Good morning and welcome to this week’s bulls and bears. This is a weekly thread on the US and Nigerian equity space. If you have any questions, please feel free to share. 

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NGX last week

The All Share Index fell by 0.5%. The index measures the average performance of stocks on the exchange. 

MCNichols led last week’s gainers. The stock appreciated by 18.75% opening at N3.20 and closing at N3.80, up N0.60.

Other notable gainers were Julius Berger and Beta Glass.

Secure Electronic was the worst performing stock last week. The stock fell by 22.73% opening at N1.10 and closing at N0.85, down N0.25.

Markdown

University Press was marked down by N0.15 and ex dividend price was N6.15.

A markdown is when a stock’s price is adjusted downwards for a dividend or bonus.

270,382 units of Chapel Hill Denham Nigeria Infrastructure Debt Fund (NIDF or the Fund) were on Monday, 25 August 2025, listed on the NGX. 

The additional units listed on NGX arose from the NIDF’s 2025, Q2 Scrip Dividend. With the listing of the additional 270,382 units, the total units of the Fund have now increased from 1,055,744,147 to 1,056,014,529 units.

87,900,000 units of Coronation Asset Management Limited’s Series 1 of Coronation Infrastructure Fund of N100 each  were listed on Monday, 25 August 2025. The Trading Symbol for the Coronation Infrastructure Fund is CNIF.

Capital Injection

Guaranty Trust Holding Company (GTCO) has injected N365 billion as capital into Guaranty Trust Bank. Following the move, GT Bank’s capital has increased from N138 billion to N501 billion.

Earnings filed last week

Legend Internet filed its unaudited results for the financial year ended July 2025. The firm made N1.19 billion in revenue and N172.6 million as profit after tax. 

Ellah Lakes filed its results for the year ended July 2025. The firm made N139 million in revenue and an operating loss of N1.15 billion.

Cutix made N3.53 billion in revenue and a N56 million profit after tax in Q1 2026.

Nigerian Enamelware made N46.6 million in Q1 2026 and a N80.5 million loss after tax. 

Prestige Assurance may be raising capital soon

At its  55th Annual General Meeting scheduled forTuesday, 23rd September 2025 at 11 am prompt, management of  Prestige Assurance will seek shareholders approval to increase shareholder capital from N6,626,280,944 divided into 13,252,561,888 shares to N12,000,000,000 divided into 24,000,000,000 shares by the creation and addition of 10,747,438,112 shares and raise additional capital. 

International Energy Insurance notified the exchange it has paid off its outstanding loan with Daewoo securities. JPY 1.8 billion zero coupon due in 2028. 

The loan was transferred to its new investor Norrenberger Advisory partners Limited to settle on its behalf which has settled/paid it off. 

No word yet on the resolutions from an emergency Board meeting for 28th August, 2025, to consider a proposal for Loan to Equity Conversion and share reconstruction.

Board and management changes

Cornersone Insurance 

Emeka Anthony Ogbechie a Non-Executive Director)formally gave notice of his resignation from the board of Cornerstone Insurance. Mr. Ejakhaluse Zoe Omonkhogbe was appointed as a Non-Executive Director by the Board, and his appointment was approved by the National Insurance Commission on 28th July 2025. His appointment will be ratified at the next Annual General Meeting of the Company. 

Mr. Ejakhaluse Zoe Omonkhogbe is a seasoned finance executive with over two decades of experience spanning private equity, real estate, and professional services. He currently serves as Executive Director at Capital Alliance Nigeria, where he leads the firm’s finance and tax functions.

Legend Internet Plc notified the Nigerian Exchange Limited (NGX), and the investing public of the resignation of its Chief Financial Officer, Mr. Daniel Mmaduka.. Mr. Chris Pitan has been appointed the new Chief Financial Officer, effective 1 September 2025.

Access Holdco board appoints CEO  

Roosevelt Ogbonna resigned  from the Holdco board. He continues to serve as the Managing Director/Chief Executive Officer of Access Bank Plc.  His resignation allows the Company to comply with the Central Bank of Nigeria’s Corporate Governance Guidelines for Financial Holding Companies in Nigeria, 2023, which stipulates a maximum of nine (9) directors for the Board of a Financial Holding Company. 

Innocent Ike was appointed the substantive Group Managing Director/Chief Executive Officer of the Company, effective August 29, 2025, following the receipt of regulatory approval. He will succeed Bolaji Agbede, who has served as the Company’s Acting Group Managing Director/Chief Executive Officer for the past 18 months and has played a vital role in driving the Company’s performance.

 Due to regulatory stipulations on the required years of experience for a Financial Holding Company’s Managing Director, she will revert to her substantive role as the Company’s Executive Director, Business Support. 

International Breweries 

The resignation of Mr. Sunday Omole, as a Non-Executive Director from the Board effective 31 July 2025 was accepted. The board also approved the appointment of Mrs. Toyin Adeniji as a Non-Executive Director of the Company effective 31 July 2025.

The Board of Directors has approved the appointment of Temitope Oluwatosin as the Company Secretary /General Counsel effective 04 August 2025. 

Temitope Adebosin, an Executive Director, has resigned from the board of Ronchess Global resources, effective 14th August 2025. Mr. Adebosin was first appointed as a Non-Executive Director on 10th January 2022 and was re-appointed an Executive Director on 15th January 2024.

NGX this week 

PZ Cussons has a meeting scheduled for tomorrow.  Agenda is to  consider the Audited Financial Statements for the year ended 31 May 2025. 

The wait for the UGAZ H1 2025 numbers continues. UGAZ being UBA,  GTCO, Access Holdings and Zenith. 

Custodian Investment may be in play this week, following a trending social media post

Moving to the US 

Last week, the S&P 500 slipped 0.1%. The Dow (DJI) and Nasdaq composite both fell 0.2%. 

A couple of earnings dropped last week, the most prominent being Nvidia. The company beat analyst estimates in terms of revenue and earnings per share.

The chipmaker made $46.74 billion in revenue vs $46 billion expected. 

Earnings per share was $1.05 vs $1.01 expected. 

The stock dipped a bit though as Q3 estimates assume no H20 shipments to China. 

Crowdstrike released its Q2 2026 numbers. Crowdstrike is a cybsecurity firm

The company made $1.17 billion in revenue. Up 21% from last year.

It swung into loss mode though. Bet loss of $77.7 million as against $47 million net profit recorded the same period last year. 

Stock dipped a bit after the numbers dropped due to lower outlook

The revenue estimate for Q3 was $1.208 billion vs $1.23 billion analyst estimate

FY 2025 revenue estimate  was $4.75-$4.8  billion vs $4.79 billion analyst estimate

What’s happening this week? 

Its a fairly quiet week in terms of earnings 

Equity markets are closed today as it is a holiday.

On Tuesday, Nio drops its earnings before market open. After market close, Zscaler drops its earnings.

On Wednesday, Dollar tree, Macy’s, Campbell’s drop earnings before market open.

After market close, Salesforce, Gitlab, Asana and Figma will drop earnings.

On Thursday, Broadcom, Lululemon, Docusign, Smith and Wesson and Copart will drop earnings after market close.