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

Starting off with the NGX. 

Trading in the top three equities, namely Universal Insurance Plc, Zenith Bank Plc and

FCMB Group Plc (measured by volume), accounted for 1.201 billion shares worth N29.433

billion in 10,537 deals, contributing 25.16% and 27.40% to the total equity turnover volume

and value respectively.

The All Share Index fell by 2.51%. The index measures the average performance of stocks on the exchange. 

Austin Laz was the best performing stock last week. The stock appreciated by 20.83% opening at N2.40 and closing at N2.90, up N0.50.

Thomas Wyatt led last week’s losers. The stock declined by 18.92% opening at N3.70 and closing at N3, down N0.70.

Markdowns

Consolidated Hallmark, Custodian Investment, Cutix and BUA Foods were marked down. A markdown is when a stock’s price is adjusted for a dividend or bonus.

ConHall was marked down by N0.10 and ex dividend price was N4.47.

Custodian was marked down by N0.25 and ex dividend price was N37.25

Cutix was marked down by N0.10 and ex dividend price was N3.90

BUA Foods was marked down by N13 and ex dividend price was N575.

FCMB in a notice on Friday announced plans for a proposed equity capital raise. The offer is being undertaken in furtherance of the Company’s strategy to strengthen its capital base in anticipation of its focused regional and international expansion plans. The proceeds of the Offer will be remitted as equity into First City Monument Bank Limited. 

Details of the Offer will be disclosed upon the receipt of the Securities and Exchange Commission’s (“SEC”) approval. 

Champion Breweries catches a “bullet”

Champion Breweries Plc has entered into an agreement for the acquisition of all brand assets and intellectual property of the Bullet range of ready-to-drink (RTD) alcoholic and energy beverages from Sun Mark International Limited (“Sun Mark”). The transaction is structured as an asset carve-out, with the assets to be held in a newly incorporated company in the Netherlands. 

Post-acquisition, Champion Breweries Plc will hold a majority interest in the new business, while Vinar N.V, a Belgian entity and the majority shareholders of Sun Mark, will hold a minority stake Bullet is currently present in over 14 African markets, including Nigeria, Cameroon, Ghana, Ivory Coast, DRC, and Tanzania. 

The transaction is subject to the receipt of the necessary regulatory approvals, including from the Federal Competition and Consumer Protection Commission (FCCPC). 

Earnings released last week

Prestige Assurance dropped its audited FY 2024, Q1 2025 and H1 2025 numbers. 

For H1 2025, profit after tax dippd sharply from N2.7 billion in 2024 to N519 million in 2025. Lower numbers were due to smaller fx gains and higher claims expenses. 

FTN Cocoa filed its audited FY 2024 numbers. The company made N1.3 billion in revenue and a N9.5 billion loss. 

For H1 2025, Trans Nationwide Express made N96.2 million in revenue and a N58 million loss. 

Board and management changes

Bernard Griesel, a Non-Executive Director on the board of Linkage Assurance, has resigned  effective 15th August 2025 Mr. Griesel was first appointed on the 17th of April 2017 and meritoriously served on the Board for over eight years. 

Karl Toriola, Managing Director/Chief Executive Officer of MTN Nigeria, will take on the additional role of Vice President (VP) of Francophone Africa for MTN Group Limited. This encompasses: Cameroon, Côte d’Ivoire, Benin and Congo Brazzaville. 

Toriola has extensive prior experience in the role, having served as VP for West and Central Africa at MTN Group Limited. 

Ferdinand Moolman, Non-Executive Director, will exit the Board of the Company, effective 31 October 2025. Mr. Moolman has been appointed CEO of MTN South Africa effective 1 November 2025.

What’s happening this week? 

PZ Cusson’s board will be meeting on Thursday to consider its audited FY 2025 results. The wait for the GAZ bank continues. The trio had indicated a potential release of their results sometime in September, there’s always a tiny possibility, it could drop before then. 

Moving to the US

It was mixed fortunes last week 

The S&P 500 rose 0.29%,

The Dow gained +1.53%. T

The Nasdaq Composite Index dropped  0.6%.  

It was also mixed tales from Walmart in its Q2 

Earnings per share was $0.68. lower than estimates of $0.74. This was the firm’s earnings miss in 2 years. There wre a few one of charges though. 

Revenue came in at $177.4 billion vs $176.1 billion analyst estimates 

The company increased its full year guidance for sales and adjusted earnings per share. 

The retailer expects growth in net sales of between 3.75% to 4.75% from prior estimates of 3% to 4%

FY 26 adjusted earnings per share will be in the $2.52-$2.62 range as against the $2.50- $2.60 prior guidance. 

Walmart is one of the private sector employers in the US, as well as biggest retailer. SO its a good pulse for the consumer.

Feelers from management is that consumer sentiment remains broadly strong, but lower earning consumers are a bit nit picky with items that have inched up higher due to tariff effects. 

What’s happening this week? 

Nvidia week. That’s what one calls any week Nvidia will release its earnings. 

On Tuesday, MongoDB and Okta will drop their most recent earnings.

On Wednesday, Nvidia, Crowdstrike, Snowflake and HP will drop their earnings.

On Thursday, Dell, Dollar General and Ulta Beauty will drop their earnings. 

For a daily market summary of the NGX, please follow @greentickertale on twitter.

It was mixed fortunes last week 

The S&P 500 rose 0.29%,

The Dow gained +1.53%. T

The Nasdaq Composite Index dropped  0.6%.  

It was also mixed tales from Walmart in its Q2 

Earnings per share was $0.68. lower than estimates of $0.74. This was the firm’s earnings miss in 2 years. There wre a few one of charges though. 

Revenue came in at $177.4 billion vs $176.1 billion analyst estimates 

The company increased its full year guidance for sales and adjusted earnings per share. 

The retailer expects growth in net sales of between 3.75% to 4.75% from prior estimates of 3% to 4%

FY 26 adjusted earnings per share will be in the $2.52-$2.62 range as against the $2.50- $2.60 prior guidance. 

Walmart is one of the private sector employers in the US, as well as biggest retailer. SO its a good pulse for the consumer.

Feelers from management is that consumer sentiment remains broadly strong, but lower earning consumers are a bit nit picky with items that have inched up higher due to tariff effects. 

What’s happening this week? 

Nvidia week. That’s what one calls any week Nvidia will release its earnings. 

On Tuesday, MongoDB and Okta will drop their most recent earnings.

On Wednesday, Nvidia, Crowdstrike, Snowflake and HP will drop their earnings.

On Thursday, Dell, Dollar General and Ulta Beauty will drop their earnings.