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. 

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Starting with the NGX 

The All Share Index gained 0.90% last week. The index measures the average performance of stocks. 

Beta Glass led last week’s gainers. It appreciated by 46.3% opening at N160.65 and closing at N235.05, up N74.40.

Multiverse led the losers for last week. The stock declined 19.50% opening at N10 and closing at N8.05, down N1.95

Champion Breweries, Ikeja Hotel, NAHCO, Seplat, Lafarge, Abbey and First Holdco were marked down for dividends last week.

A mark down is when a stock’s price is adjusted downwards for either a dividend or bonus. 

Tantalizers moves into the media space

Tantalizers Plc  announced the acquisition of Grand Media Projects Limited a media and entertainment company founded and led by renowned TV and film veteran, Tade Ogidan.

Presser also makes mention of Richard Mofe-Damijo RMD. I wonder how much it cost? I guess the next quarter’s financials should provide some colour.

Caverton expands into shipping

Caverton Marine Limited (Caverton) , a subsidiary of Caverton Offshore Support Group Plc (COSG), has entered into a strategic joint venture with the (NNPC) and Swedish global shipping giant, Stena Bulk, to launch Unity Shipping Worldwide. The agreement was formalised in April 2025.

Board and management changes

Nigerian Breweries Managing Director/CEO, Mr. Hans ESSAADI, will complete his assignment in the Company on the 30th of June 2025 and thereafter pick up another assignment as the Managing Director of HEINEKEN Poland. Following from the completion of assignment in the Company, Mr. Essaadi will resign from the Board effective the same date of 30th June 2025. Mr. Essaadi was appointed to the Board and became the Managing Director/CEO effective the 31st of July 2021.

Thibaut François Baptiste BOIDIN has been appointed by the Board as a Director and will replace Mr. Essaadi as the Company’s Managing Director/CEO effective the 1 st of July 2025. Mr. Boidin is currently the Managing Director of HEINEKEN Romania one of HEINEKEN’s largest operations in Eastern Europe. 

DR. OYENUGA OLUFEMI has been appointed as an Executive Director of Chams Holding Company Plc with effect from May 2, 2025. 

Royal Exchange Plc’s board has appointed Ms Idu C. Okwuosa-Okeahialam as the Managing Director of the Company effective Wednesday, May 21, 2025. 

International Breweries 

The resignation of Mr. Michael Ajukwu, as a Non-Executive Director from the Board effective 27 March 2025 was accepted. 

 The Board also approved the appointment of Ms. Chinyere Ezeugwu as the Finance Director of the Company effective 27 March 2025, following the transitioning of the current Finance Director, Mr. David Tomlinson into another role in the Africa Zone. 

She joined the Company in 2020 as the Head of Control and was later promoted to Head of Financial Planning and Analytics.

Akhil Gupta has informed the Board of his intention to retire as a non-executive director of Airtel Africa plc at the conclusion of this year’s AGM in July 2025. 

Insider dealings

A bunch of insider dealings from Aradel, VFD, United Capital,  Learn Africa, McNichols Abbey, Fidelity and MTN Nigeria were filed. 

Access Holdings. UPDC, f Stanbic IBTC Holdings, Seplat and John Holt held their AGMs during the week. 

Airtel Africa commenced the second tranche of its $100 million share buy-back programme.

The second tranche of the share buy-back will amount to a maximum of $55 million and is anticipated to end on or before 19 November 2025.

What’s happening this week? 

May and Baker and AIICO Insurance have Tuesday and Wednesday as the qualification dates for their dividends. 

On a macro level, the CBN’s MPC meeting takes place today and Tuesday. Analysts will be on the lookout for Governor Yemi Cardoso’s views on the economy and the banking space.

Switching lanes to the US 

Last week the S&P (SP500) gained 5.3%.

The Nasdaq Composite rose 7.2%. 

The Dow added +3.4%. 

United Health jolted the market with the surprise stepping down of its CEO and the return of its Chairman and past CEO as his replacement

The stock dipped 23% and is trading at a multi year low.

Popped into the Walmart and Nu Holdings calls. 

You can get those here and here 

Key point for Walmart retaining guidance for now and tariff induced price increases will kick in soon.

Nu Holdings things are proceeding as normal.

What’s happening this week? 

Diageo and Ryan Air dropped earnings this morning. You can go through my Diageo thread on their Q3 numbers here.

Home Depot and Palo Alto dropping on Tuesday 

Wednesday, Snowflake and Zoom drop theirs after market close 

Thursday, Intuit, autodeck and Workday drop theirs after market close 

On Friday, Miniso drops its earnings.

Have a good trading week ahead. 

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