Connect with us


Rush for Honeywell Flour Stocks Pushes Price Higher by 28.13%



honeywell flour mills

By Dipo Olowookere

Shares of Honeywell Flour Mills witnessed a significant rush on the floor of the Nigerian Exchange (NGX) Limited last week, pushing its price higher by 28.13 per cent.

Business Post reports that Honeywell Flour stocks, which opened the week at N1.60 each, closed last Friday at N2.05 on the back of a sudden demand for the company’s equities by investors.

The company was the best-performing stock of the week and as well as one of the most traded equities at the close of transactions for the week.

According to data from the NGX, trading in Honeywell Flour, BOC Gases and Flour Mills of Nigeria accounted for 724.1 million shares worth N3.9 billion in 1,061 deals, contributing 44.97 per cent and 31.06 per cent to the total trading volume and value respectively.

It was observed that investors transacted a total of 1.6 billion shares worth N12.6 billion in 18,622 deals last week as against the 989.6 million shares worth N8.2 billion traded in 19,617 deals a week earlier.

A breakdown showed that financial stocks accounted for 584.8 million units worth N3.7 billion exchanged in 8,658 deals, contributing 36.32 per cent and 29.62 per cent to the total trading volume and value respectively.

It was trailed by consumer goods shares which traded 525.9 million units worth N3.7 billion in 3,553 deals, and natural resources equities, which traded 250.9 million units worth N1.4 billion in 72 deals.

Apart from Honeywell Flour, other top gainers were Northern Nigerian Flour Mills, which rose by 22.76 per cent to N7.55; Airtel Africa, which rose by 15.38 per cent to N750.00; Conoil, which grew by 9.83 per cent to N22.35; and Neimeth, which gained 9.33 per cent to trade at N1.64.

Conversely, Juli was the worst-performing stock of the week after its equity price went down by 18.02 per cent to 91 kobo.

Regency Assurance dropped 12.50 per cent to 42 kobo, Cutix declined by 11.50 per cent to N5.00, Consolidated Hallmark Insurance reduced by 10.17 per cent to 53 kobo, while SFS REIT fell by 9.99 per cent to N61.75.

At the close of business, a total of 29 stocks were on the gainers’ chart, higher than 23 stocks of the preceding week, while 29 shares were on the losers’ table, lower than 36 shares of the earlier week, with 98 equities remaining unchanged, higher than 97 equities recorded in the previous week.

As for the major market performance indicators, the All-Share Index (ASI) and the market capitalisation appreciated by 1.83 per cent to 39,522.34 points N20.592 trillion respectively.

Similarly, all other indices finished higher with the exception of premium, insurance, ASem, NGX AFR Dividend Yield and industrial goods indices, which depreciated by 0.17 per cent, 2.37 per cent, 2.82 per cent, 0.24 per cent and 1.35 per cent respectively, while the growth index closed flat.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via

Continue Reading
Click to comment

Leave a Reply


Introduction of Capital Gains Tax Could Discourage Investors—Popoola



capital gains tax

By Aduragbemi Omiyale

As part of efforts to raise more funds for the provision of critical infrastructure in the country, the federal government recently introduced the capital gains tax.

This was embedded in the 2021 Finance Act and it required the payment of capital gains tax on transactions worth over N100 million.

The chief executive of the Nigerian Exchange (NGX) Limited, Mr Temi Popoola, applauded this initiative of the government but warned that it could discourage investors, especially the high net-worth individuals (HNIs) and institutional investors, who carried out such heavy deals.

Mr Popoola, who spoke a few months ago at the Nigerian Economic Summit Group (NESG) Fiscal Policy Roundtable, called for a balance.

He admitted that the capital gains tax is in line with the government’s drive towards an increased tax bracket but was only worried about the adverse effect the laudable policy could have on the economy in the long run.

However, Mr Popoola commended the economic policy direction of the administration of President Muhammadu Buhari, noting that it was an indication of the government’s commitment to driving non-oil revenues into the country.

The NGX chief said the tenets of the 2021 Finance Act brought a lot more clarity on investment such as the Real Estate Investment Trust (REIT), Capital Gain Tax (CGT) and securities lending transactions.

According to him, investing in real estate investment brings a lot of potential gains and “if you look at our market today, all our assets class has helped to boost investors’ confidence.”

