After the bombing, comes uncertainty
Global equities and crude oil may be in for a rocky week after the US bombed Iranian nuclear facilities last Saturday.
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Kicking off with the NGX
The NGX All-Share Index appreciated by 2.35% to close the week at 118,138.22 and N 74.534 trillion respectively.
Trading in the top three equities namely Zenith Bank Plc, Champion Brew. Plc and Access Holdings Plc (measured by volume) accounted for 1.003 billion shares worth N26,076 billion in 14,232 deals, contributing 28.14% and 22.60% to the total equity turnover volume and value respectively.
Ellah Lakes was the best performing stock this week. The stock appreciated by 23.09% opening at N4.33 and closing at N5.33, up N1.
Northern Nigeria Flour Mills led the losers. The stock declined by 17.19% opening at N112.55 and closing at N93.20, down N19.35.
Airtel Africa and Beta Glass were marked down during the week. Airtel Africa was marked down N61.75 and the ex dividend price was N2310.53.
Beta Glass was marked down by N2.95 and the ex dividend price was N228.15
Presco, Okomu, Stanbic IBTC, GTCO and MTN Nigeria ended the week at all time highs
Presco hit the N1,000 mark for the first time and closed above that.
Okomu saw strong momentum, perhaps in response to this.
Stanbic IBTC and GTCO crossed the N80 mark,
MTN Nigeria crossed the N355 mark
Response to CBN Circular
FCMB, Fidelity, Zenith, FirstHoldco and Access Bank issued press releases following a CBN circular on the end of forbearance. Summary of the last 3. We are on the matter and we will pay dividends.
Conoil FY 2024 and Q1 2025 results.
For FY 2024 the company made N323 billion in revenue and N8.7 billion in profit after tax. It has proposed a N3.50 dividend. Same as the prior year
For Q1 2025, the company made N79.2 billion in revenue and N292 million in profit after tax. There was a steep decline in profit year on year due to higher finance costs.
Sterling Holdco FY 2024 and Q1 2025 results
FY 2024 gross earnings was N337 billion. Profit after tax N43.6 billion. Earnings per share was N1.51. It has proposed an 18 kobo dividend.
In Q1 2025, the company made N95.2 billion in gross earnings, and N17.2 billion in profit after tax. Earnings per share was N0.38
Insider dealing notices
Vitafoam, Aradel, Haldane McCall, Zenith Bank, MTN Nigeria, Caverton, McNichols and United Capital filed insider dealing notices
What’s happening this week?
PZ Cussons has a board meeting to consider its unaudited FY 24/25 results.
Julius Berger has a call.
Fortis Global (FKA Standard Alliance) could release a backlog of overdue financials).
Last week,
The S&P 500 slipped -0.2%.
The Nasdaq Composite gained 0.2%.
The Dow ended flat.
The Fed (US central bank) left interest rates unchanged as expected.
Fred Smith, founder of FedEx passed on June 21 at the age of 80.
Smith founded what was then known as Federal Express in 1971, served as CEO until June 2022, and continued as Executive Chairman till his passing.
What’s happening this week?
Oil remains in focus following the US bombing nuclear facilities in Iran on Saturday. There are concerns, Iran could block the Strait of Hormuz which is a major export route.
Oil futures spiked before pulling back.
Earnings wise, its a fairly light week
Carnival drops earnings on Tuesday before market open while Fedex drops earnings on after market close.
General Mills has its earnings on Wednesday after the market open. Micron drops its earnings after the market close.
On Thursday, Nike drops its earnings after market hours.
A broader version will go up on greentickertales.com by 10am WAT
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Have a good trading week ahead.