Stock Market Review

Good morning and welcome to this week’s edition of 4 Customs Street, our weekly newsletter on the stock market. How was your weekend? 

Green White Green Last Week 

The NSE All-Share Index declined by 3.1%. The index measures the average performance of stocks. Some stocks will do better or outperform the index. Some stocks will do worse or underperform the index. 

Mutual Benefits Assurance was the best performing stock last week. It gained 10.53% to close at ?0.42. Northern Nigeria Flour Mills was the worst-performing stock last week. It declined by 18.84% to close at ?7.02. 

Star-Spangled Banner Last Week 

Last week was a positive one as all 3 indices closed in the green. The NASDAQ composite index gained 1.7% and was the best performing index. The S&P 500 gained 1.2%, while the Dow Jones Industrial Average commonly known as the Dow gained 1%. 

Bumble, the company behind the dating app with the same name had a blowout week following its Initial Public Offer. An IPO is the first time a company sells shares to members of the public. Bumble shares were priced at $43, and closed the week at $75.46. 

Green White Green This Week 

Tales from Iganmu

Nigerian Breweries will be holding a board meeting on February 17 to consider the firm’s 2020 fiscal year audited results. 

Last year, brewers had it tough due to the social distancing measures. Despite that, it is expected that shareholders will get paid a dividend, no matter how small. Since the firm is not in the financial space, the results should be filed with the Nigerian Stock Exchange a few days after the board meeting. 

CAP and Portland Paints will be holding Court-Ordered Meetings on February 18. Both companies will be seeking shareholders’ approval to combine their operations. The two companies have UAC Nigeria as a key shareholder. 

Star-Spangled Banner This Week 

Trading will be abridged (shortened) this week. Monday, February 15, 2021, is Washington Day (also known as President’s day). It is a day set aside to celebrate George Washington, the first President of the United States. As such, the stock market will be closed. 

A couple of key names will be releasing their earnings within the week. They include Palantir, CVS Health, Zoetis, Shopify, Wingstop, and Deere and Company.

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Have a great week.