Good morning and welcome to this week’s Bulls and Bears. If you have any questions, please feel free to share. You can tweet at me (@quansimodo) or use the anon link or send an email to info@greentickertales.com

Starting with the NGX

Trading in the top three equities namely Royal Exchange Plc, Fidelity Bank Plc and Tantalizer Plc (measured by volume) accounted for 1.610 billion shares worth N8.897 billion in 8,079 deals, contributing 40.95% and 11.89% to the total equity turnover volume and value respectively.

The All Share Index fell by 0.62%. The index measures the average performance of stocks on the exchange.

Cutix Plc topped last week’s gainers, with its stock soaring 21.92%. It opened at N2.60 and closed at N3.17, reflecting a rise of N0.57.

Neimeth International Pharma led the losers declining by 17% opening at N3.70 and closing at N3.07, down N0.63.

May and Baker, AIICO Insurance, and UAC all experienced markdowns due to dividends. A markdown occurs when a stock’s price is reduced to reflect the payout of a dividend, a bonus, or both.

Listings

On Thursday, 22 May 2025, 229,316 units of the Chapel Hill Denham Nigeria Infrastructure Debt Fund were listed on the NGX. These units were issued as part of the NIDF’s Q1 2025 Scrip Dividend. As a result, the Fund’s total units rose from 1,055,514,831 to 1,055,744,147.

6,839,884,274 United Bank for Africa shares were on Friday, 23 May 2025, listed on the Nigerian Exchange Limited (NGX).

The additional shares listed on NGX resulted from the bank’s rights issue. Following this listing, the total issued and fully paid-up shares of United Bank for Africa Plc have increased from 34,199,421,368 to 41,039,305,642 shares.

A couple of firms held their AGMs, including Infinity Trust Mortgage Bank, Berger Paints, NAHCO and First Holdco.

Fidelity Bank was in the news last week for a variety of reasons. Media report on it being on the hook for a N220 billion judgement debt. The bank issued a statement allaying that.

Few days after, it had to respond to an erroneous report labelling insider dealing by its MD as insider trading. You can get the difference between both here.

There were insider share dealings in Aradel, United Capital, Access Holdings, Caverton, UBA and Neimeth,

(ETI) announce it had raised U.S.$125 million via a Eurobond sale. It will be consolidated to form a single series with the U.S.$400 million 10.125% Notes issued on 15 October 2024.

The offering was issued at a premium with a new issue price of 102.634, or an effective yield of 9.375%.

Briclinks after dropped its Q1 2025 numbers. It made N131 million in turnover, a marginal uptick from the same period last year and a profit after tax of N10.5 million.

Including a profit carried forward, that brings total profit to N56 million.

What’s happening this week on the NGX?

NPF Microfinance Bank and Julius Berger have May 28 and May 30 as the qualification date for their dividends. There will be a bit of volatility in their trading volumes.

Skyway Aviation has May 30th as its qualification date as well.

To qualify for the dividend, you must own shares on or before the qualification date.

Honeywell Flour will hold a board meeting this Thursday to consider its audited FY 25 numbers. Expect those to be out sometime this month.

Aradel Holdings will hold its AGM at 10.00am on Wednesday, 28th day of May 2025 at The Jewel Aeida Event Centre, 105, Hakeem Dickson Link Road, Lekki Phase I, Lagos.

Moving to the US

It was a red week as the 3 key indexes closed downwards. The S&P 500 dropped 2.6%

The NASDAQ Composite dipped 2.5% and the Dow shed 2.5%

A couple of firms dropped their earnings.

They include Target, Zoom and Palo Alto Networks.

Popped into the Target and Zoom calls. You can read the threads here and here.

After a short lull, US President Donald Trump intensified the trade conflict by announcing that Apple will face a 25% tariff on iPhones produced outside the US. This tariff will also impact other smartphone manufacturers and is scheduled to take effect in June.

What’s happening this week?

It’s Nvidia week as the company prepares to release its latest quarterly earnings on Wednesday. Nvidia is one of the largest firms in the US stock market by market capitalization.

Other firms with earnings out this week are

Okta on Tuesday

Salesforce on Wednesday

Costco, Ulta Beauty and BestBuy on Thursday

Canopy Growth on Friday

For a daily summary of activities on the NGX, please follow greentickertale on twitter

Please follow the greentickertale podcast on Spotify, Apple and Youtube Music.

You can find me everywhere else as greentickerwarrior: Instagram, Tiktok, and Youtube.

Have a great trading week ahead.