Good morning and welcome to this week’s edition of Bulls and Bears, my weekly thread on the US and the NGX.

If you have any questions, please feel free to share. You can also send an email to onome@greentickertales.com 

Doing things a bit differently this week. Starting with the US market.

It was a historic week as the S&P 500 crossed the 6000 mark for the very first time ever.

Most optimistic estimate we had this year was 5400 and that seemed overly huge.

The Dow Jones also had a great week crossing the 44,000 mark for the very first time.

The week ended with the S&P 500 up 4.7%.

The Dow up 4.6%

The Nasdaq Composite appreciated by 5.7%

Bitcoin isnt left out

Last week bitcoin hit 7 new milestones moving from $74,000 to $80,000.

It  is currently trading above $81,000.

The euphoria was due to Trump winning the election. 

What’s happening this week ?

A couple of key names will be dropping earnings.

They include Shopify, Spotify, Disney, Alibaba and JD.com

Others include Tyson Foods  Occidental Petroleum and  NU Holdings 

On the macro front, October inflation and retail sales numbers should be out on Wednesday and Friday respectively.

To the NGX

The All Share Index declined by 0.20%. The index measures the average performance of stocks on the exchange. 

Eunisell interlinked led the gainers appreciating by 45.91% to close at 8.20.

Oando led the losers. The stock declined by 19.70% to close at 69.95.

McNichols and Airtel Africa were marked down for their interim dividends.

FBN Holdings opened its rights issue. It is offering 

5,982,548,799 shares at N25.00 per share on the basis of 1 new share for every 6 shares held as at the close of business on Friday, 18 October 2024.

Management held an earnings call and a facts behind the rights session at the NGX.

Board and Management changes 

Following an emergency meeting held on November 7, Julius Berger Nigeria’s board has appointed Mohammed Indimi as an non executive director effective the same date.

Mustapha Ibrahim Ahmad has been appointed a non executive director on the board of Jaiz Bank. He is currently the Group Treasurer and Acting CFO at Dangote Industries Limited. 

Ronchess Global resources announced the resignation of Adebimpe Adeboye, an independent director from the board.

Christopher Oruete the company secretary resigned effective October 5, 2024 .

 Nwabuaku Ebeleju has been appointed as his replacement 

Franklin Agha who was hitherto the internal auditor 

Jimmy James Kallumkal and  Karen Ashleigh Witthoft as resigned from the board of NCR Nigeria Directors with  effect from 1 November 2024.

 Abdulqudus Anuoluwa Ashimi has been appointed an Executive Director on the Board of the Company with effect from Wednesday, 

6 November 2024, subject to ratification by the Shareholders at the next Annual General 

Meeting of the Company.

Prior to this he was the Service Delivery Manager 

at NCR Nigeria Plc.

African Alliance Insurance Plc board and management has been dissolved. An interim Management/Board has been appointed by its primary regulator, the National Insurance Commission (NAICOM).

The IMB comprise the following members: 

1. Haruna B. Mustafa (Chairman)

2. Jacob Erhabor (Managing Director/CEO)

3. Ms. Oremeyi Longe (Executive Director, Finance)

4. Wasiu Ajani Amao (Executive Director, Technical)

5. Anthony Achebe (Non-Executive Director)

6. Halimatu M. Khabeeb (Non-Executive Director)

What’s happening this week?

We should have some more information on UBA’s upcoming rights issue. 

On the macro front, inflation figures for October should be out this week

Have a great trading week ahead.