Copy of Nvidia's Blowout Earnings Cools AI Fears And Lifts The Stock; Opay To List On The Nigerian NGX; Meta's $18Bn Big Tobacco Moment; Nigeria Set To Retain FTSE Frontier Market Status.
- Dipo Owolabi
- 1 hour ago
- 4 min read
AI demand is sending Nvidia’s value soaring, OPay could be bringing its fintech empire to Nigeria’s stock market, and Nigeria is getting another shot at global investor attention. Nvidia beat expectations with $96.2 billion in quarterly revenue, adding about $440 billion to its market value, while OPay is reportedly preparing for an NGX listing. At the same time, Meta has agreed to pay up to $18 billion to settle U.S. lawsuits over claims that its platforms contributed to social media addiction among children, while Nigeria is set to regain FTSE Russell frontier market status from September 21. All this and more in today’s Read It And Eat! |
Markets as of 27th of August 2026.. Cells in RED mean that the value is down, cells in Green mean the value is up.
MAJOR HEADLINES
Nvidia Smashes Expectations, Projects Strong For The Future; Gets Rewarded By The Stock Market
Nvidia beat Wall Street’s expectations for its second quarter, reporting adjusted earnings of $2.22 per share and revenue of $96.2 billion, compared with analysts’ estimates of $2.09 and $92.3 billion. The chip giant also forecast third-quarter revenue of between $105.8 billion and $110.1 billion, above expectations.
The strong outlook boosted investor confidence in continued AI demand, sending Nvidia shares nearly 9% higher on Thursday and adding about $440 billion to the company’s market value. The rally also marked a potential break from the stock’s pattern of falling the day after earnings in each of the previous four quarters.
Looking ahead, Nvidia CFO Colette Kress said the company expects 70% revenue growth for fiscal 2028, while CEO Jensen Huang said demand is actually “much greater than 70%.” Huang noted that the company’s main constraint is its ability to supply enough products to meet demand.
Opay Plans For A Nigerian Stock Market Listing
Fintech giant OPay is planning to list its shares on the Nigerian Exchange (NGX), Nairametrics has learnt, in what could become one of the most significant technology listings in the history of Nigeria’s capital market. Sources familiar with the matter told Nairametrics that the fintech company is expected to formally announce plans for the NGX listing soon.
The development comes as OPay prepares for a potential initial public offering in the United States, where the company has reportedly been targeting a valuation of about $4 billion. It is not immediately clear whether the proposed NGX listing will take place simultaneously with the planned US IPO or subsequently as part of a dual-listing structure. Additionally, details about the date, sizing and underwriting of the listing are still unclear at the time of writing.
Earlier in August, NGX Group Chief Executive Officer Temi Popoola urged President Bola Tinubu to support measures encouraging major companies that generate substantial revenues in Nigeria to list their shares locally. Popoola specifically cited OPay and PalmPay among fintech companies considering overseas listings, arguing that Nigerian investors should also be able to participate in the wealth being created by such companies. Nairametrics
Meta Agrees To Pay $18 Billion To Settle US lawsuits Over Children's Social Media Addiction
Meta Platforms will pay up to $18 billion over the next decade and strictly limit how teenagers use Facebook and Instagram under an agreement with nearly all U.S. states to resolve claims it designed those social media platforms to addict children.
The settlements announced on Wednesday end a federal trial over allegations Meta's products harmed children and the company misled the public about their safety. Four of the states: California, Colorado, Kentucky and New Jersey were expected to seek close to $200 billion in civil penalties.
While Meta will not undergo a fundamental overhaul, the accords represent a sweeping effort to define how it serves young users. It could provide a template for resolving thousands of other lawsuits against social media companies. Governments around the world are trying to curb children's access to harmful online content, including a ban in Australia on social media for children under 16.Reuters
FTSE Russell To Retain Nigerian Stock Market' Frontier Status Inclusion
FTSE Russell, a global provider of stock market indices and data analytics, says Nigeria will be reclassified from “unclassified” to “frontier market” status, effective September 21, 2026. The global index provider announced the development in a statement shared with TheCable on Thursday.
FTSE Russell said the decision followed an additional assessment of Nigeria’s equity market after concerns were raised about the transition from a T+2 to T+1 settlement cycle.
The organisation had, in June, placed Nigeria’s reclassification under more scrutiny over concerns that the shorter settlement cycle adopted by the country’s capital market could effectively create a de facto prefunding requirement for international institutional investors. The Cable
Alphabet Loses $700 Billion in Market Value as AI Questions Rise Bloomberg
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