Honeywell shares surge by 10% in a day, lifting the miller’s capitalization by N1.03 billion

Shares of Honeywell Flour Mills Plc., a major flour milling company in Nigeria, surged by 10%, lifting the company’s market capitalization by N1.03 billion at the close of trading activities on the Nigerian Stock Exchange on Tuesday.

The impressive N0.13 per share or 10% gain in the shares of Honeywell was driven by the buying interest in the shares of the flour miller, as investors bid the shares of the indigenous miller high in yesterday’s session.

This bullish move in the shares of the miller pushed its market capitalization up by about N1.03 billion on the exchange, from N10.31 billion at market open to N11.34 billion at the close of the market.

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Market activity

Honeywell’s market price cleared on Tuesday at N1.43 per share, which was 20% higher than Monday’s N1.30 closing price.

During trading hours on the Exchange, about 8,935,946 ordinary shares of Honeywell Flour Mills Plc worth about N12.56 million, were exchanged in 150 executed deals on the Nigerian Stock Exchange on Tuesday.

However, the performance of other flour millers on the exchange was rather bland as shares of Flour Mills Nigeria Plc., and Northern Nigerian Flour Mills closed flat at N31.00 per share and N5.85 per share respectively.

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What you should know

• The Nigerian Stock Exchange All-Share Index and Market Capitalization appreciated by 0.43% to close the day higher at 39,015.58 index points and N20.418 trillion respectively.
• The NSE Consumer Goods Index, an investable benchmark designed to track the performance of consumer goods companies like Honeywell Flour Mills, appreciated by 0.38% to close the day higher at 555.22 index points.