street, and Asia follows (World · Companies)
The Bank of England raises rates to 4% (World · Central banks)
Oil climbs back near $98 after new tanker attacks (World · Energy)
The rand gains as the DA does well in early results (South Africa · Currencies)
Dangote raises its petrol price as the naira holds near ₦1,348 (Nigeria · Energy)
Why oil's swings matter for Kenya's next fuel price review (Kenya · Energy)

World · Companies

AI and chip shares crash on Wall Street, and Asia follows

What happened

On 5 November the Nasdaq Composite, the US index full of tech companies, fell 5.52%. That put it more than 10% below its October record, a drop traders call a correction. The S&P 500, the index of 500 big US companies, fell 4.36%, and the Dow lost 1,833 points, according to StockTitan. Nvidia fell about 9.3%, Tesla about 11% and Qualcomm about 9.5%. A chipmaker index fell 12.3%, and about $2.5 trillion was wiped from the Nasdaq's value, KSL/AP reported. Investors feared that the Democrats' midterm gains could slow the building of AI data centres. On Friday morning in Asia, South Korea's KOSPI fell as much as 8.55%, which paused trading for 20 minutes, and Japan's Nikkei fell about 6%, TradingKey reported. Samsung fell about 10% and SK Hynix about 12%.

Why it matters

A few giant tech companies make up a large part of US share indexes, so when they fall the whole market falls. Big falls like this often make investors nervous about all risky assets, not only tech. In those moments money tends to leave emerging markets, such as South Africa, Nigeria and Kenya, and go to safer places. The VIX, a measure of how much US shares are expected to swing, briefly reached its highest level since March 31.

What it can move

Nasdaq 100 and S&P 500More worry about AI spending or new rules on data centres can push them lower. Strong company results or calmer news can bring buyers back, and rebounds after big falls can also be sharp.
JSE Top 40Global selling often reaches Johannesburg too, through foreign investors cutting risk. Higher gold and platinum prices can support the mining shares in the index, which can soften the fall.
USD/ZAR (rand)Global fear tends to weaken the rand, because investors sell emerging-market assets. A weaker US dollar or good local news can support it.

Sources: StockTitan: the stock market today, 5 Nov 2026 · KSL / AP: tech sell-off wipes $2.5 trillion (5 Nov 2026) · TradingKey: KOSPI and Nikkei plunge (6 Nov 2026)

World · Central banks

The Bank of England raises rates to 4%

What happened

The Bank of England (BoE) raised its main interest rate to 4% from 3.75% on 5 November, its first rise in more than three years, Yahoo Finance reported. The vote was 8–1. Catherine Mann wanted a bigger rise, to 4.25%. The BoE now expects UK inflation to peak at 4.8% in April–June 2027 and not return to its 2% target until mid-2028. If oil goes to about $130 a barrel, it sees inflation reaching 6.2%. Governor Andrew Bailey said this rise does not seem likely to be the last unless the Middle East conflict is resolved. The pound strengthened against the dollar after the decision. In the US, futures data showed the chance of a Fed rate rise in December at about 70–80% on Thursday (StockTitan and Business Recorder, citing CME FedWatch), down from about 83% earlier.

Why it matters

Interest rates are the price of money. When a central bank raises rates, savings and bonds in that currency pay more, which often attracts money and supports the currency. The BoE is raising rates because high oil prices from the Iran war keep pushing up prices. This shows how the war reaches far beyond oil: it can make borrowing dearer in many countries at once.

What it can move

GBP/USD (pound)Signs of more UK rate rises tend to support the pound. A weaker UK economy or a quick end to the war, which could cool inflation, can weigh on it.
GBP/ZARHigher UK rates can support the pound against the rand. Strong South African news or higher metal prices can help the rand instead.
UK government bonds (gilts)Expectations of higher rates push bond yields up and prices down. Two-year gilt yields rose 4 basis points after the decision.

