Macroeconomics || Markets || Fixed Income || Commodities. Views are Independent and Intellectually Genuine. DM for Academic & Non-Academic Research Assistance
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Joined February 2024
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Zero Equilibrium retweeted
INVESTOR EDUCATION | GROWING PROFITS DON'T TELL THE WHOLE STORY
A company can report rising profits without delivering equally strong cash generation.
That is why investors must look beyond the income statement.
Examine the balance sheet and cash flow statement to understand debt, liquidity, cash generation and the overall financial position of the business.
Don't just ask how much a company earns. Understand how financially strong the business really is.
Beginner’s Guide to Investing in Stocks provides a structured foundation for learning how to analyse businesses and make informed investment decisions.
Get your copy:
selar.com/l91haz1977
#NGX #Investing
Zero Equilibrium retweeted
ZERO EQUILIBRIUM® APPLIED FINANCE
Foundations of Applied Finance: Personal, Retail, Institutional and Public Finance
Finance is often defined in narrower limiting terms. Many refer and limit it to saving money, investing in stocks, borrowing from banks or making profits. But it is much broader.
Just as well, many think of Public Finance from corporate or even household lens.
The series aims to combine financial and economic literature to offer my followers a valuable insight into the financial world to help make better decisions from a strong conceptual understanding.
Using academic and real life applications, we aim to provide a sound knowledge and understanding for individuals/households, institutions and even governments to help make better decisions and maximise gains from the financial markets.
The motivation for this is the realisation I came to a long time ago as an account officer, and relationship manager for Banks, Insurance and Pension funds, that many Nigerians do not participate in the markets, partly because of a knowledge deficit.
1/12
Zero Equilibrium retweeted
Most markets do not price their products like an auction market. The majority of prices are calculated as a mark up on total average unit cost. Proof and empirical data right here: socialdemocracy21stcentury.b…
Zero Equilibrium retweeted
Since construction giant Julius Berger diversified into agriculture, they have not remained the same.
They just racked up an astonishing loss of N25.77 from their cashew business, thereby effectively wiping out their entire operating profit of ₦24.7 billion generated by their core civil works division.
Zero Equilibrium retweeted
U.S. SECTORS PERFORMANCE | Week ended 30 October 2026 🇺🇸
The S&P 500 fell 0.57% WTD to 7,580.07, taking its YTD gain to 10.73%.
Information Technology led sectors at +3.51% WTD, followed by Industrials at +2.04%. Communication Services was the weakest at -5.78%, while Consumer Staples declined 2.01%.
Energy remains the strongest-performing sector YTD at +53.68%, followed by Information Technology at +31.10%. Communication Services remains the weakest at -14.02%.
Here’s what stood out.
#USStocks #SectorPerformance
Zero Equilibrium retweeted
First in the series. Next stop — Diversification.
ZERO EQUILIBRIUM® APPLIED FINANCE
Foundations of Applied Finance: Personal, Retail, Institutional and Public Finance
Finance is often defined in narrower limiting terms. Many refer and limit it to saving money, investing in stocks, borrowing from banks or making profits. But it is much broader.
Just as well, many think of Public Finance from corporate or even household lens.
The series aims to combine financial and economic literature to offer my followers a valuable insight into the financial world to help make better decisions from a strong conceptual understanding.
Using academic and real life applications, we aim to provide a sound knowledge and understanding for individuals/households, institutions and even governments to help make better decisions and maximise gains from the financial markets.
The motivation for this is the realisation I came to a long time ago as an account officer, and relationship manager for Banks, Insurance and Pension funds, that many Nigerians do not participate in the markets, partly because of a knowledge deficit.
1/12
Zero Equilibrium retweeted
"It will be unreasonable to demand and fiscally responsible to approve another wage increase without the fiscal economic analysis and financial engineering necessary to achieve a sustainable raise."
I do not believe both choices are mutually exclusive. Nigerian public workers need to understand that they need the N70,000 wage award, and a salary increase down the line. Except you prefer the government lies to you, it is not entirely possible to raise minimum wage TODAY.
Responsibly, that would take at least 12 to 18 months of budget restructuring ad financing. The financing plans for the Medium-Term Economic Framework released in 2024, for 2024 to 2027 did not factor in an above N70,000 minimum wage. To input that midway, is to squeeze available fiscal space.
