NGX Group Has a New CEO
4 Customs Street: 1 Jan 2024
Good Morning
Happy New Year!!!
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
Last week was the final trading week for 2023. Rounding up what was a broadly successful year for the NGX. The All-Share Index gained 45.9%. The index measures the average performance of stocks on the exchange.
Transcorp Hotels was the best-performing stock in 2023. The stock opened at N6.25 and closed at N70.18, up 1,022.88%.
The worst-performing stock was Royal Exchange. It declined by 40.57%, opening at N1.06 and closing at 63 kobo.
Vitafoam FY 2023 numbers
Vitafoam released its results for the financial year ended September 2023. There was a slight decline in revenue and profit.
Revenue for the group dipped by 14% from N52.9 billion in 2022 to N46.3 billion in 2023.
Profit after tax declined by 3% from N4.5 billion in 2022 to N4.3 billion in 2023.
The key drivers behind the decline in revenue were higher administrative expenses and cost of sales.
The firm has proposed a N1.56 dividend, which will be paid to shareholders (who hold the shares on or before February 12, 2024) on March 7, 2024.
Management changes at the NGX and NGX Group
Temi Popoola has been appointed GMD/CEO designate of the Nigerian Exchange Group (parent company of the stock exchange) effective January 1, 2024 subject to the Security and Exchange Commission’s formal approval of the appointment.
The current GMD/CEO, Oscar N. Onyema will complete his tenure on March 31, 2024. Ahead of this, he will embark on his terminal leave effective January 1, 2024.
Jude Chiemeka has also been appointed as the Acting Chief Executive Officer (CEO) of Nigerian Exchange Limited (NGX), effective January 1, 2024.
Temitope Fasoranti, an Executive Director of Zenith Bank, retired effective December 29, 2023. EDs are part of the senior management team of a company.
Green White Green This Week
Today is January 1, 2024. The stock exchange will be closed. We expect more companies to give notice of when their boards will meet to consider their audited full-year financial statements. We also expect them to provide forecasts for the first quarter of the year.
Star-Spangled Banner Last Week
It was a great year broadly for stocks in the United States as well.
The NASDAQ 100 (which is made up of mostly tech stocks) appreciated by 55%. The S&P 500 rose by 26%. The Dow Jones Industrial Average (commonly known as the Dow) gained 13.5%.
Alphabet (parent company of Google) has settled a $5 billion lawsuit that claimed it invaded users' privacy by tracking them even when they were browsing in private mode.
Star-Spangled Banner This Week
This week is a somewhat sleepy one being the first trading week of the year. Constellation Brands, Walgreen Boots Alliance, and Calmaine Foods will release their earnings for the quarter.
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