Thread by @quansimodo

Good Evening. Welcome to Bulls and Bears powered by @nairametrics

Bulls and Bears is a weekly tweet thread where I look at happenings on the Nigerian Stock Exchange over the week.

Please retweet from the very first tweet, so family and friends dont miss out.

Thread starts here.

First a look at how the markets market fared this week
The Nigerian All Share Index closed at 29, 851.29 basis points, down 0.65%. Year to date, the index is down 5.02%.

The index also fell below the 30,000 mark. For technical analysis peeps, either it goes much lower or it rebounds.

Linkage Assurance was the best performing stock this week, appreciating by 37.50% to close at N0.66. On the flip side, Chams Plc was the worst performing stock this week, declining by 13.89% to close at N0.31.

Aluminum Extrusion Plc was marked down by 8.5 kobo this week.

Beta Glass Plc was also marked down by N1.30.

A mark down means that the proposed dividend is subtracted from the stock’s share price.

Several companies held their Annual General Meetings within the week.

They include

Dangote Cement, Dangote Sugar Refinery, Regency Alliance Insurance, Greif Nigeria, Veritas Kapital Assurance, and Japaul Oil and Maritime

Others were Stanbic IBTC Holdings, Linkage Assurance Plc, Julius Berger Nigeria Plc, CAP Plc, BOC Gases, Meyer Plc, CWG Plc, and Cadbury Nigeria Plc

A few appointments were also announced, within the week.

Japaul Oil and Maritime Services Plc appointed two Executive Directors, Mrs Funmilola Omodamori and Engr Kingsley Uyokpeyi.

Omodamori was appointed Executive Director in charge of Finance and Operations, while Uyokpeyi will head operations.

Julius Berger Plc has appointed Musa Goni as a Non Executive Director.

Goni is a retired Permanent Secretary with stints at the Ministry of Mines and Steel Development, as well as Petroleum Resources.

Dangote Sugar Refinery Plc has appointed Ravindra Singh Singhvi, as Acting Managing Director.

Prior to this, he was Chief Operating Officer.

Neimeth International Pharmaceuticals Plc has approved the appointment of Mrs Temitayo Nelson, as Executive Director Finance.

She replaces Chris Umeje who will retire In October

Florence Onyenekwe the firm’s Company Secretary will also take on the role of Chief Compliance Officer.

The gbas gbos between Oando Plc and the Securities and Exchange Commission also continued this week.

The company issued a press release countering a statement by the SEC that it had been granted a fair hearing.

The firm accused the SEC of circumventing its own rules and procedures as it failed to invite Oando before the administrative proceedings committee and hear it's own position.

The Administrative Proceedings Committee is a body set up by the Investment and Securities Act for the purpose of resolving disputes within the capital market.

The oil and gas firm, also stated that it was not presented with the audit report conducted by Deloitte.

Deloitte in its response, stated that Oando's statement was filled with inaccuracies.

The accounting firm, hinted at what could possibly be a robust response, sometime in the future.

Management of Ellah Lakes Plc also held a Facts Behind the Listing session at the Nigerian Stock Exchange.

The company recently listed 1.8 billion shares which were issued to Telluria Limited.

@Nairametrics also had an interview with the MD and Chief Agronomist, the following day

@Nairametrics The International Finance Corporation (IFC) will be selling its 14.1% stake In Ecobank Trans International (ETI) to Arise BV, a Dutch private equity firm.

@Nairametrics Completion of the transaction is expected in the coming months, subject to due diligence, internal and regulatory approvals.

@Nairametrics Lafarge Africa Plc released its full year 2018 and Q 1 2019 results this week, after much delay.

The cement giant made a N9.1 billion loss after tax for the 2018 financial year, and a N3.1 billion profit after tax for the first quarter ended March 2019.

@Nairametrics The company will be seeking shareholders approval to sell its stake in its South African unit, to a related party Caricement.

The proceeds will be used to pay off inter company loans.

@Nairametrics In addition, it had redeemed its N26.4 billion bond which was due on the 15th of June, 2019.

@Nairametrics Wema Bank Plc had unusually large volume trades this week, which suggested that a key investor was either offloading or taking position.

@Nairametrics Unconfirmed reports suggest that Sir Kessignton Adebutu, fondly known as Baba Ijebu, may have taken a stake in the bank.

@Nairametrics Adebutu made his fortune from the pools business, popularly known as Baba Ijebu.

In plain English, pools is known as betting. Such as those peeps you see with red typewriter like machines around Lagos.

@Nairametrics In perhaps the biggest news item from the NSE this week. Femi O aka Femi Otedola aka Daddy Cuppy aka FO announced his divestment from the oil giant.