Sources: Yahoo Finance: Bank of England raises rates for first time since 2023 (5 Nov 2026) · Business Recorder / Reuters: gold at over two-week high (6 Nov 2026)

World · Energy

Oil climbs back near $98 after new tanker attacks

What happened

Brent crude, the main world oil price, rose $3.67 (3.88%) to settle at $98.29 a barrel on 5 November. WTI, the US oil price, rose 2.72% to $90.52, BigGo Finance reported. On Wednesday both had fallen more than 8% on hopes of a US–Iran deal. Iran's Revolutionary Guard said two tankers and a tugboat caught fire near the Strait of Hormuz, and Saudi Arabia issued a danger alert for Yanbu, its Red Sea oil export port. The UK Maritime Trade Operations agency (UKMTO) counted at least five ships attacked since Sunday. Eurasia Group, a political risk firm, cut its odds of a US–Iran deal to 10% from 20%. The National reported that refined fuel supplies, like diesel, have not recovered as fast as crude exports.

Why it matters

Oil prices move on the risk to supply. Attacks on ships make it harder and dearer to move oil, so prices often rise. Hopes of peace do the opposite. That is why Brent fell to about $93 and climbed back towards $98 within two days. For African importers, every move feeds into fuel prices a few weeks later.

What it can move

Brent and WTI oilMore attacks on ships or Gulf ports tend to push prices up. Progress in talks, or more supply, tends to pull them down. Daily moves of several percent are common right now.
Oil company shares (Sasol, Seplat)Producers often earn more when oil is expensive and less when it falls. Their costs and debt matter too.

Sources: BigGo Finance: tanker attacks trigger supply alarms (5 Nov 2026) · The National: oil rebounds from two-month low (5 Nov 2026)

South Africa · Currencies

The rand gains as the DA does well in early results

What happened

The rand traded at R16.3425 per dollar at 06:20 GMT on 5 November, about 0.5% stronger than the day before, after gaining more than 1% on Wednesday, Reuters reported via CNBC Africa. The yield on the 2035 government bond fell 13.5 basis points to 8.33%. With 28% of votes counted in the local elections, the ANC had about 32% and the DA about 28%. The ANC is down about 14 points from 2021. Final results are expected on Sunday, and parties then have two weeks to form coalitions. Gold also helped: spot gold rose 1.57% to about $4,123 an ounce on Thursday and platinum rose 2.3% to about $1,532, according to Reuters via Business Recorder.

Why it matters

Investors read the early results as a possible move towards business-friendly coalitions in big cities, such as Johannesburg, which earn most of the country's income. When investors feel better about a country, they buy its bonds, which pushes yields down and supports the currency. South Africa also earns more dollars when gold and platinum are expensive. Against that, the global tech sell-off can make investors pull money from emerging markets.

What it can move

USD/ZAR (rand)Stable coalitions, higher metal prices and a weaker dollar tend to help the rand. Messy coalition talks, global fear or a strong US jobs report can weaken it.
South African government bondsForeign buying pushes yields down. If investors turn nervous, yields can rise quickly.
JSE gold and platinum minersHigher metal prices usually help them. A stronger rand can cut their earnings in rand terms, because they sell in dollars.

Sources: CNBC Africa / Reuters: rand gains on local election results (5 Nov 2026) · CNBC Africa / Reuters: ANC narrowly leads DA in early results (5 Nov 2026) · Business Recorder / Reuters: gold at over two-week high (6 Nov 2026)

Nigeria · Energy

Dangote raises its petrol price as the naira holds near ₦1,348

What happened

The Dangote refinery raised its gantry price, the price at which it sells petrol to marketers at the depot, to ₦1,300 a litre from ₦1,215 on 3 November, Legit.ng reported. This reversed two earlier cuts. Other depots sold petrol at ₦1,283 to ₦1,318 a litre. The naira closed at ₦1,348 per dollar on the official market (NFEM) on 4 November, almost unchanged, and traded at ₦1,377 on the parallel market on 5 November, Arbiterz reported. Nigeria's foreign reserves were $55.150 billion on 3 November, down slightly from the day before.

