Good morning and welcome to this week’s bulls and bears. Bulls and Bears is a weekly thread where i look at happenings on the NGX and US equity space. 

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So how did the NGX fare last week? 

The All Share Index gained 2% closing at  108,053.95 points. This should be a record point, if my memory is correct.

Honeywell Flour led the gainers, appreciating by 47%. The stock opened at N9.52 and closed at N14, up N4.48.

Daar Communications (parent company of AIT and Raypower) was the worst performing stock last week. It fell by 13.58% to close at 70 kbo. Down 11 kobo. 

9,673,336,214 Zenith Bank shares were on Monday, February 10, 2025, listed on the Daily Official List of Nigerian Exchange Limited (NGX). 

The additional shares larose from the bank’s hybrid offer of a rights Issue of 5,232,748,964 shares at N36.00 per share and public offer of 4,440,587,250 shares at N36.50 per share (the Public Offer was 160.47% subscribed). 

Following the listing,  the total issued and fully paid-up shares of Zenith Bank Plc has now increased from 31,396,493,786 to 41,069,830,000 shares. 

Trading in the shares of Thomas Wyatt Nigeria Plc was suspended effective Tuesday, 11 February 2025 for not filing their audited Financial Statements for the year ended 31 March 2024 and Unaudited Financial Statements for the periods ended 30 June 2024 and 30 September 2024.

PZ Cussons Nigeria held a facts behind the figures session (which didnt provide any new information).

 The company few days after would provide details of a proposal to convert US$34,264,544 (equivalent to ₦51,795,312,646.72 ) out of the outstanding intercompany loan owed by the Company to PZ Cussons (Holdings) Limited (“PZCH” into equity

an Extraordinary General Meeting (“EGM”) of the Company will be held at the Transcorp Hilton, FCT, Abuja on Thursday, 13 March 2025, at 11:00 a.m. 

Nigerian Breweries and HM Call audited FY 2024 numbers 

Nigerian Breweries dropped its audited FY 2024 numbers.

Revenue hit the N1 trillion mark up 80% from the N599 billion it made in FY 2023. That’s taken the brewer into a select number of firms on the exchange to do that. They include MTN Nigeria and Dangote Cement. 

Operating margins are thin. For every N100 in revenue made in FY 2024, roughly N6.4 was operating profit. 

The bottomline numbers ended up in the red as the company recorded a N144.3 billion loss after tax. In 2023, they recorded a N105.7 billion.

This was due to a foreign exchange loss and higher finance costs (those went up by over 100% year on year). 

Shareholders won’t be getting a dividend. It last paid a dividend in the 2022 financial year.

What’s happening this week on the NGX? 

The wait continues for audited banking results. 

On the macro level, we should have inflation figures for the month of January out anytime from now. 

The CBN will have its MPC holding during the week. Expectations are rates will be left unchanged.The post meeting brief would be an opportunity to get some colour from Cardi B (CBN Governor Yemi Cardoso) on his views on the economy. 

US equities last week 

Last week was a positive one for US equities 

The S&P 500 gained 1.5%.

The Nasdaq Composite appreciated by  2.6%. 

The  Dow  added +0.5%. 

A couple of earnings came in during the week. Popped into a few of the calls. 

Coinbase had a record FY 2024. 

Coca Cola and Crocs had decent quarters and are optimistic about the coming quarters despite a simmering trade war. 

Coca-Cola had strong growth in Q4 2024

We closed the year with strong fourth-quarter results. We delivered 7% comparable earnings-per-share growth in 2024 on top of 6% average comparable earnings-per-share growth over the prior five years. During the fourth quarter, we grew organic revenues 14%.

Crocs CEO Andrew Rees in the earnings release stated the firm was expecting a decent year in 2025.

“For 2025, we are expecting another year of revenue growth, led by mid-single digit growth in the Crocs Brand. We are pleased by the early signs of progress we made for HEYDUDE during the fourth quarter and are taking a prudent approach to how we shape 2025 guidance for HEYDUDE as we focus on reigniting the brand.”

Wall Street this week 

Walmart, Alibaba, Occidental Petroleum and Manchester United are among major names reporting earnings this week.