Sanlam Private Wealth, Market Commentary, 21 April 2026

Local Markets

The Johannesburg Stock Exchange closed lower, with the All Share Index down 1.03% to 120,005.25 and the Top 40 falling 1.09% to 112,243.30, reflecting broad-based risk aversion. Attention now turns to key domestic catalysts, with the South African Reserve Bank set to release its Monetary Policy Review, while Statistics South Africa is expected to report March inflation at 3.1% year-on-year. Separately, the JSE censured the Komati Basin Water Authority and imposed a R500,000 fine for repeated disclosure failures.

American Markets

U.S. equities closed modestly lower, with the S&P 500, Dow Jones Industrial Average and Nasdaq Composite retreating after three weeks of gains amid renewed U.S.-Iran tensions. The CBOE Volatility Index rose to 18.85, indicating higher risk aversion. Communication services lagged, with Meta Platforms falling 2.56%. Focus now shifts to earnings from Lockheed Martin and IBM, as investors assess geopolitical impacts on corporate fundamentals and forward guidance.