Welcome to this week’s edition of 4 Customs Street, our weekly newsletter on the stock market.
The newsletter is divided into two parts:
Green White Green is focused on the Nigerian stock market.
Star-Spangled Banner is focused on the US stock market
Green White Green Last Week
Fidelity Bank’s offer is open
Fidelity Bank’s rights issue and public offer opened last week. The company also held a “facts behind the offer” event at the Nigerian Exchange Limited on Thursday last week.
The rights issue is for 3.2 billion ordinary shares of 50 kobo each at N9.25 per share, on the basis of 1 new share for every 10 shares held as at January 5, 2024. A rights issue is meant for investors who already hold the shares. Investors who want to buy or sell the rights issue shares can do so.
The public offer is for 10 billion shares at N9.75 per share.
The rights issue and public offer will close on Monday, July 29, 2024.
Otedola ups his stake
Femi Otedola increased his stake in FBN Holdings (parent company of First Bank) last week.
Two notifications of share dealings by insiders posted on the NGX website show he bought 863,180,810 shares last week.
First quarter 2024 results (released in May last month) show Otedola was one of the key shareholders with a 7.1% stake in total.
Still on FBN Holdings
FBN’s board approved the appointment of Segun Alebiosu as the substantive Managing Director of First Bank and Ini Ebong as Deputy Managing Director (subject to CBN approval).
Omotunde Alao Olaifa was appointed a non-executive director of First bank.
VFD was marked down for a 4 for 1 bonus and the ex bonus price was N40.58. A bonus is when a company gives existing shareholders free shares (which it pays for from its reserves).
Green White Green This Week
GTCO appears to be warming up for its own fund raise. Have you seen “A slice of orange” billboard around now? More details could surface within the week.
Star-Spangled Banner Last Week
Last week’s trading session in the US was another historic one. The S&P 500 index briefly crossed the 5,200 mark for the first time. The index measures the average performance of the biggest 500 companies in the United States by market capitalisation. Market capitalisation is the figure you get when you multiply the number of shares issued by a company by its share price.
Nvidia took the top spot from Microsoft for a moment to become the most valuable company in the world.
Star-Spangled Banner This Week
Fedex and Nike will drop their most recent quarterly earnings on Tuesday and Thursday respectively.
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