Good morning and welcome to this week’s Bulls and Bears. This is a weekly thread i do on the NGX and US equity space. If you have any questions, you can tweet at me

You can also send an email to info@greentickertales.com or use the anon link 

Starting with the NGX 

The market opened for four trading days last week as the Federal Government declared Thursday 1 st May 2025 as Public Holidays to commemorate the 2025 Workers’ Day celebration.

The NGX All-Share Index appreciated by 0.27%. The index measures the average performance of stocks on the exchange.

ABC transport was the best performing stock last week. It gained 44.87% opening at N1.56 and closing at N2.26. Up 70 kobo.

Ecobank Trans International was the worst performing stock last week. It declined 18.75% opening at N32 and closing at N26, down N6.

NEM Insurance, Unilever Nigeria, Access Holdings, UPDC, and Wema Bank were marked down during the week. A markdown is when a stock’s share price is adjusted downwards for a dividend. 

 1,719,576,719 Multi-Trex Integrated Foods shares  were on Wednesday, 30 April 2025, listed on the Daily Official List of Nigerian Exchange Limited (NGX).

The newly listed shares are a result of the company’s private placement of 1,719,576,719 shares at N1.89 each. Following this development, the total issued and fully paid-up shares of Multi-Trex Integrated Foods Plc have risen from 4,511,137,153 to 6,230,713,872 shares.

Earnings on the NGX 

You had a flurry of earnings drop last week. Id touch on a few of them. Some of them i did that on the twitter space that held yesterday. Some ive covered in the podcast. Id drop the links at the bottom. 

Beta glass Q1 revenue went up by 69% from N24.3 billion in 2024 to N41.1 billion in 2025. 

Profit after tax went up 594% from N2.4 billion in 2024 to N9.9 billion in 2025.

Q1 eps went from N2.40 to N16.66 in 2025. Up 594%

It was a tale of opposites for consolidated hallmark in q1. Investment results swung into the red due to a fair value loss. Insurance results swung into a profit 

Profit after tax fell sharply from N1.4 billion in 2024 to N359 million in 2025.

FTN Cocoa Q1 25 numbers dropped yesterday. The firm is back to generating revenue (mosty from the export of cocoa butter) but recorded loss after tax of N575 million due to FX losses. 

CWG had a big bounce in revenue and profit due to higher infra services revenue. Profit after tax went up over 4X from N316 million in 2024 to N1.48 billion in 2025. 
To the banking space

Zenith Bank Q1 25 numbers show the firm made N949 billion in revenue and N311 billion in profit after tax.

Key numbers that stood out for me were 

a mild dip in net fee and commission income. From N57.7 billion in 2024 to N56 billion in 2025 

A big bounce in other opex. That went from N149 billion in 2024 to N201.4 billion in 2025. This was largely due to the Amcon levy. 

Access Holdings made N1.1 trillion in gross earnings and a profit after tax of N182 billion in Q1 2025

Net interest income came in a bit soft due to higher interest expenses. 

Fidelity Bank Q1 profit went up nearly 3X from N31.4 billion in 2024 to N91.1 billion in 2025. The stock also made history last Friday as it touched an all time high briefly.

GTCO profit after tax came in much lower than Q1 last year. Dipped from N457 bn in 2024 to N258 bn in 2025.Core numbers were higher year on year. Core being interest income and fee income

Dangote Sugar remains in loss mode. N23.6 billion loss after tax for Q1 2025. Losses dip drop year on year. 

Presco and Okomu dropped their Q1 25 numbers. There was decent topline and bottomline growth. Not enough colour on production and sales volumes, but one can safely infer they were driven by higher prices. 

Presco profit after tax came in at N47.5 billion, up nearly 100% from Q1 2024

Okomu profit after tax for Q1 25 was N21.7 billion, up nearly 50% from same period last year 

Popped into the Unilever earnings call. Got an answer on what they would do with some of their cash pile. It will go into expansion and investing in their brands. Id do a piece on the call sometime next week. 

What’s happening this week? 

BUA Foods and United Capital will be holding earnings calls this Wednesday

Airtel Africa, will file its  results for the full year ended 31 March 2025 on Thursday, 8 May 2025. 

Management will host a presentation and conference call on the day of results for analysts and investors at 13h00 UK time (BST).

You can join using this link

Moving to the US

One of the biggest GOATs in investing, Warren Buffett announced he will be stepping down as CEO of Berkshire Hathaway by the end of the year. Marking the end of a stellar career that has run for over 60 years. Greg Abel will take his place. 

Buffett disclosed this during the AGM which took place last Saturday. 

It was a strongly bullish week for US equities 

The S&P 500 gained 2.9% last week. It also recorded 9 straight days of gains. A trend last seen in November 2004

The Dow gained 3% and the NASDAQ Composite appreciated by 3.4%

There was a bounce last Friday due to jobs numbers that came in better than expected. April payroll numbers grew by 177,000 higher than the 133,000 analysts expected. 

Microsoft and Meta beat analyst expectations in their last earnings, with Meta raising capital expenditure spend

Apple also beat analyst expectations but the stock dipped due to uncertainty around tariffs. They will add circa $900 million in costs for the tech giant in the current quarter. I suspect they will inch higher. 

What’s happening this week? 

The Fed (US central bank) will be meeting on Wednesday. Expectations are for interest rates to be left unchanged. What analysts will be watching out for are the comments by Fed Chair Jerome Powell on tariffs and the economy. 

Earnings wise, its still a busy week 

Tyson food numbers will be out this morning before US market open

After close, Palantir, HIMs, Ford and Clorox will drop theirs.

On Tuesday, 

Celsius, Ferrari, Digital Ocean, and Archer Daniels Midland will drop earnings before market open.

After close, Supermicro, Rivian and Upstart will drop theirs.

On Wednesday

Uber and Walt Disney will drop earnings before market open

On Thursday

Shopify and Crocs will drop their earnings before market open

After market close, Coinbase, Mercadolibre, Cloudflare and Draftkings will drop theirs.