RFA Breakfast Paper - May 29, 2026
Angola’s Economy Grows 5.3% as Non-Oil Sectors Drive Expansion
The economy of Angola expanded by 5.3% year-on-year in Q1 2026, accelerating slightly from a downwardly revised 5.1% growth in the previous quarter and marking the strongest pace since Q2 2024. Growth continued to be driven overwhelmingly by the non-oil economy, highlighting Angola’s gradual diversification efforts. The non-oil sector grew 6.2%, while the oil sector contracted by 0.2%, reflecting ongoing challenges in crude production and refining. The strongest-performing sectors were information and communication (+27.6%), transportation (+16.1%), fishing and aquaculture (+8.7%), electricity, water and sanitation (+8.2%), and manufacturing (+7.3%), all of which made significant contributions to overall economic activity. On the downside, accommodation and food services (-3.3%) and extraction and refining (-0.2%) recorded contractions. On a seasonally adjusted basis, the economy grew 1.4% quarter-on-quarter, following a revised 2.1% expansion in Q4 2025. The latest figures suggest Angola’s growth momentum remains increasingly tied to domestic and non-oil sectors, reducing its dependence on hydrocarbons. For context, the economy expanded by 3.1% in 2025, after growing 5.0% in 2024.
U.S. Equities Extend Winning Streak as Ceasefire Optimism and AI Demand Sustain Market Momentum
U.S. equities closed higher on Friday, extending their advance and securing a ninth consecutive weekly gain as optimism surrounding a potential easing of tensions in the Middle East continued to support risk appetite. Investor sentiment remained buoyed by reports that the United States and Iran had agreed to extend their ceasefire arrangement by an additional 60 days, raising hopes for improved regional stability and the eventual reopening of the Strait of Hormuz. The prospect of fewer supply disruptions weighed on energy markets, with oil prices falling nearly 10% over the week to around $88 per barrel. Corporate earnings remained a key driver of market performance, with Dell Technologies surging after issuing a sales forecast that significantly exceeded expectations on strong demand for AI-related server infrastructure. The results reinforced confidence that technology spending remains resilient despite broader economic uncertainties. At the same time, falling oil prices and improving geopolitical conditions helped strengthen the market's overall tone, supporting gains beyond the technology sector. The combination of easing macroeconomic risks, solid corporate earnings, and renewed investor confidence allowed equities to finish the week on a firm footing, reinforcing expectations that market momentum could remain positive in the near term.
NGX Closed the Week on a Positive Note as Buying Interest Returns to Key Sectors
The Nigerian equity market ended the week in positive territory, with the NGX All-Share Index advancing 0.26% to close at 250,385.47, while market capitalization increased by ₦414.52 billion to ₦160.51 trillion. The market's upward move was driven by renewed bargain hunting in oil & gas, insurance, and selected banking names, as investors accumulated fundamentally strong mid-cap and blue-chip stocks. As a result, the market also delivered a weekly gain of 0.27%, adding approximately ₦431.49 billion to investors' wealth and reinforcing the positive sentiment that has emerged in recent sessions. Trading activity improved markedly during the session, reflecting stronger investor participation across the market. Total volume traded surged 113.56% to 1.20 billion shares, while transaction value rose 59.55% to ₦43.43 billion across 93,626 deals. The combination of rising prices and stronger turnover suggests that buying interest remained firm into the weekend, providing a constructive backdrop for the market heading into the new trading week.
