The founder and chairman of the Honeywell Group, Oba Otudeko gained a whopping N690 million from his Honeywell Flour Mills Plc stake in a single session on the Nigerian Stock Exchange, as native traders bid up the shares of his flour milling firm.
Otudeko who can be well-known for his funding within the oceanfront Radisson Blu in Lagos, is the one majority shareholder of Honeywell Flour Mills, contemplating his possession stake within the firm which runs to about 5.29 billion models, out of the 7.93 billion whole issued shares of the corporate.
Otudeko’s stake in Honeywell Flour Mills has a valuation of about N7.58 billion
His 75% possession stake in Honeywell Flour Mills of about 5.29 billion issued shares of the corporate which he holds not directly by means of Siloam Global Services Limited, is presently price about N7.57 billion, up from a N6.88 billion valuation at market open yesterday twentieth of April 2021.
The current features in Otudeko stake had been pushed by shopping for stress within the shares of his firm because the transfer noticed the shares of Honeywell surge by 10% in a single session, from N1.30 on the open of the market on the twentieth of April, to N1.43 on the shut of the market.
This bullish transfer within the shares of the miller pushed its market capitalization up by about N1.03 billion on the change yesterday, from N10.31 billion as of Monday, nineteenth April to N11.34 billion on the shut of the market.
What you must know
At the shut of buying and selling actions yesterday on the change, the market capitalization of all of the issued shares of Honeywell flour mills Plc was put at N11.34 billion.
The shares of the flour miller cleared at N1.43 per share. This is 10% greater than Monday’s N1.30 closing value, with about 8,935,946 odd shares of the corporate exchanged in 150 executed offers on the Exchange yesterday, price about N12.56 million.
Honeywell’s shares are presently buying and selling at 62.5% greater than its 52-week low of N0.88 per share, and eight.33% decrease than its 52-week excessive.
The prevailing market value presents cut price hunters who purchased shares of the corporate low with the chance to e book some earnings.
- The Nigerian Stock Exchange All-Share Index and Market Capitalization appreciated by 0.43% to shut greater at 39,015.58 index factors and N20.418 trillion respectively, on the finish of buying and selling actions yesterday.
- The NSE Consumer Goods Index, an investable benchmark designed to trace the efficiency of shopper items corporations like Honeywell Flour Mills, appreciated by 0.38% to shut the day greater at 555.22 index factors.