He stated that the Finance Act will boost the capital market and the economy, reiterating NGX’s commitment to adhering to government policy and driving growth in the capital market.

However, he further stressed that the introduction of excise taxes on non-alcoholic beverages and the education tax could also affect the economy.

According to him, these taxes could hamper the ability of companies affected by these developments to raise capital and pay dividends to investors because the policies are coming at a time the economy was undergoing a recovery.

Business Post reports that the event, which precisely took place in March 2022, was put together by NESG to access the impact of the 2021 Finance Act on the economy.

Continue Reading


Inflation in Nigeria Jumps to 16.82% in April 2022



inflation rate Nigeria

By Aduragbemi Omiyale

The National Bureau of Statistics (NBS) on Tuesday disclosed that inflation in Nigeria increased by 16.82 per cent in April 2022 from the 15.92 per cent recorded in March 2022.

However, on a year-on-year basis, the rate moderated by 1.3 per cent as inflation was 18.12 per cent in the corresponding month of 2021.

The NBS disclosed that the percentage change in the average composite consumer price index (CPI) for the 12 months period ending April 2022 over the average of the CPI for the previous 12 months period was 16.45 per cent, 0.1 per cent lower than the 16.54 per cent recorded in March 2022.

It also stated that in the month under review, the urban inflation rate increased to 17.35 per cent (year-on-year) in April 2022 from 18.68 per cent recorded in April 2021, while the rural inflation rate increased to 16.32 per cent in April 2022 from 17.57 per cent in April 2021.

On a month-on-month basis, the urban index rose to 1.78 per cent in April 2022, up by 0.02 from the rate recorded in March 2022 at 1.76 per cent, while the rural index also rose to 1.74 per cent in April 2022, up by 0.01 from the rate that was recorded in March 2022 at 1.73 per cent.

The corresponding 12-month year-on-year average percentage change for the urban index is 17.01 per cent in April 2022, lower than 17.10 per cent reported in March 2022, while the corresponding rural inflation rate in April 2022 is 15.91 per cent compared to 16.00 per cent recorded in March 2022.

In the report, the stats agency said in April 2022, the composite food index rose by 18.37 per cent in contrast to the 22.72 per cent achieved in April 2021, attributing the increase to a hike in the prices of bread and cereals, food products n.e.c, potatoes, yam, and other tubers, wine, fish, meat, and oils.

On a month-on-month basis, the food sub-index increased to 2.00 per cent in April 2022, up by 0.01 per cent points from 1.99 per cent recorded in March 2022, the report added.

It was further stated that the average annual rate of change of the food sub-index for the 12-month period ending April 2022 over the previous 12-month average is 18.88 per cent, 0.34 per cent points from the average annual rate of change recorded in March 2022 at 19.21 per cent.

Continue Reading


OTC Securities Exchange Closes 0.02% Lower



NASD OTC Securities Exchange

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange closed marginally lower by 0.02 per cent on Monday on the back of a price depreciation in Central Securities Clearing Systems (CSCS) Plc.

The stock, which was the only price loser yesterday, went down by 5 kobo or 0.29 per cent to sell at N16.95 per unit compared to the previous session’s N17.00 per unit.

At the close of transactions, it reduced the market capitalisation of the OTC securities exchange by N250 million to N1.05 trillion from N1.06 trillion and sliced the NASD Unlisted Securities Index (NSI) by 0.19 points to 807.56 points from 807.75 points.

Business Post observed that the level of activity during the session was low as the volume of securities recorded a decline of 99.8 per cent to 61,131 units from 7.5 million units, the value of trades also depreciated by 99.8 per cent to N4.6 million from N2.2 billion, while the number of deals remained unchanged at 11 deals.

AG Mortgage Bank Plc closed the session as the most traded stock by volume (year-to-date) with 2.3 billion units worth N1.2 billion, CSCS Plc was in second place with 661.6 million units worth N13.9 billion, while Food Concepts Plc held the third position with 94 million units worth N77.8 million.

But the most active stock by value (year-to-date) was CSCS Plc with 661.6 million units valued at N13.9 billion, VFD Group followed with 9.4 million units valued at N2.9 billion, and AG Mortgage Bank Plc with 2.3 billion units valued at N1.2 billion.

Continue Reading

Latest News on Business Post

Like Our Facebook Page

%d bloggers like this: