Good morning and 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 tweet at me @quansimodo or use the anon link. You can also send an email to info@greentickertales.com

Starting with the NGX 

The market opened for four trading days last week as the Federal Government declared Friday June 6, 2025 and Monday June 9, 2025 as Public Holidays to commemorate 2025 Eid-el-Kabir celebrations. 

Trading in Fidelity Bank Plc, Legend Internet Plc and Guaranty Trust Holding Company Plc shares accounted for 1.545 billion shares worth N34.446 billion in 4,939 deals, contributing 48.06% and 45.12% to the total equity turnover volume and value respectively.

The NGX All-Share Index appreciated by 2.57% to close the week at 114,616.75 basis points. The index measures the average performance of stocks on the exchange.

Oando Plc led last week’s gainers appreciating by 25.77%. The stock opened at N45.20 and closed at N56.85, up N11.65

ABC Transport led last week’s losers. The stock dropped 18.64% opening at N2.95 and closing at N2.40, down N0.55

Julius Berger, SAHCO, and Sunu Assurances were marked down during the week. A markdown is when a stock’s price is adjusted downwards for a dividend or bonus. 

The ex-dividend price for Julius Berger was N133.75.

The ex-dividend price for Skyway was N58.40.

The ex-dividend price for Sunu Assurances was N5.30.

 PZ Cussons Nigeria PLC board held an emergency meeting on Tuesday, 3rd June 2025. To considered several options to resolve the Company’s negative shareholder fund.

The Company’s Closed Period, which commenced on 1st of June 2025, will remain in effect until twenty-four (24) hours after the release of the Unaudited Financial Statements for the fourth quarter ended 31st May 2025 to the market.

A closed period means insiders cant trade the company’s shares during this period. 

Access Holdings bank subsidiary (Access Bank) has completed the acquisition of the National Bank of Kenya following regulatory approval by the central bank of both countries. 

Earnings 

Sovereign Trust Insurance released its audited FY 2024 numbers. Profit after tax went up by 78% from N1.2 billion in 2023 to N2.3 billion in 2024. The growth was driven by higher insurance service income.

The company has proposed a 5 kobo dividend. Qualification date is September 5 and payment date is September 25 

Cornerstone Insurance audited FY 24 and Q1 25 numbers. 

In FY 24, profit after tax rose 87% from N13.8 billion in 2023 to N25.8 billion in 2024. Up 87.11%. The company has proposed a 27 kobo dividend. 

In Q1 2025, profit after tax fell from N16.8 billion in 2024 to N1.6 billion in 2025 The decline was due to lower FX gains. 

Oando audited FY 24 numbers 

Revenue went up by 43% from N2.8 billion in 2023 to N4 billion in 2024

Profit after tax went up by 265% from N60.2 billion in 2023 to N220 billion in 2024. 

UAC and CAP held their annual general meetings (AGMs) on the 4th and 5th of June respectively. 

Board and management changes 

DAAR Communications Plc Board has approved the appointment of The Structure HQ Limited as the new Company Secretary of the Company, effective 26th May 2025.

This follows the resignation of Mr. Miji Jonah as the Company Secretary effective 23rd May 2025

Ayo Adepoju ETI’s Group CFO has been appointed Group ED effective 4th of June, 2025.

Helen Bouygues, an INED on the board of GTCO has retired. Babatunde Soyoye has been appointed an INED.

Hezekiah Onyinlola, board chairman has retired. Suleiman Barau has been appointed board chairman.

Babs Omotowa, a Non-Executive Director of Chemical and Allied Products PLC retired at the Company’s 60th Annual General Meeting held on June 5, 2025,

What’s happening this week? 

We should have more earnings from the insurance space drop.

Over to the US 

Last week, the S&P 500 gained 1.5% and closed back above the 6000 basis points. Key drivers behind this were better than expected labour numbers. 

 The Nasdaq Composite rose 2.2%. 

The blue-chip Dow (Dow Jones Industrial Average) appreciated by 1.2%. 

Tesla shares moved in an erratic manner following a back and forth between Elon Musk and President Trump.

Lululemon shares tanked following a cut in its full year outlook even though it analyst estimates.

Earnings per share: $2.60 vs. $2.58 expected

Revenue: $2.37 billion vs. $2.36 billion expected

Stable coin issuer circle was listed this week. The ipo was at $31 and the stock closed at $107.70.

What’s happening this week?

The US and China will hold trade talks today. So markets will be watching. 

Apple is in the focus today as its developers conference kicks off today. Analysts would be on the lookout for any new products. Or news around the existing lineup.

Its a fairly light week in terms of earrings. 

Oracle and Chewy drop earnings on Wednesday.

On Thursday, Adobe drops earnings. 

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