@Nairametrics Otedola formally concluded the sale of his 74% stake in Forte, in a deal valued at N64 billon to Ignite Investments and Commodities Limited led by Prudent Energy Services Limited.

The two firms are controlled by Abdulwasiu Sowami.

@Nairametrics The company also announced the resignation of the CEO Mr Akin Akinfemiwa and the CFO Julius Omodayo- Owotuga.

@Nairametrics Olumide Adeosun and Moshood Olajide, where appointed as their replacements.

Their appointments will be ratified by shareholders at the next general meeting.

@Nairametrics In case, you had intentions of submitting a proposal on rebranding, please hold on.

The Forte brand will be maintained for now.

@Nairametrics Shareholders of
Regency Alliance Insurance Plc at its Annual General Meeting this week opted to scrap plans for a three kobo dividend earlier declared.

@Nairametrics Rather the sum will be retained in its general reserves.

@Nairametrics A few key events took place after Friday's closing bell.

This morning, Mutual Benefits Assurance Plc released its results for the 2018 financial year.

@Nairametrics Gross earnings rose by 12.8% to N15.8 billion.
The increase in bottom-line was however marginal.

Profit before tax rose by 3.7% to N1.38 billion.

Profit after tax was up by 9% to N1.1 billion.

No dividend was declared.

@Nairametrics Four years after the previous board of the SEC was dissolved, The Federal Government will on Monday inaugurate a new board to be chaired by Mr Olufemi Lijadu.

@Nairametrics Lijadu is a partner at the law firm Ukiri and Lijadu, and has also had a stint as an ED at UBA.

@Nairametrics Other members of the board are:

Mr Lamido Yuguda (Non-executive Commissioner), Mrs Rekiya Ladi ( Non-executive Commissioner) and Mr Okokon Ekanem, representing the Ministry of Finance.

Dr Alvan Ikoku, representing the Central Bank of Nigeria,

@Nairametrics Ms Mary Uduk, Acting Director-General,

Mr Henry Rowlands, Acting Executive Commissioner, Corporate Services.

Mr Isyaku Tilde, Acting Executive Commissioner (Operations),

Mr Reginald Karawusa, Acting Executive Commissioner (Legal and Enforcement).

@Nairametrics So whats happening next week ? Lots of meetings.

@Nairametrics Law Union and Rock Insurance Plc, NEM Insurance Plc and Notore Industries Plc will be holding their Annual General Meetings on the 25th of June, 2019.

Ikeja Hotels Plc will be holding a Facts Behind the Figure session at the Nigerian Stock Exchange on the 26th of June.

@Nairametrics UAC of Nigeria, Jaiz Bank and Union Diagnostics will hold their Annual General Meetings on the 26th of June.

Total Nigeria Plc, Tantalizers Plc, and Medview Airline Plc will hold theirs on the 27th of June.

@Nairametrics Last but not the least, stocks worth keeping an eye on in the coming week.

@Nairametrics Linkage Assurance Plc since it was the best performing stock this week. Will it rise further or will it decline ?

Chams Plc takes second place as it led the losers for this week. Will it decline further or rebound ?

@Nairametrics Mutual Benefits takes third place as it released its results after trading hours.

Oando Plc is next as the court case by Wale Tinubu and Mofe Boyo Vs the Securities and Exchange Commission (SEC) continues hearing this week.

@Nairametrics International Breweries as the company is pulling a Lauryn Hill.

Companies holding AGMs all have a joint spot this week.

Will there be key developments announced ?

@Nairametrics Ikeja Hotel takes the last spot as it will be having a facts behind the figures session at the @nsenigeria this week.

@Nairametrics @nsenigeria I'll explain the Lauryn Hill comparism briefly. If you are not a hip hop fan, or perhaps are a member of Generation Z.

@Nairametrics @nsenigeria Luaryn Hill is a singer, songwriter and rapper who was a member of the hip hop group called the Fugees.

Other members of the group, were Wyclef and Pras. Anyways back to Lauryn.

@Nairametrics @nsenigeria Ms Hill is notorious for starting her concerts late.

As late as those December shows at Eko Hotel which have 7pm for kick off, then start at 1am the next day.

@Nairametrics @nsenigeria Sometimes she cancels them abruptly, then comes off with such philosophical answers. You cant help but let it go.

Im sure her fan base are used to this.

@Nairametrics @nsenigeria Ill do a poll below. Please oblige me.

Which will happen first ?

@Nairametrics @nsenigeria That’s it for this week.

If you would like this as a news letter, please send an email to [e-mail].

@Nairametrics @nsenigeria You can also tweet any questions you have, at me or @Nairametrics

Have a productive week ahead.

End.

@Nairametrics @nsenigeria PS.

11 Plc has announced the appointment of Mr Olumayowa Meseko as Company Secretary/Deputy Legal Adviser.