More of the Same

Good morning.?

How was your weekend??

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.?

This week’s newsletter is titled "More of the Same" because the cocktail of issues that had rocked the US stock market will still play out in the month of October.

Green White Green Last Week?

The stock exchange was open for just four days last week as Friday, October 1, 2021, was declared a public holiday to mark Nigeria’s 61st Independence Anniversary.

Last week’s trading closed on a positive note. How do we know this? The NGX All-Share Index gained 3.23%. The index measures the average performance of stocks on the exchange. Some stocks will do better than the index. Some stocks will do worse than the index.?

University Press was the best performing stock last week. It gained 20.59%, opening at ?1.02 and closing at ?1.23.?

AXA Mansard led last week’s losers. The stock fell by 29.82%, opening at ?3.32 and closing at ?2.33, down by ?1.50.

The key news item last week was Access Bank announcing it had raised $500 million through a Eurobond offering priced at 9.125%. A Eurobond is a bond issued in a foreign currency, usually the US dollar.??

Green White Green This Week

Ellah Lakes Plc will be holding its Annual General Meeting (AGM) on Friday, October 8, 2021.?

Star-Spangled Banner Last Week?

Last week was an extremely rocky one for US equities.

The Dow Jones Industrial Average (commonly known as the Dow) fell 1.36% last week. The S&P 500 declined by 2.21%. The NASDAQ composite index was the hardest hit. It declined by 3.2%.?

What caused this? A combination of various factors. Returns on treasury bills were beginning to inch up. That made stocks less attractive. There were also worries about the rising inflation largely caused by disruption of supply chains across the world.?

Star-Spangled Banner This Week?

Major earnings are kicking off in a sweet way, as Pepsico will be releasing its earnings on Tuesday.?

Constellation Brands and Levi Strauss will drop their earnings on Wednesday. Constellation produces beer, wine and spirits. Levi Strauss is the company behind the famous Levi’s? brand of denim jeans.

Tilray will drop its earnings on Thursday. Tilray is a Canadian firm into cannabis research, cultivation, processing and distribution.?

Did you find this newsletter useful? Please feel free to share it. You can read previous newsletters here

On Thursday, October 7, 2021, from 10am to 12pm, First Bank will be holding the 5th edition of its Fintech summit. The theme of the event is "Open Banking and its Derivative Opportunities for the Financial Ecosystem."

Will you be at work by then? Not to worry. It is a virtual event and you can sign up using the link below.?

https://firstbanknigeria.zoom.us/webinar/register/WN_NmkYfeckQqu4vjTWy5lr5w