Good morning and welcome to this week’s Bulls and Bears. This is a weekly thread on the NGX and global equity space. If you have any questions, you can tweet at me. You can also use the anon link

 or send an email to info@greentickertales.com

NGX Last week

The All Share Index gained 2.54% last week. The index measures the average performance of stocks on the exchange. 

Multiverse Mining was the best performing stock last week. It appreciated by 57.48% opening at N6.35 and closing at N10, up N3.65. 

Abbey Mortgage Bank was the worst performing stock last week. It declined 15.66%, opening at N8.30 and closing at N7, down N1.30.

Meyer and Aradel were marked down for dividends last week. Ex dividend price for Meyer was N8.95. Ex dividend price for Aradel was N503.

Trading in the shares of Golden Guinea Breweries Plc were  suspended effective Tuesday, 6 May 2025 for not filing its Unaudited Financial Statements for the period ended 31 December 2024.

United Capital and BUA Foods both held Q1 2025 earnings calls

You had a couple of insider share dealings from UBA, FCMB Group, NAHCO, United Capital and ABC Transport filed. 

Access Holdings also provided details of shares that had vested to some members of management.

Seplat Energy Plc notified  both the Nigerian Exchange Limited and London Stock Exchange, that the exchange rate for both the final and special dividend for 2024 to shareholders that will receive the dividend payment is 1 USD = 1,609.6357 NGN 

The exchange rate for the Naira amounts payable is the CBN NFEM rate for May 8, 2025.

Earnings on the NGX

Airtel Africa dropped its audited FY 2025 results. There was a slight dip in revenue but the company returned to profit.

Revenue fell 0.5% from $4.97 billion in 2024 to $4.95 billion in 2025. Profit after tax was $328 million in 2025 as against a $89 million loss in 2024

The board has recommended a final dividend of  $ 3.9 cents

Airtel Nigeria made $1.04 billion in revenue ($448 million from voice, $483 million from data, and $114 million from others)  and $304 million in operating profit. 

Total customer base grew 4.7% from 50.9 million in 2024 to 53.3 million in 2025. 

Data customer base grew 6.3% from 27.4  million in 2024 to 29.1 million in 2025. 

Data usage per customer increased by 33.4% to 8.4 GB per month (from 6.3 GB in the prior period), with smartphone penetration increasing 4.7% to reach 49.6%. 

Smartphone data usage per customer reached 11.1 GB per month compared to 9.0 GB per month in the prior period.

Following the release of the results, the company held an earnings call. 

Chellarams dropped its unaudited FY 25 results. The group made N23 billion in revenue and a N295 million loss after tax. 

Oluwaseun Osuji as its new Company Secretary. Oluwaseun replaces Yetunde Emmanuel who served as the Company Secretary

Ecobank Transnational Incorporated announced the early retirement of Chinedu Ikwudinma, Group Chief Risk Officer. Chinedu joined Ecobank in 2019 and served in this role since 2022.

Ademola Awokoya (Chief Credit Officer for Corporate and Investment Banking) and Pankaj Talwar (Chief Credit Officer for Consumer and Commercial Banking) will jointly oversee Ecobank Group’s Risk Management as co-acting Heads, reporting to the Group Chief Executive Officer till a replacement is announced. 

Switching lanes to the US 

The 3 key indices closed in the red.

The Dow dipped 0.2%

The S&P 500 fell 0.5%

Nasdaq -0.3% to 17,929. 

Disney Q2 2025 numbers came in better than expected. 

Revenue: $23.62 billion vs. $23.14 billion

Earnings per share: $1.45 adjusted vs. $1.20 expected

Ferrari left guidance unchanged. 

Bitcoin rebounded to the $100,000 mark. Last seen in February.

What’s happening this week? 

US Treasury Secretary Scot Bessent announced a dialling down in US-China trade war, while talks continue over next 3 months:

US to lower tariffs on China to 30% (from 145%) for 90 days

China to lower tariffs on US to 10% (from 125%) for 90 days

Saudi Aramco dropped Q1 2025 numbers on Sunday and they were a bit soft. Earnings call comes up by 1.30pm WAT.  

A couple of earnings coming from the e commerce and retail space

JD.com drops earnings on Wednesday

Walmart and Alibaba drop earnings on Thursday.

On the macro end of things, J Pow will be giving a speech and US inflation numbers for April are out this week.