Good morning and welcome to this week’s Bulls and Bears. If you have any questions, please feel free to tweet at me.

You can also send an email to info@greentickertales.com or use the anon link.

NGX last week

Trading in the top three equities, namely FCMB Group Plc, Fidelity Bank Plc and Universal Insurance Plc (measured by volume), accounted for 1.245 billion shares worth N15.825 billion in 9,250 deals, contributing 25.69% and 10.57% to the total equity turnover volume and value respectively.

The NGX All-Share Index and Market Capitalization appreciated by 5.07%. The index measures the average performance of stocks on the exchange.

UACN (UAC of Nigeria) was the best performing stock last week. It appreciated by 60.69% to close at N88.30.

The rally was driven by UACN’s announcement of its agreement to acquire CHI Limited. from Coca Cola.

Other notable gainers were Wema Bank and Lafarge Africa.

On the flip side, Abbey Mortgage Bank was the worst performing stock last week. It declined by 34.13% opening at N8 and closing at N5.27, down N2.73.

11,500,000 Seplat Energy Plc shares were on Friday 01 August 2025, listed on the Daily Official List of the Nigerian Exchange Limited (NGX). 

The additional shares listed on NGX arose from the company’s long term incentive plan

Following the listing,  the total issued, and fully paid-up shares of Seplat Energy Plc has now increased from 588,444,561 to 599,944,561 shares. 

MRS Oil Nigeria Plc shares were on Monday, 28 July 2025, delisted from the Daily Official List of NGX. 

Earnings

There was a flurry of earnings released last week. I cant run through all of them as the thread would be unbearably long. 

Start with the most recent which came in yesterday. Mutual Benefits Assurance dropped its H1 2025 earnings. 

Profit after tax was up 372% due to higher insurance income. Profit after tax rose from N2.4 billion in 2024 to N11.5 billion in 2025

To the downstream oil and gas players on the NGX. Downstream in the oil and gas terminlogies has to do with companies that are involved in the sale of petroleum products like petrol, kerosine and the like.

Total energies Nigeria had a 20% dip in revenue year on year to N423 billion. Year on year means comparing the current financial year with the same period last year

The company also recorded a N2.8 billion loss after tax. The reason behind this was a spike in finance costs. More specifically interest on bank overdrafts. 

Conoil also had a decline in revenue. That dropped 20.45% from N180.5 billion in 2024 to N143.6 billion in 2025.There was also a sharp dip in profit by 88.78% to a bit over N900 million.

Same causal factor was a spike in finance costs. More specifically, interest on bank overdrafts. 

Eterna 

Eterna bucked the trend. The company made higher revenue and returned to profit. The company made N133.4 billion in revenue up 6.8% from last year and profit after tax of N573 million

The company was also able to lower its finance costs.

MTN Nigeria H1 2025 earnings

Promised my youtube peeps a video, and it should be out sometime this week. Latest Wednesday. Spotify peeps will get a broad episode later this evening. So much to unpack.

Biggest takeaway for me from the earnings release and im sure analysts will need to rework their valuations is this paragraph 

Upgraded guidance: FY 2025 – service revenue growth and EBITDA margin of ‘at least low-50%’ for both | Medium-term (from FY 2026) – service revenue growth of ‘at least low-20%’, EBITDA margin in the 53-55% range

H1 2025 earnings per share was N19.78

Q2 2025 earnings per share was N13.41

One can can guesstimate that FY 2025 earnings per share will be between N30 to N35. 

Your Target Price would depend on whatever earnings multiple (meaning how much higher than earnings do i think this stock should be trading at).

Board and management changes

Fidson Healthcare founder Fidelis Ayebae  retired as Managing Director and Chief Executive Officer, effective August 1, 2025. He will be succeeded as the Managing Director by Abiola Adetunji Adebayo.

Peter Ashade retired from the Board of Directors of Africa Prudential Plc, effective July 31, 2025.

Ashade served as the pioneer Managing Director/Chief Executive Officer of the Company from inception in 2006 until mid-2018, when he voluntarily stepped down from executive management to take up higher responsibilities. He was subsequently appointed as a Non-Executive Director later that same year

United Capital Plc announced the retirement of Professor Chika Mordi, Chairman of the Board, and Mr. Emmanuel Nnorom, Non-Executive Director. This transition aligns with the recent directive from the Securities and Exchange Commission (SEC) on board appointments and director tenure for Public Companies and Significant Public Interest Capital Market Operators. 

he Board has appointed Uche Ike as Chairman of the Board of Directors. 

What’s happening this week on the NGX ?

Firstholdco (parent company of First Bank) has an earnings call scheduled today

ETI (Ecobank Trans International) has an earnings call scheduled Friday

Consolidated Hallmark has announced an interim dividend of 10 kobo. Id be watching the market reaction to that. For a broader list of other stocks id be watching this week, youtube link is pinned to my bio. 

Switching lanes to the US 

Apple and Meta earnings for the last quarter came in better than expected. Haven’t listened to the Apple call, so i cant speak much to the numbers.

Jumped on the Meta call and most of the convo was around AI. Management says they are seeing some positive impact from increased AI usage on advertising revenue. Theyd also be raising capex spend. 

What’s happening this week? 

It remains a fairly busy one in terms of earnings 

Tyson Foods will drop earnings before US market open, while Palantir will release theirs after US market close.

On Tuesday, Pfizer, Caterpillar and Lemonade drop earnings before market open.

After market close, Snap, AMD and Upstart will drop theirs. 

On Wednesday before market open, Uber, Shopify, DIsney and Oscar will drop earnings. 

After market close, Draftkings and Fortinet will file their earnings. 

On Thursday, 

Celsius, Eli Lilly and Conoco Phillips will file their earnings before market open.

After market close, trade desk, Atlassoam. Block and Pinterest will elease theirs

On Friday before market close, Canopy Growth and Wendy’s will file their earnings before market open.