RFA Breakfast Paper - April 29, 2026
Brent Surges Above $110 as US–Iran Tensions Escalate
Brent crude futures climbed above $110 per barrel, hitting their highest levels since 2022, as escalating tensions between the United States and Iran fueled fears of further conflict. Reports that the US military is preparing briefing options for President Donald Trump on potential action against Iran intensified concerns over a possible escalation. Diplomatic prospects weakened after Trump rejected Tehran’s latest proposal and reaffirmed that the naval blockade would remain until a nuclear deal is secured. Iranian officials warned of retaliation, accusing Washington of using economic pressure to force concessions. On the supply side, tightening conditions added to bullish momentum. US data showed sharp declines in crude and fuel inventories, while exports surged to record levels above 6 million barrels per day, reinforcing signs of constrained global supply amid ongoing geopolitical disruption.
U.S. Market Drift Lower as Fed Hold and Big Tech Earnings Set the Tone
U.S. equity markets closed mostly lower on Wednesday as investors digested the Federal Reserve’s decision to hold interest rates steady and shifted focus to key earnings releases from major technology companies after the bell. Trading remained cautious, with most sectors finishing flat to negative, although energy stocks outperformed on the back of rising oil prices. The broader tone reflected a wait-and-see approach, as market participants balanced stable monetary policy with uncertainty around corporate performance and forward guidance from large cap tech names. Meanwhile, bond yields moved higher, with the 10-year Treasury yield climbing to 4.43% and the 2-year at 3.93%, reflecting firm rate expectations. In commodities, oil prices extended gains, with WTI settling near $108 per barrel amid reports of a potential extension of U.S. naval restrictions on Iranian ports, further supporting energy-related stocks. Overall, markets remain in a holding pattern, with near-term direction likely to hinge on the outcome of Big Tech earnings and any shifts in interest rate expectations.
NGX Rally Gains Momentum as Industrial and Energy Stocks Lead
The Nigerian equity market sustained its upward momentum , with the NGX All-Share Index and market capitalization both advancing by 3.77% as investors maintained strong buying interest in medium- and large-cap stocks. The rally was largely driven by renewed positioning in Industrial and Oil & Gas counters, which posted notable gains of 6.14% and 4.54%, respectively, highlighting continued confidence in sectors with strong earnings potential. This broad-based demand lifted the market index by 8,625.79 points to close at 237,205.59, while total market capitalization expanded by ₦5.55 trillion to ₦152.73 trillion, reflecting the strength and scale of today’s advance. Market activity also improved significantly, pointing to increased participation and sustained investor engagement. Total volume traded surged by 46.87% to 1.33 billion shares, while the value of transactions rose modestly by 1.25% to ₦69.09 billion across 83,445 deals. Sectoral performance remained largely positive, with four of the five major sectors closing in the green. Industrial goods led the gains, followed by Oil & Gas, Banking, and Consumer Goods, all benefiting from continued accumulation.
