Thread by @quansimodo

Good Evening. Welcome to this week's edition of Strolling on Customs Street powered by @Nairametrics.

@Nairametrics Strolling is a weekly thread where I look at happenings on the Nigerian Stock Exchange in the last trading week.

Customs Street is the street in Lagos Island where the Nigerian Stock Exchange is located.

@Nairametrics Thread begins here

First a look at how the markets performed last week. The All Share Index closed down 2.12% last week.

Friday however was the first trading day in the month of March and the market closed up 0.34%.

@Nairametrics Should one be wary of the Ides of March? The next 29 days or so will tell.

@Nairametrics Cornerstone Insurance was the best performing stock last week, up 19%.

Japaul Oil and Maritime was the worst performing stock last week, declining by 14.48%

@Nairametrics Now to results

Dangote Cement released its results for the 2018 financial year. The firm made N901 billion as revenue and N390 billion as profit after tax. Dividend declared also went up by nearly 50% to N16 per share.

@Nairametrics The company held an investor conference call following the release of the results where MD Joseph Makoju stated they were the firm’s best ever.

@Nairametrics You should always listen to conference calls by the way. Condensed gist compared to reading the entire annual report, and for anyone looking at a role in finance the education is worth the effort.

@Nairametrics Lots of takeaways from the conference call. But the following stood out for me.
London listing may be moved to 2020.
Govt purchases increased, but the market was largely private sector driven.
No worries about the new Kalambaina plant located in the North East.

@Nairametrics Africa Prudential also released its FY 2018 results and upped its dividend payout to N0.50 per share. Interesting about this result is the company’s interest income rose sharply.

It seems to have ramped up its lending. The company is a registrar by the way.

@Nairametrics Cutix Plc, a small firm into the production of wires and cables released its 9M 2018/2019 results.

Revenue rose by about 7% to N4.1 billion, but profit after tax declined by 9.39% to N300 million.

@Nairametrics Greif Nigeria Plc which suspended operations last month, released its first quarter results for theperiod ended January 2019.

The company recorded a loss after tax of N22.7 million.

@Nairametrics Moving onto appointments

Stanbic IBTC Holdings has appointed Adekunle Adedeji as an Executive Director. Prior to this, he was the CFO and will retain that position. So hail him when you see him.

@Nairametrics MRS Oil Nigeria Plc has appointed Mrs. Priscilla Ogwemoh as a non-executive director of the Company.

Ogwemoh, is currently the Managing partner of Ken Ogwemoh and co, and until recently worked with OAL (Olisa Agbakoba Legal).

@Nairametrics Dangote Cement has appointed a new CFO in the person of Guillaume Moyen.

He replaces Brian Egan who will be returning to his home country of Ireland to spend more time with his family.

@Nairametrics Cutix Plc has appointed Favour Oti as CFO. Oti replaces Chima Nwosu who left sometime in January.

Prior to her appointment, she was the Head, Accounts Department.

@Nairametrics In other news

Union Dicon Salt Plc has indicated its intentions to return to salt production.

Attempts at diversification seem to have fallen through. Land allocatedn in Edo State was revoked since the company didn’t pay the required charges.

@Nairametrics This led to a richochet effect on other projects it was pursuing. Col Mgbemena has returned as Acting MD.

Chika Mordi, the previous MD has stepped down. He will however be very much around on Customs street as he has taken a position in Ellah Lakes,

@Nairametrics Chellarams Plc will be introducing a new malt drink into the market Real Activ
The company’s other brands include Real milk and Oldenburger milk.

@Nairametrics As for stocks on my radar this week. FUGAZ bank top the list.

FUGAZ stands for FBN Holdings, UBA, GT Bank, Access Bank and Zenith Bank. Zenith released its results a few weeks ago, and I expect the rest to follow.

@Nairametrics Access and Diamond Bank take second place since they will be seeking approval for their merger at EGM’s taking place this week.

@Nairametrics Seplat has a spot on my watchlist since the company has indicated it would release its results this week. An investor call would take place shortly after.

It would be nice if other listed companies could emulate that.

@Nairametrics Makes my job as an analyst easy, rather than keeping vigil at night for some results.

@Nairametrics Vitafoam Nigeria Plc will be holding its Annual General Meeting on the 7th of March, 2019.

Union Bank and GSK Consumer Nigeria have board meetings this week. Hiighly unlikely Union Bank will release its results anytime soon. GSK maybe maybe not.

@Nairametrics Oh. Nearly forgot this. There was a mild shakeup in the treasury departments of one of the FUGAZ Banks. A star trader has moved on.

Cant mention the bank in question since it hasn’t been officially announced. It does amazing Xmas decorations. That’s enough of a clue.

@Nairametrics Have a great week. If you would like this in form of a news letter, please send a mail to @nairametrics

If you have any questions or comments, you can side bar me. Have a great week.