Good morning and welcome to this week’s edition of Bulls and Bears. This is a weekly thread on the US and NGX (nigerian stock market). 

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.

Starting of with the NGX. The All Share Index fell by 0.90%. The index measures the average performance of stocks on the exchange.

VFD Group was the best performing stock last week. It appreciated by 53.8% opening at N57 and closing at N87.70, up N37.70.

Royal Exchange led last week’s losers. The stock  declining by 20.79% opening at N1.01 and closed at 80 kobo, down 21 kobo.

The Initiates and CWG were marked down for dividends. A markdown is when a stock’s price is adjusted downwards for a dividend or bonus.

5,982,548,799 First HoldCo Plc shares  were on Monday, 7 April 2025, listed on the Daily Official List of Nigerian Exchange Limited (NGX). 

he additional shares arose from the company’s rights Issue of 5,982,548,799 shares  at N25.00 per share (The offer was 125.46% subscribed). 

The total issued and fully paid-up shares of First HoldCo Plc has now increased from 35,895,292,792 to 41,877,841,591 ordinary shares

Moving to earnings that came within the week.

Presco dropped audited Fy 2024 results

Revenue went up by 102% from N102.4 billion in 2023 to N207.5 billion in 2024

Profit after tax rose by 140.4% from N32.3 billion in 2023 to N77.7 billion in 2024

The company has proposed a final dividend of N42.

Qualification date is July 4th and payment date is the 6th of August

Geregu Power dropped its Q1 2025 results.

There was a dip in topline and bottomline 

Revenue fell by 37% from N50.4 billion in 2024 to N31.7 billion in 2025, down 37%

Profit after tax dropped by 27.8% from N14.4 billion in 2024 to N10.4 billion in 2025.

The dip was due to lower energy and capacity charges. Unfortunately the company doesnt provide further insight into its financials.

SCOA dropped Fy 24 results

Revenue rose by 30.2% from N10.3 billion in 2023 to N13.4 billion in 2024.

PAT went up by 102% from N102 million in 2023 to N228 million in 2024

Standard Alliance Insurance dropped its Q1 to Q4 2020 results. Too dated, so didnt bother going through them.

Board and management changes

Board of Directors of PZ Cussons Nigeria PLC (“the Company”), approved the appointment of Dr. Anthony Ikemefuna Idigbe, SAN as an Independent NonExecutive Director of the Company effective Thursday, 27 March 2025 and subject to ratification at the next Annual General Meeting. 

Chief Mrs Eniola Fadayomi, Samuel Nwanze,Peter Elumelu retired from Africa Prudential’s board effective April 8, 2025 following their serving for 12 years.

Christabel Onyejekwe has been appointed chairman and Vincent Ukoh Vincent Ukoh has been appointed as a Non-Executive Director, pending the approval of the Securities and Exchange Commission.

Transcorp and the NGX Group held their AGMs last week. 

What’s happening this week on the NGX? 

Wema Bank’s rights issue commences today.  The bank is offering 14,286,785,417  shares on the basis of 2 new shares for every 3 shares held  as of March 5, 2025, which is to be issued at N10.45 per share.

FCMB Group (parent company of First City Monument Bank) will have an earnings call tomorrow to discuss its audited FY 2024 results.

Access Holdings audited FY 24 could drop within the week. Management had guided to their release on or before April 20, 2025. 

Nigerian Breweries will have a board meeting to consider Q1 2025 results this Wednesday. So the numbers should be out before the end of the week.

Moving to the US

Last week’s trading session was an extremely volatile one due to the back and forth tariff war between the US and the ROTW (rest of the world) especially China.

The S&P gained 5.7%.  

The Nasdaq Composite rose 7.3%. 

The Dow  gained +5%. 

Earnings season kicked off proper with Delta Airlines, JP Morgan Chase and Wells Fargo among others dropping Q1 2025 numbers.

Results came above expectations except for Wells Fargo which had softer net interest income than expected. 

This week is packed in terms of earnings

 Goldman Sachs reports today 

On Tuesday, J&J, Bank of America, Citigroup, United Airlines will drop their earnings for the last quarter. 

On Thursday, Thursday, Taiwan Semiconductor UnitedHealth and Blackstone will drop theirs.