Nigerian Stocks Hit 14-Week High Amid Investors’ Wild Scramble For Shares Of Flour Makers

Nigerian stocks jumped 0.08 per cent on Friday, taking the benchmark index to 39,522.34 basis points, a height last reached on May 4 as an investment blitz on the shares of flour and pasta manufacturers provided the hinge the market needed to keep the momentum of gain that began Tuesday.

Traders and investors caused a stir at the previous trading session where flour maker Honeywell Flour mysteriously accounted for a humongous share of the day’s gain and trade volume.

The trend survived into Friday with new twists as the company joined Nigeria’s biggest flour producer Flour Mills and another manufacturer of the product, NNFM, to make the largest contribution to the gain reported by the entire bourse. Flour Mills and NNFM have announced dividend plans for stockholders following recent strong earnings reports.

Market breadth, which weighs the depth of investors’ sentiment towards trade, was positive as 20 gainers were reported compared to 16 laggards.

The all-share index expanded 32.29 points, while market capitalisation closed at N20.6 trillion.

Year to date, the index is down by 1.86 per cent.

TOP FIVE GAINERS

FTN Cocoa appreciated 10 per cent to close at N0.44. Honeywell Flour went up by 9.63 per cent to N2.05. Prestige Assurance rose to N0.48, notching up 9.09 per cent in the process.

UPDC added 8.85 per cent to end trade at N1.23. Japaul Gold completed the top 5, climbing by 8.51 per cent to N0.51.

TOP FIVE LOSERS

Cutix was the worst performing stock, declining by 9.91 per cent to close at N5. Juli shed 9.90 per cent to close at N0.91. Sovereign Insurance fell to N0.26, losing 7.41 per cent.

Veritas Kapital slumped to N0.22, recording 4.35 per cent decline. Courteville closed at N0.24, going down by 4 per cent.

TOP FIVE TRADES

Flour Mills was the most active stock with 52.5 million shares worth N1.6 billion traded in 122 deals. Honeywell Flour traded 15.5 million shares priced at N31.6 million in 169 transactions.

Sterling had 13.7 million shares valued at N21.2 million traded in 40 deals. Wema traded 13.3 million shares estimated at N10.5 million in 91 transactions. FBN Holdings traded 10.9 million shares valued at N78.9 million in 117 deals.

– Premium Times