Good morning and welcome to this week’s edition of Bulls and Bears, my weeky thread on the US and Nigerian equity space. If you have any questions, please feel free to share. 

Starting with the NGX

The NGX All-Share Index  depreciated by 0.55%. The index measures the average performance of stocks on the exchange. 

Livestock Feeds led the gainers last week, appreciating by 22.16% to close at N10.20

Neimeth led the losers declining by 17% to close at N2.49.

Geregu and the NGX group were marked down. Ex dividend price was N1,141.50 and N30.85 respectively. 

Misson aborted 

PZ Cussons Nigeria Plc ‘s minority shareholders voted not to approve the conversion of US$34,264,544 (equivalent to ₦51,795,312,646.72) of the outstanding intercompany loan amount owed by the Company to PZ Cussons (Holdings) Limited (“PZCH”) into equity. 

The decision was made at the Extraordinary General Meeting (EGM) held on 13th March 2025 at the Transcorp Hilton Hotel, Abuja. 

It seems some key minority shareholders were opposed to the move going by the excerpt from the statement. 

There was very strong minority shareholder support for the transaction, with 663 of the 675 minority shareholders present at the meeting voting in favour. However, the 75% shareholding vote required to approve the resolution was not met, as 12 minority shareholders representing a significant shareholding voted against the resolution. 

Oil and gas news

Seplat Energy’s $650 million bond offering was priced at  9.125%. The bonds will mature in 2030. . The gross proceeds of the Notes will be used to

 (i) repurchase Issuer’s outstanding 7.750% bond due April 2026

(ii) pay transaction fees and expenses

Renaissance gets greenlight for SPDC acquisition 

Aradel Holdings Plc ‘Renaissance consortium had obtained all regulatory approvals required for the acquisition of the entire (100%) equity holding in the Shell Petroleum Development Company of Nigeria (SPDC), A sale and purchase agreement with Shell was signed in January 2024, and

 Renaissance is a consortium consisting of Aradel Holdings PLC and three (3) other Nigerian independent oil and gas companies: ND Western Limited, FIRST Exploration and Petroleum Development Company Limited and the Waltersmith Group.

Aradel has a 33.34%  stake in the consortium.

Oando Plc’s trading subsidiary, Oando Trading, has been formally advised in writing of its selection as the preferred bidder for the lease of the Guaracara Refining Company Limited (GRC)’s refinery assets from Trinidad Petroleum Holdings Ltd (TPHL)

Earnings 

Mutual Benefits Assurance dropped its Q1 to Q3 2024 results last week. A bit belated so i wont go into details in the thread. Id do a post on substack and post later today. 

Forecasts

VFD, Sunu Assurance, Custodian Investment, and a couple of other firms dropped earnings forecast. I tend to focus on those only when the results are released. 

Secure Electronic and Standard Alliance Insurance shared plans to reconstruct their shares and raise capital.

BUA Cement had an earnings call while Tantalizers held a facts behind the figures session at the stock exchange.

SEC swings its hammer

The Securities and Exchange Commission (SEC) has canceled the registration of Mainland Trust Limited a capital market operator with immediate effect

This follows the company’s failure to comply with regulatory directives and non-resolution of several complaints against it.

The regulator has suspended Centurion Registrars Limited, its sponsored individuals and Directors from all capital market activities with immediate effect.

The Commission’s decision is informed by the company’s failure to comply with regulatory directives and non-resolution of several complaints against it.

All clients of Centurion Registrars Limited are advised to contact Africa Prudential Plc for appropriate guidance on the transfer of their portfolios to another Registrar of their choice.

What’s happening this week on the NGX?

Mostly board meetings to consider audited FY 2024 results 

Tranex has a board meeting pertaining to this on Tuesday  

NPF Microfinance Bank’s board has a board meeting on Wednesday. 

Aradel has a board meet on Friday. Means those should drop same day or a few days after. 

Moving to the US

Last week was a negative one for equities, driven by fears of a recession and the ongoing tariff back and forth.

The S&P 500 declined 2.3%.

The Nasdaq Composite fell by 2.4%. 

The Dow dropped 3.1%. 

Adobe shares slid 10.4% following Q2 forecasts that came in lower than analyst expectations, 

Q2 forecasts are 

• $5.77 billion to $5.82 billion in revenue

•  $4.95 to $5.00 in adjusted earnings per share

 Analysts had expected $5.80 billion in revenue and $5.00 in earnings per share.

The stock dipped to a 52 week low before recovering marginally.

What’s happening in US this week?

Retail sales numbers for last month should be out today. Seeing signs of consumer weakness here and there. Airlines revising their forecasts 

Nike, FedEx, General Mills and Micron will drop their earnings 

Biggest this week is the Fed meeting scheduled for Wednesday. Will they cut interest rates or leave unchanged. 

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