Honeywell Flour Extends Rally, Jumps 9.9% to N32.20 After 31% Gain Last Week

Honeywell Flour Mills Plc prolonged its sturdy rally on Tuesday, gaining one other 9.9% to N32.20 per share after rising because the best-performing inventory on the Nigerian Exchange (NGX) final week.

The firm’s share value superior from N29.30 on Monday to N32.20 on November 10, including N2.90 throughout the buying and selling session.

The newest achieve adopted a 30.82% surge recorded within the week ended November 6, when sustained shopping for curiosity pushed Honeywell Flour forward of different shares on the Exchange.

Tuesday’s advance suggests traders are persevering with to build up the inventory regardless of the substantial appreciation already recorded in latest periods.

Trading exercise additionally remained sturdy, with 25.11 million Honeywell Flour shares valued at N728.59 million altering arms on Monday, when the inventory ranked among the many 5 most actively traded equities.

The newest 9.9% improve means Honeywell Flour has continued to outperform the broader equities market, which slipped 0.06% on Tuesday following Monday’s 1.44% rebound.

The sustained rally comes amid heightened investor curiosity in Honeywell Flour after the inventory recorded one of many strongest weekly performances on the NGX.

However, the velocity of the latest appreciation additionally raises the potential of elevated volatility as traders who entered the inventory earlier weigh additional upside towards alternatives to lock in features.

Honeywell Flour closed Tuesday at N32.20, inserting it among the many day’s greatest gainers behind Champion Breweries, which appreciated by 10% to N9.35.