Welcome to this week’s edition of 4 Customs Street, our weekly newsletter on the stock market.
Green White Green Last Week
Last week was down for stocks on the exchange. How do we know this? The All-Share Index which measures the average performance of stocks fell by 2.56%. Some stocks will do better than the index. Some stocks will do worse than the index.
Veritas Kapital Assurance was the best performing stock this week. It gained 18.18%, opening at ₦0.22 and closing at ₦0.26, up by ₦0.04.
Consolidated Hallmark Insurance was the worst-performing stock this week. It declined by 13.43% opening at ₦0.67 and closing at ₦0.58, down by ₦0.09.
GTBank’s next chapter
29,431,179,224 GTBank shares were delisted from the daily official list of the Nigerian Exchange Limited (NGX) on June 24, 2021.
GT Holding Company (GT HoldCo’s) entire issued share capital of 29,431,179,224 ordinary shares of 50 kobo each was also listed on the same day at ₦28.55 per share.
The formation of a HoldCo means the bank can go into other financial services aside from banking. Management of the bank had at its last investor call indicated it was considering moving into the asset management and pension space.
NPF Microfinance Bank
NPF Microfinance Bank opened its right issue on June 24, 2021, and it will close on June 30, 2021. The lender is offering 2.2 billion ordinary shares of 50 kobo each at ₦1.50 per share on the basis of 1 ordinary share for every 1 share held as at the close of business on May 17, 2021.
Green White Green This Week
Japaul Gold and C and I Leasing will be holding their Annual General Meeting (AGMs) on June 29. UAC of Nigeria and Global Spectrum Energy Services Plc will hold their AGMs on the June 30.
AGMs provide an opportunity for shareholders to grill management on the previous year’s financial performance and their plans for the current year. For companies that have a dividend to pay, shareholders sign off on this during the AGM.
Star-Spangled Banner Last Week
Last week, all three indices closed positively. The S&P 500 index gained 2.74%. The NASDAQ composite index gained 2.35%. The Dow Jones Industrial Average (DJIA) gained 3.44%.
Star-Spangled Banner This Week
This week is a fairly quiet one in terms of earnings. Herman Miller, General Mills, Constellation Brands, Walgreens Boots Alliance, McCormick will be releasing their earnings during the week.
Krispy Kreme will be listed through an Initial Public Offer (IPO) on the NASDAQ exchange.
An IPO is when a company sells shares to the public for the first time. Proceeds from the IPO will be used to pay down debt and for general corporate purposes.
On the macro front, non-farm payrolls and unemployment numbers will be released on Friday.
The non-farm payroll is the total number of paid workers in the US minus farm employees, government employees, private household employees, and employees of nonprofit organisations.
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