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
Presco has a new core owner
Oak and Saffron has acquired 86.17% of Fimave’s shareholding in Siat. Siat holds a 60% stake in Presco. In the notice sent to the NGX, the firm stated its intention to keep Presco listed on the NGX.
Aig’s return
Access Holdings announced the appointment of Aigboje Aig-Imoukhuede as its Holdco Chairman.
In the statement sent to the NGX, the firm disclosed that its board took the decision (consultation with stakeholders) following the untimely demise of its immediate past Group CEO Herbert Wigwe.
Aig alongside Herbert took over the bank in 2002, and he was GMD till 2013.
Following the move, Abubakar Jimoh (the immediate past Chairman) remains on the board as Independent Non-Executive Director.
Many a cable cut
Internet access in the last few days has been poor in Nigeria and in a few other countries following damage to fibre cables.
The patchy internet could mean Airtel Nigeria (part of Airtel Africa) and MTN Nigeria could take some hit to revenue.
Green White Green This Week
Transcorp Plc could release its audited FY 2023 results having been approved by the board last week. A new date for BUA Cement’s earnings call will be announced. The former date was shifted due to internet disruption around the country.
Star-Spangled Banner Last Week
It was another week of fresh highs for Bitcoin. It crossed $71,000, $72,000, and $73,000 for the first time before pulling back.
Star-Spangled Banner This Week
The Federal Open Market Committee of the US Fed (the central bank) will meet this week to consider interest rates. While expectations are that interest rates will remain unchanged, investors will be watching to see if Fed Chair, Jerome Powell, will indicate when interest rates will be cut.
Team Fitfam is in the news this week as Nike and Lululemon will drop their most recent quarterly earnings.
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