RFA Breakfast Paper - April 8, 2026

Angola's Inflation Slows to 12.42% in March

Annual inflation in Angola eased further to 12.42% in March 2026 from 13.35% in February, marking the lowest level since July 2023 and extending the disinflation trend. Price pressures softened across most categories, including food and non-alcoholic beverages (12.72% vs 13.55%), alcoholic beverages and tobacco (11.03% vs 12.27%), clothing and footwear (10.14% vs 11.61%), housing and utilities (15.49% vs 16.06%), health (13.40% vs 14.24%), and transportation (16.59% vs 18.66%). A few categories showed stability or slight increases, notably education (13.40%) and communications (6.92% vs 6.48%). On a month-on-month basis, consumer prices rose 0.55%, slightly higher than the 0.52% increase in February, indicating a mild uptick in near-term price momentum despite the broader disinflation trend.

Global Equities Surge as U.S.–Iran Ceasefire Eases Market Tensions

U.S. equity markets traded sharply higher on Wednesday following news of a two-week ceasefire between the U.S. and Iran, contingent on the reopening of the Strait of Hormuz. The announcement triggered a broad-based rally, with the S&P 500 gaining 2.5% and the Nasdaq rising 2.8%. Global markets followed suit—Asian equities posted strong gains led by Japan and South Korea, while European markets also closed significantly higher. Meanwhile, government bond yields declined, with the 10-year U.S. Treasury yield falling to 4.29% and the 2-year to 3.79%. Oil prices dropped sharply, with WTI crude down about 15% to around $96 per barrel, while the U.S. dollar weakened against major currencies. The ceasefire has provided a meaningful boost to investor sentiment, easing concerns around energy supply disruptions and inflationary pressures. Markets are likely to remain sensitive to further developments as negotiations progress, particularly regarding the resumption of tanker activity through the Strait of Hormuz. Overall, the development is seen as a constructive step toward stability, supporting risk assets globally. In this environment, equities—particularly large- and mid-cap stocks in the U.S., as well as select international and emerging markets—continue to present attractive opportunities amid improving sentiment and resilient economic fundamentals.

Nigerian Equities Extend Gains as Banking and Oil Stocks Drive Rally

The Nigerian equity market closed higher, with the NGX All-Share Index rising by 0.28% to 202,584.88 and Market Capitalization increasing by 0.30% to ₦130.40 trillion. The stronger gain in market cap was supported by the additional share listing from ACCESSCORP. Market performance was driven by sustained bargain hunting in large-cap names such as SEPLAT, ZENITHBANK, and GTCO, with the Banking and Oil & Gas sectors leading gains. Trading activity was mixed, as volume declined slightly while value traded increased. ACCESSCORP led in volume traded, followed by FIDELITYBK and WEMABANK, while ZENITHBANK topped value traded. On the performance chart, UNIVINSURE led gainers, while FTGINSURE recorded the steepest decline. Market breadth remained negative, with 22 gainers versus 31 losers. Sectoral performance was mixed, with declines in Consumer Goods, Insurance, and Industrial Goods offsetting gains in Banking and Oil & Gas, which remained the key drivers of the market’s positive close.