Microsoft shares hit all time high
4 Customs Street: 13 Nov 2023
Good Morning 😃
Welcome to this week’s edition of 4 Customs Street, our weekly newsletter on the stock market.
The newsletter is divided into two:
Green White Green—focused on the Nigerian stock market.
Star-Spangled Banner—focused on the US stock market.
Green White Green Last Week
Before going further, note the following definitions:
Net fee and commission, in simple terms, refers to the amount of money a company or individual earns after deducting all the costs and expenses associated with providing a service or selling a product. It’s like your income after subtracting the money you spent to make that income. So, if someone charges fees or earns commissions for a service, the “net” amount is what they actually get to keep after covering their costs.
Net interest income is like the money a bank or financial institution makes from the interest it charges on loans and the interest it pays on deposits, minus the costs and expenses related to running the bank. It's the profit a bank earns from the difference between the interest it receives and the interest it pays out. In simple terms, it's the amount a bank makes after accounting for its operating expenses.
PZ Cussons Nigeria Plc Q1
PZ Cussons Nigeria Plc released their 2023/24 unaudited interim financial statements for the quarter ended August 31, 2023. These are a few key things to note from their performance for the first quarter of 2023/2024.
Note that PZ Cussons financial year ends in May. So their first quarter ends in August.
Gross profit increased by 60.76%, reaching ₦9.61 billion in Q1 2023 from ₦5.98 billion in Q1 2022. This increase was largely driven by a 13% growth in revenue, rising from ₦27.39 billion to ₦31.07 billion in the first quarter of 2023.
Net interest income increased by 134.65%, going from ₦649.07 million in Q1 2022 to ₦1.52 billion in Q1 2023. This increase resulted from a rise in interest income from ₦650.51 million to ₦2.19 billion, a 237.14% increase.
Profit for the period decreased by 3,064%, falling from ₦1.3 billion in Q1 2022 to a loss of ₦38.64 billion in Q1 2023. This decline was mainly driven by a 4,412.12% exchange loss of ₦44.51 billion, significantly higher than last year's ₦986.53 million.
Earnings per share reduced by 3,064% from ₦33 per share in Q1 2022 to -₦973 in Q1 2023.
E- Tranzact International PLC unaudited financial statements for the third quarter ended September 30, 2023. Here are some key points:
Revenue grew from ₦16 billion to ₦25.6 billion.
Gross profit increased from ₦3.4 billion in Q3 2022 to ₦5.3 billion in Q3 2023.
Profit for the period rose from ₦817 million in 9-month 2022 to ₦1.5 billion in 9-month 2023.
FCMB Group
FCMB Group Plc has raised ₦26 billion by issuing a perpetual bond at 16%. A perpetual bond is one with no set maturity date. Proceeds will be injected into FCMB (the bank) to boost its capital.
MTN Nigeria raises ₦52.5 billion from commercial papers issuance
MTN Nigeria has raised ₦52.5 billion from the series 8 & 9 commercial paper issuance under its upsized ₦250 billion issuance commercial paper programme (the CP Issuance).
MTN Nigeria issued 182-day commercial papers at a yield of 14% and 257-day commercial papers at a yield of 16%. The CP issuance was completed on Tuesday, November 7, 2023.
Proceeds will be applied toward short-term working capital requirements.
Me Cure Industries Limited lists 4 billion shares on NGX main board at ₦2.96 per share
Me Cure Industries Limited, a leading human pharmaceuticals and nutraceuticals manufacturing company, listed 4 billion ordinary shares on Nigerian Exchange Limited (NGX) by introduction at ₦2.96 per share.
Green White Green This Week
Royal Exchange, and C and I Leasing will hold their Annual General Meetings during the week. During the AGMs, companies get to brief shareholders on their performance in the last year and plan ahead.
MTN Nigeria will be holding a two-capital market day event ( from Tuesday the 14th of November to Wednesday the 15th of November).
During the event, the company will provide updates on its Ambition 2025 plan.
Star-Spangled Banner Last Week
Microsoft
Microsoft (NASDAQ:MSFT) shares rose nearly 1.7% on Friday to $366.63, hitting an all-time high for the tech giant.
Shares have climbed more than 11% over the past month, resulting in the Satya Nadella-led firm having a market cap of $2.7 trillion. Investor sentiment has been buoyed by the company's recent quarterly results, which showed better-than-expected growth at its Azure cloud unit, as well as a drop in interest rates.
Earlier this week, Jefferies analyst Brent Thill said Microsoft (MSFT) is in one of the best buy cycles seen in a long time, and the deployment of artificial intelligence can catapult its success even further.
Disney earnings releases for 4th quarter
Revenues for the quarter grew 5% from $2.02 billion in the prior-year quarter to $2.12. This was due to an increase in Experience revenue by 13%.
Diluted earnings per share (EPS) from continuing operations for the quarter increased by 56% to $0.14 from $0.09 in the prior-year quarter
Disney+ added nearly 7 million core subscribers in the fourth quarter.
Domestic ESPN revenue and operating income grew year over year in both fiscal year 2022 and fiscal year 2023, demonstrating the value of sports and the power of the ESPN brand.
Star Spangled Banner this week
It is a fairly quiet week in terms of earnings. Tyson Foods, Walmart, Home Depot, Alibaba and Macy’s will release their recent quarterly earnings within the week.
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