Good morning and welcome to this week’s edition of Bulls and Bears. This is a weekly thread where i look at happenings on the NGX, US and European stock markets.

If you have any questions, you can drop a comment or send an email to info@greentickertales.com

This thread goes up on my substack at 10am and here at 11am.

The NGX All-Share Index depreciated by 2.94%. The index measures the average performance of stocks on the exchange. 

Neimeth International Pharma led last week’s gainers . The stock appreciated by 31.42% to close at N3.43. On the flip side, Universal Insurance led the losers. The stock declined by 19.23% to close at 63 kobo.

Stanbic IBTC Holdings Plc’s rights issue opened last week Wednesday. The firm is offering 2,944,772,083  shares  at N50.50 per share on the basis of 5 new shares for every existing 22 shares held as at the close of business on Tuesday, 29 October 2024.

17,772,612,811 Access Holdings shares were on Friday,17 January 2025, listed on the Daily Official List of Nigerian Exchange Limited (NGX).

The additional shares arose from the firm’s rights issue. Following the listing, the company’s total issued and fully paid-up shares has increased from 35,545,225,622 to 53,317,838,433 shares. 

Board and management changes

Eterna Plc (the Company) has appointed Mr. Olumide Adeosun as the Managing Director/Chief Executive Officer of Eterna Plc, effective 3rd February 2025. Mr. Adeosun succeeds Mr. Abiola Lawal, who has resigned from the Company with effect from 31st January 2025.

Prior to this, he served as Group Executive Director of Rainoil Limited and as a Non-Executive Director of Eterna Industries Limited. 

In 2019, he was appointed CEO of Ardova Plc, where he executed a five-year transformation strategy with a focus on LPG and renewable energy. 

Fidelity bank announced the following board changes during the week.

Alhaji Abdullahi Sarki Mohammed as Independent Non-Executive Director

Ms. Obiaku Augusta Okam as Non-Executive Director

 Mr. Sufiyanu Ibrahim Garba as Executive Director, North Directorate of Fidelity Bank Plc with eect from January 14, 2025.

Alhaji Isa Mohammed Inuwa (Independent Non-Executive Director) and Mr. Chidi Agbapu (Non-Executive Director) retired following the completion of their tenure in accordance with the Bank’s policies.

Cutix Plc’s Chief Finance Officer of the Company, Mrs. Jane Ebere Nwabueze with effect from January 6, 2025. 

Pending the appointment of a substantive Chief Finance Officer, Mr. Chidi Onwudiwe will assume the role in an acting capacity

Mr. Adeniyi Falade (an Executive Director in the Company) has been appointed as the Chief Operating Officer of Custodian Investment. 

Universal Insurance has appointed Japhet Ogueri Duru as its new MD. 

Duru joined Universal Insurance Plc. on 22nd August 2024 as the Executive Director, Technical Operations. On 26th September 2024, he was appointed Acting Managing Director/CEO of the Company following the departure of the former MD/CEO, Dr. Benedict Ujoatuonu.

What’s happening this week on the NGX this week ?

Stanbic IBTC will hold a facts behind the rights issue session at the NGX.

 Eterna Plc has a board meeting  on Wednesday 22nd January 2025 . On the agenda are the consideration of the company’s unaudited financial statements for the period ended 31 December 2024, the company’s budget, financing options and other items.  

Abbey will be having a EGM this Friday. Agenda is to obtain shareholder approval to increase and allot the issued share capital of the Company for the purpose of raising additional capital and meeting the new capital requirements of the Central Bank of Nigeria for a regional commercial bank.

Switching lanes to the US

It was an extremely positive one for equities. 

The  S&P 500 gained +2.9%.

The Nasdaq composite climbed +2.5%. 

The Dow appreciated by +3.7%. 

It was an extremely busy week for equities. JP Morgan Chase, Bank of America, Citigroup,  Wells Fargo, Morgan Stanley and Blackrock dropped their earnings

The first 3 are some of the biggest banks in America. Blackrock is the world’s biggest asset management firm

Popped into most of the calls, and you can find my commentary/quotes on the timeline.

What’s happening this week in US equities? 

Donald trump will be sworn in today as US President. Trading could be a bit rocky depending on his first actions.

3M, Charles Schwab, Netflix will be dropping their earnings on Tuesday. I will be keeping an eye on Netflix for insight on how their live sports events have impacted signups. 

Haliburton, Ally, P&G will release their latest quarterly results on Wednesday. My focus is on Ally. The lender will have insight into consumer spending. 

United Airlines will drop its earnings same day. 

American Airlines drops its earnings on Thursday. It is one of the biggest airlines in the US. For a very consumer driven economy, airlines can feel the pulse of consumer spending. 

Verizon and American express will drop their earnings on Friday. My focus will be on Amex as management will have insight into consumer spending. Has it slowed? Or is it robust?