RFA Breakfast Paper - April 17, 2026

Angola Liquidity Expands as FX Reserves Decline

Broad money supply (M3) in Angola rose to a record AOA 18.12 trillion in March 2026, up from AOA 17.75 trillion in February, continuing the upward liquidity trend. Historically, M3 has averaged AOA 8.24 trillion since 2009, with the latest reading marking a new peak. In contrast, foreign exchange reserves declined to $15.42 billion from $15.93 billion in the prior month, remaining below the long-term average of $20.28 billion. Reserves are still well off their 2013 peak of $34.02 billion, though above the recent low of $13.35 billion in January 2022, highlighting ongoing external vulnerability despite improving domestic liquidity conditions.

U.S. Stocks Reach New Highs as Oil Prices Slide on Hormuz Reopening

U.S. equity markets moved higher on Friday, with the S&P 500 and the Nasdaq Composite both closing at new record highs. Investor sentiment improved after Iran announced that the Strait of Hormuz would remain open to commercial shipping during the 10-day ceasefire between Israel and Lebanon. The development eased concerns over global energy supply disruptions and helped extend the recent risk-on rally in equities. Sector performance reflected this shift in sentiment, with consumer discretionary and industrial stocks leading gains as fuel-intensive industries rebounded on lower oil prices. In fixed income markets, yields on U.S. Treasury securities declined, with the 10-year Treasury yield easing to around 4.24%. Internationally, Asian markets closed lower overnight, while European equities traded higher during the session. The U.S. Dollar Index also weakened modestly as safe-haven demand for the dollar eased amid improving risk appetite.

NGX Extends Rally as Banking and Oil & Gas Stocks Drive Weekly Gains

The Nigerian equity market closed the week on a strong note, with the NGX All-Share Index (NGX-ASI) and Market Capitalization both advancing by 2.49%. The market extended its rally for the ninth consecutive session, supported by strong buying interest across all major sectors. Gains were led by the Banking and Oil & Gas sectors, which rose by 3.64% and 3.29% respectively. As a result, the benchmark index climbed 5,266.56 basis points to close at 217,167.57, while Market Capitalization increased by ₦3.39 trillion to settle at ₦139.83 trillion. On a week-on-week basis, the market delivered a solid performance, with the NGX-ASI rising 6.57% and investors’ wealth increasing by approximately ₦8.7 trillion.