McNichols’ share price posted gains of 59.52% last week, leading the top gainers of the trading week as investors react bullishly to an updated corporate announcement that has seen them not only get a N0.03 dividend but also bonus issues of shares.
In the last four weeks, we have seen MCNICHOLS gain over 90% to currently stand at N1.34 per share. Its market capitalization currently stands at N437,778,000.00, also gaining over 90%, for the trading week.
MCNICHOLS is the top performer in what turned out to be a very bullish and record-breaking week for the Nigerian Exchange, as its All-Share Index gained 4.25% to currently stand at 53,098.46 basis points, the highest point for the year. For the first time in 14 years, the NGX crossed the 50,000 BP threshold on the back of strong earnings reports and increased local participation.
During the trading week, 50 equities appreciated in price during the week, higher than 49 equities in the previous week. Also, during the week, 32 equities depreciated in price, the same as the 32 equities in the previous week. 74 equities remained unchanged lower than 75 equities recorded in the previous week.
What you should know
- McNichols Consolidated is a manufacturing firm that packages and markets a range of fortified sugar products in Nigeria. This includes granulated sugar, cube sugar, icing sugar and baking sugar. The company also produces a range of chocolate powder and custard powder.
- The company is an indigenous homegrown fast-moving consumer brand food and beverage company and it is committed to enhancing the quality of life and contributing to a healthier future of Nigerians. They commenced operations in April 2005.
- The rally in its share price came after the company updated its dividend announcement to include the issue of share bonuses to its shareholders.
- At the beginning of April, the company announced that it was only proposing a dividend of N0.03 for every share of N0.50. However, After the company’s board meeting on the 27th of April 2022, the board voted to approve a bonus issue to add to its dividend proposal.
- This means shareholders who own the stock by the qualification date, slated on the last day of June 2022, will not only be entitled to a N0.03 dividend, but also six additional shares for every five shares owned by that time.
- Also weighing in on the bullish sentiment is the company’s stellar first-quarter performance that showed promise for the company’s future. The company was able to grow its revenue by 33.72% from N162 million to N218 million Year-on-Year. Despite the increased cost of sales and selling, marketing and administrative expense in the first quarter of 2022, the company was able to increase its profit before tax by 20.16%.
- Because the company recorded N3.8 million for other comprehensive income, it put the company’s profit after tax (PAT) at N11 million, up by 74.70%.
- During the trading week, we saw a spike in the volume of MCNICHOLS shares, with more shares changing hands than average. The highest volume during the trading week was posted on Thursday, as it recorded a volume of 353,050.
- On Friday, its share price traded at a 52-week high of N1.34 as it gained 9.84% on the trading day in question. In fact. Its share price gained over 9% for all five trading days for the week.
- MCNICHOLS began the year with a share price of N0.77 and has since gained approximately 74% on that price valuation, ranking the 16th on the NGX in terms of year-to-date performance.
McNichols is the 109th most traded stock on the Nigerian Stock Exchange over the past three months. MCNICHOLS has traded a total volume of 2.05 million shares, in 38 deals, valued at N1.9 million over the period, with an average of 32,512 traded shares per session. A volume high of 380,199 was achieved on April 26th for the same period.
The sugar packet you are using to depict McNichols is out dated, it was changed about 3 years ago. Please send me your email address or whatsapp contact for current pictures on McNichols so that your readers can identify with your story. Thank you.