Good morning and welcome to this week’s edition of Bulls and Bears. If you have any question, please feel free to share. 

NGX last week

Starting with the NGX. The All Share Index gained 0.99% last week. The index measures the average price movement on the exchange. 

The market opened for three trading days this week as the Federal Government of Nigeria declared Wednesday December 25 and Thursday December 26, 2024, as Public Holidays to commemorate the Christmas Celebration.

Ikeja Hotels led last week’s gainers. The stock appreciated by 32.79% to close at a 52 week high of N12.15

Thomas Wyatt led the losers declining by 10% to close at N1.71

Starting off with FCMB, which dropped its allotment announcement late last night.

Its public offer of 15.1 billion shares at N7.30 was 134.3% subscribed. 

Following the approval of the Securities & Exchange Commission, FCMB Group is allotting a total of 19,802,710,781 Ordinary Shares of 50 kobo each netting 144.5 billion. 

Tantalizers Plc, has signed an MOU to acquire all the assets of DanBethel Marine Services Limited, a marine and fishing company.

Access Holdings Plc (parent company of Access Bank) has secured the full regulatory approvals of the CBN and the Securities and Exchange Commission of its recently closed right issue of 17,772,612,811 shares at N19.75 Kobo per share and has raised the target amount of N351,009,103,017.25. 

Access Bank’s share capital would increase to N600 billion, N100 billion above the regulatory minimum requirement.

A total of 17,772,612,811 shares from 24,100 subscriptions were therefore allotted in respect of the Rights Issue, being:

•  5,988,165,688 accepted shares from 23,465 Applications from Shareholders, valued at N118,266,272,338.00 – 
• 2,139,953,954 Ordinary Shares from 635 Applications through traded rights, valued at ₦42,264,090,591.50.
• 9,644,493,169 additional Ordinary Shares from 10,889 Applications from Shareholders who took up their rights in full, valued at ₦190,478,740,087.75

HH Capital has obtained the necessary approvals from the Securities and Exchange Commission to make the tender offer of up to 2,032,399 fully paid and issued ordinary shares equivalent to 0.02% of the issued and fully paid ordinary shares in Transcorp 

The move is line with a SEC regulation having crossed the 30% mark sometime last year. 

MTN Nigeriahas renewed the spectrum lease agreement between itself and NTEL. 

The agreement covers the lease of NTEL’s 5MHz frequency division duplex (FDD) in the 900MHz spectrum band and 10MHz FDD in the 1800MHz spectrum band, which spans 19 states. The renewal is for another two-year period, effective 1 May 2025. 

Additionally, the NCC has approved a one-year lease expansion of the spectrums, covering the remaining 17 states and the Federal Capital Territory (FCT), effective 1 January 2025. 

Presco’s N100 billion bond issue opened last Friday. The issue is part of a N150 billion shelf programme

The bond has a tenor of 7 years and a price guidance of between 23.25%-23.75%. Final figure should be known after the book build is offer. Proceeds will be used to fund its acquisition of Ghanaian Oil Palm Development Company

Julius Berger Nigeria Plc via its  wholly owned subsidiary, Julius Berger Investments Limited (“JBIL”), has resolved to establish, incorporate, and register a wholly owned subsidiary ) to carry on the business of planning and construction of all kinds of civil and engineering works in the Republic of Benin. 

Earnings released

Lafarge Africa dropped its audited 9M 2024 results. Profit after tax increased from N39.3 billion in 2023 to N57.2 billion in 2024.

ohn Holt dropped its unaudited full year numbers. Revenue went up from N1.8 billion in 2023 to N3.1 billion in 2024. 

The firm made a profit after tax of N2.4 billion. As against a loss after tax of N1 billion in 2023.

Board and management changes 

Kenechukwu Nwokolo, the Head of Internal Audit of PZ Cussons Nigeria Plc  has tendered his resignation effective 15th January 2025. 

BUA CEMENT’s board has renewed the contract of employment of the Managing Director and the Chief Executive Officer Engr Yusuf Halliru Binji for a further term of five (5) years, effective December 23, 2024.

NGX this week

We should have more allotment announcements from other banks and holdcos that raised money. 

Trading will also be abridged as Tuesday is the last trading day for 2024, typically it would be a half day. January1 is a public holiday as well.

US equities last week

Last week, the S&P 500 gained 0.7%

The NASDAQ gained 0.8%

The Dow gained 0.4%

What’s happening this week? 

Aside a couple of macro data being dropped, its a fairly quiet week.

We could see Apple hit the $4 trillion market cap.

Have a great trading week ahead. END