Nigeria’s equities market opened this new week in green (+0.16percent), thanks to investors who raised bets in stocks like Honeywell Flour Mills and FBN Holdings Plc.
Stock investors gained about N31billion as buy-side activities on the Nigerian Exchange Limited (NGX) improved on Monday, November 22.
Flour Mills of Nigeria Plc (FMN) and Honeywell Group Limited (HGL) on Monday signed an agreement for the proposed combination of FMN through its affiliates and Honeywell Flour Mills Plc (HFMP), a portfolio company of HGL, at a total enterprise value of N80 billion.
Honeywell Group Limited will dispose of a 71.69percent stake in Honeywell Flour Mills Plc to Flour Mills of Nigeria Plc.
Honeywell rallied most, from N3.39 to N 3.72, up by 33kobo or 9.73; while that of FBNH moved from N11.55 to N12.30, up by 75kobo or 6.49percent. Also, Oando moved from N4.86 to N5.15, up by 29kobo or 5.97percent.
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“We still expect the market to trade tepid while investors trade in line with corporate disclosures as seen in Honeywell Flour Mills Plc and continue to bargain hunt especially in the banking sector,” said Lagos-based analysts at Vetiva Securities.
The stock market’s year-to-date (ytd) positive returns decreased to 7.4percent. Oando, Mutual Benefit, FBN Holdings, GTCO and Sterling Bank were most traded stocks, Monday on the NGX.
The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and Market Capitalisation moved from preceding day’s lows of 43,199.27 points and N22.544trillion respectively to 43,260.13 points and N22.575trillion at the close of trading on Monday.
In 4,811 deals, investors exchanged 2,402,071,798 units valued at N16.467billion.
