The Flour milling companies on NSE had a relatively bullish run this week, with the shares of two of these millers closing in green, despite the prevailing negative sentiment in the market which saw the NSE All-Share-Index depreciate by -1.74% W-o-W. (-4.03% ytd).
The joint market capitalization of the three flour millers –FlourMills, Honeywell and Northern Nig. Flour Mills – on NSE increased by a total N11.6 billion value this week.
The rise in the shares of Flour Mills of Nigeria Plc (:Flourmill) and Honeywell Flour Mills Plc (:Honyflour) saw the total market value of the millers’ gain an impressive N11.71 billion at the close of trade this week.
Despite the 10% gains in the shares of Flourmills and 6.96% increase in the share price of Honyflour, the gains of the millers this week was pressured down to the tune of N11.6 billion, as a result of the 10.6% dip in the shares of Northern Nigerian Flour Mills (:NNFM).
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Data tracked on the NSE website revealed that the market capitalization of Flourmills and Honyflour increased by N11.1 billion and N634 million respectively. While NNFM lost a total N119 million to close the week 10.6% lower, relative to its market value last week.
The NSE All-Share Index and Market Capitalization depreciated by 1.74% to close the week at 38,648.48 and N20.221 trillion respectively.
While, the NSE Consumer Goods Index (CGI), an index that tracks the performance of key consumer goods companies as well as the performance of the flour millers, rose by 2.18% W-o-W, to close at 539.85 index points. (-5.84 ytd).
Flour Mills made it to the list of best-performing stocks on NSE for the week, with a 10% price increase. While shares of Champion Breweries, Regency Assurance and Smart Products closed the week as the best-performing stocks on NSE.
On the flip side, NNFM made the list of the top losers, on the stance of the 10.6% loss its shares printed this week.