Shares of Flour Mills Nigeria Plc, Nigeria’s leading food business company, have gained N28 billion on the Nigeria Stock Exchange, in just 10 trading days this year.
After a preview of the performance of the shares of Flour Mills, Nairametrics discovered its shares increased by 26.15% within the review period.
The increase witnessed in the company’s share price was triggered by renewed buying interests among investors for the shares of Flour Mills, on the back of its robust fundamental strength, and the impressive financial results the food and agro-allied company delivered in 2020.
Checks by Nairametrics also revealed that the company has gained N27,882,581,314.00 on the NSE so far this year. This is logical as the buying interest in the shares of the company saw the market capitalization increase from N106.61billion on the 4 January 2021, to N134.49billion at the close of trade on the exchange today.
What you should know
- The impressive valuation and the current price of the company, which some investors see as under priced given the solid fundamental strength of the company, spiked buying interest in its shares.
- Former GMD of Flour Mills, Paul Miyonmide and the Vice-Chairman of the Company, Chief Emmanuel Ukpabi, acquired additional shares of the company worth millions of naira since the company released its Q2 Financial Report on 27 October 2020.