The wage award is a reactionary policy that earnestly serve as a middle-ground and interim make shift solution. The mechanics of fiscal policy for a nation trying to grow out of stagnancy is not a clear cut one it is marred by complications.
Nigeria can simply not afford a minimum wage increase, at the moment. But more importantly, the minimum wage discussions is to omitted in the opinion of ZE Economists. As it stands outside the [formal] private and public sectors, the mechanism for wage baragianing and enforcement is virtually nonexistent.
This transmissions mechanism matters more than the current average wage levels. For the bulk of the Nigerian labor force operate under conditions and institutions that are too weak. Many workers have not seen a salary increase since the last minimum wage increase. Because there is a circle beyond which these discussions and enforcements cannot fly.
That is the actual conversation to be had. Cause that increases the power of unions from larger participation. And these unions are not as sympathetic to the government as the public sector is. The more workers you have under these unions that represent them, the stronger the position for the Nigerian worker.
This, in my opinion makes an immediate demand for salary increase unreasonable, and a complianceirresponsible. Double the minimum wage and we will be back here tomorrow. More money comes into the system through fewer hands, but the price effect affects all.
A temporary wage award is the fiscal responsible response. The discussion for further increments is a technical one that involves more than just one party or group of workers. It is no even suppose ot be just a discussion about numbers, but a discussion about labor labor wage bargaining systems.
There will always be a next minimum wage increase. Guaranteeing it works for more people, and that the unions carry more weight (by representing more peopel), is the main adult conversation that need to be had.
It would seem all parties have not reached that point yet in their personalised subjective analysis. It will be unreasonable to demand and fiscally responsible to approve another wage increase without the fiscal economic analysis and financial engineering necessary to achieve a sustainable raise.
Both are important, only one is both feasible and reasonable, today.
Zero Equilibrium retweeted
Nigerian Breweries Plc | 9M 2026
Revenue rose 5.4% to ₦1.10tn, profit after tax increased 33.4% to ₦114.1bn, and gross margin expanded to 43.3%.
But operating profit grew much more slowly than net profit, while distribution costs climbed sharply. Here's what stood out.
WHAT HAPPENED
Revenue increased to ₦1.10tn from ₦1.05tn, while gross profit rose 15.1% to ₦477.9bn as cost of sales declined. Operating profit reached ₦179.2bn, up 9.8%, and profit after tax rose to ₦114.1bn. The filing does not provide sufficient segment or geographic detail to isolate the sources of revenue growth. The complication lies in the widening gap between gross-profit growth and operating-profit conversion.
WHAT WE FOUND
Gross margin expanded by 3.7 percentage points to 43.3%, supported by lower cost of sales. However, distribution expenses increased 29.4% to ₦100.6bn and advertising and sales expenses rose 17.9% to ₦105.8bn. Net finance costs also fell to ₦7.5bn from ₦33.7bn, helping profit before tax grow faster than operating profit. The earnings recovery therefore reflects both improved gross economics and a more favourable finance-cost burden.
The balance sheet is stronger, with bank borrowings reduced to nil and equity rising to ₦667.2bn. Yet current liabilities still exceed current assets, receivables increased to ₦127.1bn from ₦69.4bn at December 2025, and amounts due for technical service fees and royalties reached ₦90.6bn. The key question is whether reported earnings improvement translates into sustainable cash conversion without renewed working-capital pressure.
WHAT TO WATCH
The central test is whether gross-margin gains can outpace rising distribution costs while receivables convert into cash. Watch distribution-cost growth, receivables collection and Q4 operating margins as evidence of sustainability. The next full-year results should provide a clearer view of earnings quality and seasonal execution.
#NB Apex Invest
Follow @Apex__Invest for institutional-quality earnings breakdowns and market research.
Zero Equilibrium retweeted
🇺🇸 COCA-COLA ($KO) | Q3 2026 RESULTS
The Coca-Cola Company delivered solid Q3 growth, supported by stronger global volumes and resilient international demand.
▪️ Net Revenue: $13.38bn | +7.4% YoY
▪️ Adjusted EPS: $0.91 | vs. $0.88 analyst consensus
▪️ Adjusted Operating Margin: 32.9% | vs. 31.9% a year earlier
▪️ Global Unit Case Volume: +5%
Key takeaway: International demand supported growth, while North American volume remained flat. Coca-Cola raised its FY2026 outlook to at least 5% organic revenue growth and at least 11% adjusted EPS growth.
