The shares of Flour Mills Nigeria Plc lost N7.4 billion in today’s session, amid sell-offs occasioned by profit-taking activities by investors.
According to data tracked by Nairametrics from market open till the close of trade on the Nigerian Stock exchange today, the market capitalization decreased from N134,492,451,044.00 at the market open to N127,111,767,755.00.
The decrease was driven by profit-taking activities on the exchange, as some investors sold off stakes in the company, which pressured the share price to the tune of N31 per share.
What you should know
- Nairametrics reported that the shares of the leading food business company gained N28 billion on the NSE, in just 10days of trade in 2021.
- The increase witnessed in the company’s share price was triggered by renewed buying interests among investors, on the back of its robust fundamental strength, and the impressive financial results it delivered in 2020. This buying interest saw the share price of the company increase by 26.15%.