Good morning and welcome to this week’s edition of Bulls and Bears, my weekly thread on the US and Nigerian equity space. If you have any questions, please send an email to info@greentickertales.com

Starting with the NGX

Friday was a red day, but last week was a strongly positive one as the NGX All Share index gained 1.76%. The index measures the average performance of stocks on the exchange.

MRS Oil Nigeria led last week’s gainers. It appreciated by 36.3% to close at N180.

John Holt led the gainers for last week, declining by 18.67%  to close at N5.88.

Trading in the shares of Flour Mills of Nigeria Plc  was suspended on Monday, 16 December 2024. The suspension is necessary to prevent trading in the shares of the Company in preparation for its delisting

Earnings 

Oando and PZ Cussons dropped their earnings last week

Oando recorded a profit after tax of N76.2 billion in 9M 2024 down by over 30% from the N110 billion recorded in 9M 2023.

PZ Cussons Nigeria recorded a loss after tax of N7 billion for H1 2024/2025 a 91% decrease from the previous year.

Aradel Holdings Plc a shareholder in Renaissance, announced that the Minister of Petroleum Resources has granted his consent to the sale of The Shell Petroleum Development Company (SPDC) to Renaissance Africa Energy Limited.

Juli Plc in essence dropped a notice saying that plans are underway to ensure that all outstanding statutory obligations, including the organisation of all outstanding AGMs, will be addressed promptly to ensure full compliance by September 2025, when we plan to resume regular AGMs. 

Insider dealings 

Traffic came from the usual firms in the last few weeks. Aradel and United Capital. We had a small insider trade in Berger Paints. 

Two key transactions were in Seplat and Etranzact.

32,500 Seplat shares were bought by Udoma Udo Udoma, the chairman of the board of directors. Following this purchase, he now holds 55,071 shares in the company.

Meristem Securities sold 350 million E-tranzact shares at N6.75.

Board and management changes 

Mrs. Uzo Oshogwe has been appointed MD/CEO of Transcorp Hotels Plc, effective January 1, 2025. Mrs. Uzo Oshogwe is currently the MD/CEO of Afriland Properties Ltd,

Oando’s board has appointed Mr. Cosmas Iweze as an Independent Non-Executive Director, effective 16 December 2024.

Ms Bidemi Fadayomi UPDC’s development director resigned with effect from 20th December 2024. Ms. Fadayomi will however, continue to serve as a Non-Executive Director on the Board of the company. 

Fidson’s board appointed Babatunde Ipaye and Phil Ejiofor as Independent Non Executive Directors (INEDs).

Oshoke Ayebae was appointed Executive Director business development and marketing 

Their appointments are effective January 1, 2025

Olufunmilola Ayebae a non executive director will retire from the board effective December 31, 2024.

What’s happening this week? 

Its a fairly quiet week. 3 days trading. 2 days holiday. Vitafoam should drop its audited 2024 earnings anytime from now, having held a board meeting last week.

Lafarge Africa should drop its 9M 2024 results having held a board meeting to consider them last week.

Airtel Africa has commenced a second share buyback programme that will return up to $100 million to shareholders.

The sole purpose of the buy-back programme is to reduce the capital of the Company. As such, all shares purchased under the buy-back programme will be cancelled.

Over to the US 

It was a rough week for US stocks. The Fed met and in their statement disclosed they would have fewer interest rate cuts next year, than expected. That pulled down stock prices.

The Dow ended the week down 2.3%

The S&P 500 dropped by 2%

The NASDAQ composite fell by 1.8%

What’s happening this week? 

Its a holiday week. So there are no major earnings. As for global macro, its always one day one drama. Lets see how it goes. Thinking of bringing back bits and pieces from next year. 

Fresh out the oven. Honda and Nissan have begun merger talks If successful, they will create the world’s third largest automaker. 

Bulls and Bears monthly webinar comes up this Saturday from 11am to 1.30am WAT. You can join using the link below
Bulls and Bears Monthly Webinar December 28, 2024

Saturday, 28 Dec  •  11:00–11:30

Google Meet joining info

Video call link: https://meet.google.com/jsk-xgef-cge

Have a great trading week ahead.