We are analysing the results across organic growth, pricing, volume trends, margins, cash flow and valuation.
Research ongoing.
#CocaCola #KO #ConsumerStaples #EquityResearch #ApexInvest
Zero Equilibrium retweeted
The South East is moving forward.
2: The @SEDCgov through its South East Investment Company, in partnership with Gas Sync and @nnpcgasNG invites the public to the launch of the 400km South East Gas Pipeline, connecting to the ANOH Gas Processing Plant in Imo State.
3: What does this mean for the South East?
-(a): Lower diesel costs for industries.
-(b): More reliable power for Nnewi, Aba, Onitsha and Enugu.
-(c): New jobs and industrial growth.
-(d): Lower production costs and stronger local businesses.
4: This is how we unlock the South East’s industrial potential: cheaper energy, more investment, more jobs and prosperity for our people.
5: @markokoyeII is moving the region forward again @EmekaWogu @Swiss89779194 @stanogbo97 @RtHonStanley @ugwujachiji @OgbedeCliff @chukwuemekaani @Casmino_dozie @NwekereNdoki @SamuelNwanosike @CityBoyMedia
Zero Equilibrium retweeted
What is the capacity of the solar setup in this @AssaadRazzouk? Is it comparable to the capacity of the diesel generator or is it much higher or much lower?
We should always try to show & be transparent about the key assumptions in such analysis.
Zero Equilibrium retweeted
RESEARCH INSIGHT #4 | NGX GROUP Q3 2026 🇳🇬
NGX Group’s current investment securities increased from ₦1.70bn to ₦10.86bn, while cash fell 36.8% to ₦1.61bn. Although the current ratio improved to 0.90x, cash covered only about 10% of current liabilities.
The Group remains well-capitalised, but short-term liquidity increasingly depends on the maturity and convertibility of its investment portfolio.
NGXGROUP
Zero Equilibrium retweeted
Nigerian Exchange Group Plc | 9M 2026
Revenue rose 79.8% to ₦27.26bn, while profit after tax increased 86.4% to ₦14.69bn. Yet Q3 operating profit declined 3.6% year-on-year as operating expenses accelerated.
The year-to-date strength and quarterly slowdown tell different stories. Here's what stood out.
WHAT HAPPENED
$NGXGROUP’s 9M 2026 revenue reached ₦27.26bn, driven primarily by transaction fees, which increased 112.4% to ₦20.68bn. Operating profit rose 73.5% to ₦14.87bn, while profit before tax reached ₦20.58bn, supported by ₦5.72bn in equity-accounted associate earnings. However, Q3 operating profit fell 3.6% despite revenue growth of 36.4%, bringing cost momentum into focus.
WHAT WE FOUND
Transaction fees accounted for approximately 90.5% of the year-on-year increase in revenue. Operating expenses grew 56.8% over nine months, slower than revenue, but Q3 expenses rose 62.6% as personnel costs more than doubled. The divergence suggests that year-to-date operating leverage is masking recent quarterly margin pressure.
The balance sheet remains well-capitalised, with equity funding 77.2% of total assets. However, cash declined 36.8% to ₦1.61bn as current investment securities increased to ₦10.86bn, while associate earnings contributed 27.8% of profit before tax. Liquidity therefore depends partly on investment realisation, while earnings remain exposed to associate performance.
WHAT TO WATCH
The key question is whether Q3 cost acceleration is temporary or signals sustained margin pressure. Personnel expenses, transaction-fee growth and cash conversion will be important indicators to monitor. The next quarterly results should help clarify whether operating leverage recovers.
$NGXGROUP | Apex Invest
Follow @Apex__Invest for institutional-quality earnings breakdowns and market research.
Zero Equilibrium retweeted
The GDP Dynamics Q3 GDP nowcast holds at 3.2%.
The underlying estimate slipped from 3.218% to 3.178%, as consumer spending softened slightly.
Business investment remains strong, while net exports drag on growth.
Full article in the next post below. 👇
Zero Equilibrium retweeted
Latest Nowcast Weekly Update for Members only.
members.gdpdynamics.com/post…