Why it matters

Petrol prices in Nigeria follow world oil prices and the naira, because fuel is priced against the dollar. Fuel costs feed into transport and food prices, and that affects inflation and the Central Bank of Nigeria's rate decisions. Higher oil prices can also bring Nigeria more export dollars over time, which can support the naira. Lower oil does the opposite.

What it can move

USD/NGN (naira)More oil income, rising reserves and foreign investment tend to support the naira. Strong demand for dollars, or falling oil, can weaken it.
Nigerian stocks (NGX)Higher fuel prices can hurt consumer companies and transport firms. Oil and gas producers can benefit when crude is expensive.

Sources: Legit.ng: Dangote raises petrol price (4 Nov 2026) · Arbiterz: dollar to naira rate (5 Nov 2026)

Kenya · Energy

Why oil's swings matter for Kenya's next fuel price review

What happened

Today's brief has no single Kenyan market headline, but the oil story reaches Kenya directly. Kenya's energy regulator EPRA set Nairobi pump prices from 15 October to 14 November: petrol at Sh226.96 a litre and diesel at Sh227.76, The Star reported. EPRA blamed the Middle East conflict for higher import costs. Brent has swung between about $93 and $98 this week, after about $111 on 28 October, AP reported. The shilling traded near Sh129.81 per dollar in mid-October, and the Central Bank of Kenya held $14.69 billion in reserves on 15 October, enough for 5.9 months of imports, Kenyans.co.ke reported.

Why it matters

Kenya imports all its fuel and pays in dollars. EPRA's next price review, due around 14 November, tends to reflect what Kenya paid for fuel cargoes in recent weeks. Cheaper oil can ease the import bill and the pressure on the shilling. A new jump in oil can do the opposite. Large reserves give the central bank room to keep the shilling steady when dollar demand rises.

What it can move

USD/KES (Kenyan shilling)A bigger fuel bill can raise demand for dollars and weaken the shilling. Money sent home from abroad, exports and strong reserves tend to support it.
Nairobi stocks (NSE)Lower fuel costs can help transport and manufacturing firms and household spending. Global fear can make foreign investors sell Kenyan shares.

Sources: The Star: EPRA raises petrol by Sh12.93 (14 Oct 2026) · Kenyans.co.ke: shilling holds at Sh129.81 (17 Oct 2026) · Transport Topics / AP: oil prices rise after attack on Saudi refinery (28 Oct 2026)

What to watch today

US jobs report for October: 16:30 EAT, 15:30 SAST, 14:30 WAT. Economists expect about 65,000 new jobs (range 50,000–125,000) and unemployment at 4.2%, according to a FactSet survey. September showed 29,000. A strong number would support the case for a December Fed hike.
Asian and European stock markets: whether the tech sell-off keeps spreading or calms down.
Oil: any new attacks on ships near Hormuz or the Red Sea, and any news on US–Iran talks.
South Africa: final local election results are expected on Sunday 8 November. Q3 unemployment data comes out on Tuesday 10 November at 11:30 SAST (12:30 EAT, 10:30 WAT).
Kenya: EPRA's next fuel price review is due around 14 November.

Session times, the economic calendar and live prices are on the Today page.

Words in this brief

Correction: A fall of 10% or more from a recent high in a share price or index.
Nasdaq Composite: A US share index with many technology companies, such as Nvidia, Apple and Microsoft.
Gantry price: The price a refinery or depot charges marketers for fuel at the loading point, before transport and station costs.
Basis point: One hundredth of a percentage point. A fall of 13.5 basis points means 8.465% became 8.33%.
Bond yield: The return an investor gets from a bond. When bond prices rise, yields fall.
Nonfarm payrolls: The monthly count of new US jobs outside farming. Markets watch it closely for clues on Fed rates.

More terms in the trading glossary. New to this? Start with how to trade the news and fundamental analysis.

This brief explains the news and how markets have tended to react. It is not advice and not a signal to buy or sell. Prices can move against any explanation, and leveraged trading can lose you more than you expect. Read our risk warning.