Good morning and welcome to this week’s Bulls and Bears. This is a weekly thread on the NGX and US equity space. If you have any questions, please feel free to share. You can also send an email to info@greentickertales.com or use the anon link.
Last week on the NGX
The All Share Index fell by 0.94%. The index measures the average performance of stocks on the exchange.
The market opened for four trading days this week as the Federal Government declared Friday September 5, 2025, as a public holiday to mark Eid el Maulud celebration.
Sovereign Trust Insurance led the gainers for last week. The stock appreciated by 14.23% opening at N2.60 and closing at N2.97, up N0.37.
I was expecting the stock to move in the other direction following plans to raise equity capital.
Daar Communications led last week’s losers. The stock declined by 21.1% opening at N1.09 and closing at N0.86, down N0.23.
Redstar Express was marked down by N0.35 and ex-dividend price was N11.65. A markdown is when a stock’s price is adjusted downwards for a dividend or bonus.
Trading in the shares of Regency Alliance Insurance Plc, International Energy Insurance Plc and.Universal Insurance Plc were suspended effective on Monday, 1 September 2025 for not filing their Audited Financial Statements for the year ended 31 December 2024.
The suspension placed on trading on the shares of Universal Insurance Plc was lifted on Wednesday, 3 September 2025, following the submission of the results in question.
UBA’s ongoing Rights Issue initially scheduled to close on Friday, September 5, 2025, has been extended by two weeks and will now close on Friday, September 19, 2025, following the receipt of approval from the Securities and Exchange Commission.
Consolidated Hallmark Holdings Plc has concluded plans to invest in a Life Assurance Company. The Company shall be a fully owned subsidiary of Consolidated Hallmark Holdings Plc, and registration has been concluded with the Corporate Affairs Commission. The firm has also received the required licence from the regulator, the National Insurance Commission.
Earnings filed last week
PZ Cussons Nigeria filed its audited FY 2025 numbers. Revenue went up by 40% from N152.2 billion in 2024 to N212.6 billion in 2025.
The firm made a N10 billion profit after tax as against a N90.3 billion loss made in FY 2024.
Regency Alliance Insurance H1 profit fell sharply from N740.4 million in 2024 to N240.1 million in 2025.
Universal Insurance dropped its H1 2025 earnings. The company made N1.3 billion in revenue, up by over 100% from the N599 million it made in the same period last year. If you discount the fair value gains made during the period, it probably fell year on year.
What’s happening this week?
C and I Leasing will hold its AGM virtually today. BUA Foods has its AGM scheduled for this week Friday.
Friday is the qualification date for the Learn Africa FY 2025 dividend of 35 kobo per share.
The wait for the GAZ H1 2025 numbers continues. GAZ being GTCO, Access and Zenith
The suspension placed on Regency Alliance Insurance shares may be lifted this week, following the submission of all pending results.
Moving to the US
It was a mixed week for US equities.
The Dow fell by 0.3%
The S&P 500 gained 0.3%
The NASDAQ Composite was the best performing of the 3 indexes. It gained 1.1% following a bounce in Alphabet (parent company of Google)’s stock price.
A US court ruled the firm would not need to sell the Chrome browser, or Android operating system. It did bare the tech giant from going into exclusive deals with hardware vendors.
Goldman Sachs has taken a stake in asset management firm T Rowe Price
Gold prices hit a fresh all time high following weakening bond prices across the globe
Last week, Lululemon, Figma, Salesforce, Zscaler, Dollartree, Broadcom and Nio dropped earnings.
Broadcom revenue and earnings beat analyst expectations.
Revenue came in at $15.95 billion vs $15.8 billion estimate
Adjusted earnings per share estimate came in at $1.69 vs $1.67 estimate
Docusign also beat analyst estimates
Revenue came in at $800.6 million vs $779.78 million estimate
Adjusted earnings per share estimate came in at $0.92 vs $0.85 estimate
Lululemon missed revenue estimates
Revenue came in at $2.53 billion vs $2.54 billion estimates.
Earnings per share came in at $3.10 vs $2.87 estimate.
Figma earnings dropped following the firm’s much weaker guidance. The earnings call however seemed quite upbeat. One of the few tech earnings call ive been on with management displaying stuff. More of that please.
The $SPY index announced its rebalancing which is a periodic thing
Applovin, Robinhood and Emcor Group will be added to the S&P 500, replacing Enphase Energy Caesars Entertainment, and Market Axess.
Kenvue shares dipped following reports RFK the HHS secretary plans to link Tylenol use in pregnancy to autism.
Oregon Coffee filed an IPO on the New York Stock Exchange at a valuation of about $860 million. The company plans to offer nearly 15 million shares, priced at approximately $16 each, under the ticker symbol BRCB.
August US jobs report came in kcuh lower than expected at 22,000 well below analyst estimates of 75,000.
Unemployment rate remained flat at 4.3%
What’s happening this week?
Inflation numbers for August will be out this Thursday. Analysts will be watching closely for where the pressure lies. If the numbers come in better than expected, that strengthens the Fed’s hold position. If they come in lower than expected, that strengthens the argument to cut interest rates.
In terms of earnings, it is a fairly chill week. Oracle, Rubrik and Gamestop earnings drop on Tuesday after US market close.
On Wednesday, Chewy earnings drop before US market open.
On Thursday, Adobe earnings drop after market close.
You can get a daily summary of trading on the NGX on the by 6pm WAT on the greentickertale podcast on Spotify and other audio platforms and Youtube respectively
A daily thread goes up by 10pm WAT on twitter
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Have a good trading week ahead.
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