Flour Mills of Nigeria (FMN) and Honeywell Flour opened this week’s trading as one of the losers in the capital market, as sell off among their investors plummeted shareholders’ investment.
The two manufacturing firms, which are in the process of merging their assets after Flour Mills acquisition of Honeywell, lost a combined N7.90 billion on Monday, according to analysis of their trading activities.
Ripples Nigeria gathered that shareholders total investment in Flour Mills declined by -4.55%, while investors’ funds in Honeywell fell -4.22% after eight hours of trading.
The dip in FMN saw the firm’s share fall to N33.5kobo from Friday’s N35.1kobo, resulting to shareholders losing N6.56 billion in their investment, which depleted to N137.36 billion, from N143.92 billion.
Honeywell shareholders were not left out, as they lost N1.34 billion in one day, following the dip in share value to N3.85kobo per share,against Friday’s N4.02.
This plummeted their total investment from N31.87 billion to N30.53 billion, reflecting the exit of cash from Honeywell’s vault in the capital market.
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