Local Investors Rush for Honeywell Flour Stocks Pushes Price Higher by 28.13%

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Shares of Honeywell Flour Mills witnessed a significant rush on the floor of the Nigerian Exchange (NGX) Limited last week, pushing its price higher by 28.13 per cent.

Naija247news reports that Honeywell Flour stocks, which opened the week at N1.60 each, closed last Friday at N2.05 on the back of a sudden demand for the company’s equities by investors.

The company was the best-performing stock of the week and as well as one of the most traded equities at the close of transactions for the week.

According to data from the NGX, trading in Honeywell Flour, BOC Gases and Flour Mills of Nigeria accounted for 724.1 million shares worth N3.9 billion in 1,061 deals, contributing 44.97 per cent and 31.06 per cent to the total trading volume and value respectively.

It was observed that investors transacted a total of 1.6 billion shares worth N12.6 billion in 18,622 deals last week as against the 989.6 million shares worth N8.2 billion traded in 19,617 deals a week earlier.

A breakdown showed that financial stocks accounted for 584.8 million units worth N3.7 billion exchanged in 8,658 deals, contributing 36.32 per cent and 29.62 per cent to the total trading volume and value respectively.

It was trailed by consumer goods shares which traded 525.9 million units worth N3.7 billion in 3,553 deals, and natural resources equities, which traded 250.9 million units worth N1.4 billion in 72 deals.

Apart from Honeywell Flour, other top gainers were Northern Nigerian Flour Mills, which rose by 22.76 per cent to N7.55; Airtel Africa, which rose by 15.38 per cent to N750.00; Conoil, which grew by 9.83 per cent to N22.35; and Neimeth, which gained 9.33 per cent to trade at N1.64.

Conversely, Juli was the worst-performing stock of the week after its equity price went down by 18.02 per cent to 91 kobo.

Regency Assurance dropped 12.50 per cent to 42 kobo, Cutix declined by 11.50 per cent to N5.00, Consolidated Hallmark Insurance reduced by 10.17 per cent to 53 kobo, while SFS REIT fell by 9.99 per cent to N61.75.

At the close of business, a total of 29 stocks were on the gainers’ chart, higher than 23 stocks of the preceding week, while 29 shares were on the losers’ table, lower than 36 shares of the earlier week, with 98 equities remaining unchanged, higher than 97 equities recorded in the previous week.

As for the major market performance indicators, the All-Share Index (ASI) and the market capitalisation appreciated by 1.83 per cent to 39,522.34 points N20.592 trillion respectively.

Similarly, all other indices finished higher with the exception of premium, insurance, ASem, NGX AFR Dividend Yield and industrial goods indices, which depreciated by 0.17 per cent, 2.37 per cent, 2.82 per cent, 0.24 per cent and 1.35 per cent respectively, while the growth index closed flat.