Stock Market
Honeywell gains 10% as investors scamper for company’s shares
Shares of Honeywell Flour Mills Plc gained 10% in yesterday’s trading session.
Published
3 weeks agoon
Shares of Honeywell Flour Mills Plc gained 10% in yesterday’s trading session, as investors in the Nigerian Stock Exchange (NSE) make demands for the shares of the company. The development is in reaction to its improved financial performance and increasing growth.
According to data obtained from the Nigerian Stock Exchange (NSE), Honeywell shares cleared at N1.43 per share with 25,122,393 units worth N35,605,728.98 crossing hands, in 225 deals on the floor of the exchange on Monday.
It is important to note that the current price of the shares of the company is currently trading at its 52 week-high.
READ: Flour Mills’ outgoing GMD acquires additional shares weeks after announcing retirement
According to data tracked from the open of trade on the Nigerian Stock Exchange, till the close of trading activities yesterday, the market capitalization of the leading miller company increased from N10.31 billion at market open to N11.34 billion at the close of trade.
The increase probably was caused by buying interests in the shares of the company as investors scamper for the shares of Honeywell in reaction to the impressive financial performance which the company reported in the third quarter of 2020/21.
It is important to note that at the close of trading activities on NSE today, shares of Honeywell Flour Mills Plc rallied 13 kobo to close at N1.43 per share from N1.3 recorded at close of trade on Friday, 29th 2021.
READ: Dangote Cement shares lose N339 billion following completion of share buyback
What you should know
- Recall that Nairametrics reported that Honeywell Flour Mills Plc made a profit of N120 million in the third quarter ended, 31st December 2020.
- The recent financial statements of Honeywell highlights the improvement in the operating segment of the company, despite the widespread economic vulnerabilities in the Nigerian economy, compounded by the COVID-19 pandemic and the containment measures and restrictions put in place by the government which has impacted the Nigerian economy.
- Honeywell’s move back to profitability can be hinged on the increase in the company’s sales which drove revenue higher by 34.24%. It is essential to note that despite the increase in the costs of raw materials, the company was able to post a profit after tax of N120 million in Q3 2020/21.
Omokolade Ajayi is a graduate of Economics, and a certificate holder of the CFA Institute’s Investment Foundation Program. He is a business analyst, and equity market researcher, with wealth of experience as a retail investor. He is a business owner and a stern advocate of Financial literacy, who believes in the huge economic prospect of the Nigerian Payment channels and Fintech space.
Business
SEC denies knowledge of Oando shareholder’s court case
SEC has denied ever being served with court processes with respect to the purported matter at the FCT High court.
Published
1 hour agoon
February 24, 2021
The Securities and Exchange Commission (SEC) has denied the claim by one of Oando Plc’s shareholders, Engr Patrick Ajudua, that he won a court case against the capital market apex regulator.
SEC disclosed in a statement it issued and seen by Nairametrics on Wednesday that there was never a time it was served with court processes with respect to the purported matter at the FCT High court.
It stated, “The attention of the Securities and Exchange Commission (the Commission) has been drawn to several publications in the media, where it is reported that a shareholder of OandoPlc, purportedly obtained a judgment from the Federal Capital Territory High Court against the Commission.
“The Commission wishes to inform the general public that it was never at any time served with court processes with respect to the purported matter at the FCT High court. The Commission will consequently take all necessary steps to verify and set aside the purported decision of the said Court.”
The attention of the Commission has been drawn to several publications in the media, where it is reported that a shareholder of OandoPlc, purportedly obtained a judgment from the FCT High Court against the Commission. Full Statement –> https://t.co/olT2FpxaEK
— SEC Nigeria (@SECNigeria) February 24, 2021
What you should know
- On Tuesday, Ajudua, reportedly won a legal suit, which was filed at the High Court of the FCT against SEC, according to Nairametrics.
- He filed that the directive of the SEC suspending Oando’s Annual General Meeting is in breach of his right to freedom of association as guaranteed under Section 40 of the Nigerian Constitution and Articles 9, 10 & 11 of the African Charter on Human and Peoples Rights.
- In the said hearing presided over by Honorable Justice O. A Musa, all cases filed were granted in his favor.
Spotlight Stories
Bulls stage a comeback at Nigerian stock market
Nigerian bourse ended the third trading session of the week amid falling oil prices across the market spectrum.
Published
3 hours agoon
February 24, 2021
The Nigerian stock market ended the third trading session of the week on a bullish note. The All Share Index rallied by 0.14% to close at 40,221 index points.
Year-to-date return and market capitalization settled at -0.12% and N21.04 trillion respectively.
- Activity level strengthened as total volume and value of stocks traded grew 38.95% and 82.28% to 469.56 million units and N7.08 billion respectively.
- The top traded stock by volume and value was ZENITHBANK (1.15%) at 154.6 million units valued at N4.09 billion.
- The NSE Oil & Gas index topped the gainers, up 0.79% on the back of sustained buy interest in OANDO.
- Investor sentiments as measured by market breadth was neutral as 20 stocks advanced against 20 decliners. OANDO (+10.00%) led the gainer’s chart today, while LASACO (-9.49%) was the top loser.
Top gainers
- OANDO up 10.00% to close at N3.41
- ABCTRANS up 9.38% to close at N0.35
- JAPAULGOLD up 9.23% to close at N0.71
- ROYALEX up 8.70% to close at N0.25
- ACADEMY up 7.89% to close at N0.41
Top losers
- LASACO down 9.49% to close at N1.24
- CHIPLC down 8.33% to close at N0.33
- CORNERST down 7.81% to close at N0.59
- FLOURMILL down 6.94% to close at N28.85
- WAPIC down 6.90% to close at N0.54
Outlook
Nigerian bourse ended the third trading session of the week amid falling oil prices across the market spectrum. High buying pressures from medium capitalized stocks which include OANDO, JAPAULGOLD, ROYALEX lifted market sentiments across the spectrum.
- Trailing, the Banking and Industrial indexes gained 0.77% and 0.22% respectively due to price appreciation in ACCESS (+1.80%), FIDELITY (+1.73%), and ZENITH (+1.13%).
- Nairametrics, however, suggests cautious buying amid soft crude oil demand in play at the world’s largest economy.
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