Shares of Flour Mills rise by 6.9 percent

Agribusiness company, Flour Mills Nigeria Plc saw its shares rise by 6.9 percent at the close of Wednesday's trading market on the Nigerian Stock Exchange.

The shares which were formerly trading at N29, rose to N31, as more investors snagged shares of the company. This took the total market capitalization of the leading company to N127.1 billion at the end of Wednesday, adding about N8.2 billion from the previous day's N118.9 billion.  Check Flour Mill Stock price here. 

The N2 rise in the share price of the Flour Mills was pushed by investor's optimism of a stellar financial performance this session, translating to the purchase of more shares on the stock market.

Over 1,350,320 shares of the 61-year-old company were traded during trading hours, in deals reaching 125. The worth of the shares has been set to be about N40.6 million naira. The market activity boosted the Nigerian Stock Exchange investable benchmark by 0.88 percent. It also pushed the NSE All-Share Index and market capitalization to 38,774.03 and N20.287 trillion respectively.

Flour Mills started the year with its shares trading at N26 and has witnessed a growth of over 19 percent, making it 22nd on the Nigerian Stock Exchange in terms of year-to-date performance. In the past four weeks alone, the FLOURMILL has gained 14.8 percent, a feat which has no doubt, pleased investors, judging by yesterday's shares sale.

The diversified company is known for operating under five areas:

- Manufacturing and distribution of food products, which accounts for over 63 percent of the company's net sales. 

- Manufacturing and sale of fertilizer and animal feed, which accounts for close to 17 percent of net sales

- Production and distribution of sugar, accounting for about 16 percent.

- Manufacturing of packaging products (laminated and woven polypropylene sacks), accounting for 4 percent. The. company is very diversified in terms of products. The say many thing that are in high demand around the world. 

Other companies in the flour mill category haven't performed as well, however, Northern Nigerian Flour Mills still standing at N6.2, the same price it was the previous day. The company which traded at N6.74 at the start of the year has lost over 8percent of its value. Honeywell Flour Mill saw a similar fate, as its shares which traded at N1.23 on Tuesday, fell by 3.25 percent to end Wednesday's trading day at N1.19. 

Northern Flour Mills and Honeywell Flour Mills rank 122nd and 101st on the NSE in terms of year-to-date performance.