The Nigerian Stock Exchange has experienced a loss of about N24.9 billion of the Flour Millers in the capitalization market due to the sell-off of shares.
This loss is said to have been experienced since the beginning of February due to the fact that investors sold out their stock shares in the company.
However, since the beginning of February too, the Nigerian Equity Market has been experiencing some downward trend in its market because of the cautious investors who sold out their stocks in the company.
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The Sell-off of shares has resulted in a decline in the Nigerian Stock Exchange market and all the companies that are under the Nigerian Stock Exchange including the shares of Flour millers.
According to a source.
A review of the performance of the stocks of these Flour millers on NSE revealed that the market capitalization of FLOUR MILLS, HONYFLOUR, and Northern Nigeria Flour Mills from the open of trade on February 1 till the close of trading activities on February 24 has declined from N154 billion to N129 billion.
- They have been a decline in FlourMills from N142.3 billion to N118.3 billion.
- Honeywell Flour Mills on the other hand has also experienced a decline from N10.31 billion to N9.91 billion.
- NNFM also declined from N1.72 billion to N1.25 billion.
- Now summing up the three sectors and their losses, they have been a decline in N24.85 billion in the market capitalization.
It is important to note that FlourMills is the largest miller in NSE and it has also experienced the highest loss of about N23.98 billion, as a percentage of market capitalization, this represents that Flour Mills is down by about 16.85%.
Looking at the market activity on the Nigerian Stock Exchange:-
- Flour Mills declined by 6.9% to close at N28.85 per share at the end of trading activities because 5,029,161 ordinary shares of the company which is worth N143,009,264.10 was sold off by investors.
- Honeywell shares decline by 1.6%.
- Northern Nigeria Flour Mills however stays unchanged at N7.02 per share.
The Nigerian Stock Exchange sell-off of shares has experienced a loss in about N24.9 billion of the Flour Millers in the capitalization market.
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