Good morning and welcome to this week’s edition of Bulls and Bears. This is a weekly thread i do on happenings on the NGX and US equity space.
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Let’s start with Turkey for a change
On Sunday, capital market authorities there banned short selling. Short selling is when you take a bet that a stock’s price is going to drop lower than it currently trades.
They did so as part of moves to stem volatility following last week’s trading session. Equities and the currency had a volatile week following the arrest of the mayor of Istanbul who’s a frontline candidate for the Presidency.
The S&P gained 0.5%, while
The Nasdaq Composite appreciated by 0.2%.
The Dow rose 1.2%.
Nike and Fedex forecasts for the current quarter came in a bit softer than analyst expected. For Nike in particular that pushed the price down a bit.
What’s happening this week?
Cloud computing firm Coreweave will have its IPO during the week. The company rents out cloud equipment, and Nvidia is a shareholder.
Earnings wise, its a pretty light week.
Gamestop, Chewy and Lululemon will drop their earnings during the week.
Moving on the NGX
Last week, the All Share Index fell by 0.94%. The index measures the average performance of stocks on the exchange.
Neimeth International was the best performing stock last week. It appreciated by 20.48% to close at N3, up 51 kobo.
E Tranzact was the worst performing stock last week. It declined by 26.15% to close at N4.80, down N1.70.
6,666,666,667 Sterling Financial Holdings shares were on Monday, 17 March 2025, listed on the (NGX). The additional shares arose from the company’s private placement of 16,666,666,66 shares at N4.50 per share.
Following the listing, the total issued and fully paid-up shares have now increased from 28,790,418,124 to 45,457,084,791 shares.
CWG Plc (Computer Warehouse Group) yesterday released its results for the audited FY 2024. The company hiked its dividend payout by 143%.
What’s happening this week?
This week is an extremely packed one in terms of earnings. Okomu results will be out before the end of the week. Same for Aradel.
Other audited FY results that could be released include May and Baker, NAHCO, and Chemical and Allied Products (CAP).
We could have some of the tier one banks (known by the acronym FUGAZ) drop their audited FY 2024 results. UBA Group did so this morning.
The group made N3.1 trillion in revenue and a profit after tax of N766 billion. It has proposed a final dividend of N3, bringing total dividend for FY 2024 to N5.