The Nigerian Stock Market's $4 Billion Weekly Gains; Intel's Stock, The Gift That Keeps On Giving; Another Failed Presidential Assassination Attempt
- Dipo Owolabi
- Apr 27
- 5 min read
Updated: Apr 29
Markets are rallying, companies are staging comebacks, and geopolitical tensions are quietly reshaping the global landscape. Nigeria’s equities market is in the spotlight after a historic ₦5.51 trillion weekly gain on the Nigerian Exchange, signaling renewed investor confidence. In the U.S., Intel is pulling off a remarkable turnaround, with its stock surging to record highs on the back of AI momentum and strong earnings. But it’s not all market optimism, security concerns have resurfaced in Washington following a shooting linked to officials from Donald Trump’s administration. Meanwhile, in Africa, Senegal is tightening its grip on strategic resources, taking full control of the massive Yakaar-Teranga gas field. From record-breaking gains to political risks and energy power plays, all this and more in today’s Read It And Eat! |
Markets Around The World
Introducing YTD
YTD means 'year‑to‑date' – it’s the simplest way to see how an asset has performed since January 1. Below you’ll find the YTD returns for the key indices we track: the American S&P 500, the UK’s FTSE 100, South Korea’s KOSPI, Nigeria's NGX, and other commodities. And next to them are the YTD numbers for our own RIAE Portfolios; the custom‑built portfolios designed to put our investment philosophy into practice.
Markets as of 24th April 2026.. Cells in RED mean that the value is down, cells in Green mean the value is up.
MAJOR HEADLINES
Investors In The Nigerian Stock Market Enjoy ₦5.5 Trillion (~$4 billion) Weekly Gains
The Nigerian equities market closed the week on an unprecedented high, with investors booking a staggering ₦5.51 trillion in gains. This record-breaking performance was driven by a massive rally in large-cap stocks and renewed confidence in the financial sector. According to market data from the Nigerian Exchange (NGX), the total market capitalization surged to a new peak, reflecting one of the most bullish weekly runs in the exchange's history.
This surge is particularly significant as it comes amidst a broader shift in national fiscal policy and improved corporate earnings reports. Analysts attribute the jump to a combination of high-liquidity inflows and strategic "dip buying" by institutional investors who are repositioning their portfolios for the second quarter. The rally was led primarily by the banking and industrial sectors, which continue to benefit from high interest rates and recent regulatory updates from the Central Bank.
The broader implication for the economy is a notable boost in domestic wealth and a signal to foreign portfolio investors that the local market remains resilient. However, while the ₦5.51 trillion gain marks a milestone for the NGX, market observers are watching closely to see if this momentum is sustainable or if a period of profit-taking will follow in the early days of this week. The record week underscores a growing appetite for local equities as a hedge against broader inflationary pressures. BusinessNewsInsider
Intel Stock Surges To Record Highs; Hitting Valuations Higher Than In The Dot Com Era
Intel stock is on a monumental run, with shares surging more than 25% on Friday following a blowout earnings report a day earlier. The rally, combined with steady gains over recent months, has pushed the chipmaker past its previous record set during the 2000s dot-com era, marking a stunning comeback for a company that, not long ago, was seen as being on the brink. “A year ago, the conversation about Intel was about whether we could survive,” CEO Lip-Bu Tan said on the earnings call. “Today, it is about how quickly we can add manufacturing capacity and scale our supply to meet enormous demand. This is a fundamentally different company today.”
There is no single driver behind Intel’s rapid rise, though the artificial intelligence boom has played a central role. Early in the AI wave, GPUs from rivals like Nvidia dominated training and deploying models, leaving Intel’s CPUs viewed as secondary. But the company has clawed back relevance, most notably through the rollout of its long-awaited 18A process technology, a major milestone in chip manufacturing. The push traces back to former CEO Pat Gelsinger’s ambitious “five nodes in four years” plan, which, despite criticism over delays and rising costs, ultimately culminated in the 18A breakthrough and helped reposition Intel in the AI-driven chip race.
Beyond technology, investor confidence has also surged on the back of strategic capital inflows and government backing. Intel’s heavy spending on new manufacturing facilities in the US and abroad initially raised concerns, but sentiment shifted as major players stepped in. The Trump administration took a $8.9 billion stake in the company and the stake token in Intel has ballooned to $36 billion. Yahoo.Finance
A suspect arrested in a shooting incident outside the White House Correspondents' Dinner over the weekend told authorities he intended to target officials from President Donald Trump's administration. According to law enforcement sources, the suspect, identified as Cole Allen, was apprehended shortly after the incident. While sources indicated he did not specify President Trump as a direct target, he reportedly referred broadly to "administration officials" as his intended victims.
The shooting comes amid heightened political tensions and intense security protocols surrounding high-profile Washington events. Despite the unsettling incident, the administration has moved quickly to reassure the public and foreign dignitaries about ongoing security. President Trump confirmed that upcoming diplomatic visits will proceed as planned, specifically noting to Fox News that Britain's King Charles will still make his scheduled trip to the U.S., calling the monarch a "tremendous representative."
The broader significance of this event highlights the volatile political climate and the elevated risk environment for high-level government officials. It also underscores the intense pressure on law enforcement agencies to secure public-facing political gatherings. As investigations continue into Allen's motives and background, the administration is likely to heavily review security perimeters for all upcoming public administrative events and diplomatic visits. CBS News |
Senegal Takes Over 25 Trillion Cubic Feet Gas Field Following A US Firm's Withdrawal
Prime Minister Ousmane Sonko announced that the agreement allows the Senegalese state to take over development of the project without financial compensation to Kosmos Energy. Under the arrangement, the exploration licence will be transferred exclusively to the state-owned oil company PETROSEN through a ministerial order.
The Yakaar-Teranga field, located in the Cayar Offshore Profond block north of Dakar, is one of Senegal’s most important deepwater gas assets, with estimated recoverable resources of around 25 trillion cubic feet of gas. It is central to the country’s broader hydrocarbons strategy alongside the Sangomar oil field and the Greater Tortue Ahmeyim LNG project.
At the MSGBC Oil, Gas & Power Summit held in Dakar on December 10, 2025, Senegal’s Ministry of Energy, Petroleum and Mines outlined its policy approach to the Yakaar-Teranga project, stating in an official communiqué that its strategy “does not in any way imply nationalisation” of the asset. The statement at the time reaffirmed Kosmos Energy as a strategic partner and indicated that PETROSEN would assume the licence upon its scheduled expiry in July 2026, in line with existing contractual provisions. Business Insider
Minor Headlines
President Tinubu Grants 30% debt relieve to Nigerian Airlines Reuters
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