At the end of yesterday’s trading session at Nigeria’s stock exchange, Honeywell Flour Mills Plc recorded a loss of 8.00% amounting to N1.03 billion in market capitalization which can be attributed to sell-offs in the shares of the company.
The shares declined from N1.67 per share at the start of the trading day, to N1.54 per share, N0.02 higher than the lowest price traded at the close of the market yesterday.
The sell-offs witnessed in the company shares negatively influenced the company’s market capitalization from N13.24 billion to N12.21 billion at the end of trading activities, taking the depreciation to N1.03 billion.
Following misconceptions over the Central Bank of Nigeria (CBNâs) selection of Dangote Sugar Refinery, BUA Sugar Refinery, and Golden Sugar Company, owned by Flour Mills of Nigeria Plc as the sole importers of sugar in the country, the Executive Secretary, National Sugar Development Council (NSDC), Mr. Zacch Adedeji last week spoke with a select team of journalists to clarify the CBNâs decision, which he said is also in the interest of smaller Sugar companies and the Nigerian consumers, Festus Akanbi was there
Recently the Central Bank of Nigeria (CBN) announced that sugar importation should be restricted to Dangote, BUA, and Golden Sugar. Many people feel this is empowering a few big players who can fix prices, What is your take?
Total investment interests in Nigeria crashed by 80% between Q1 and Q2 2021 - FG nairametrics.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from nairametrics.com Daily Mail and Mail on Sunday newspapers.
Obinna Chima
The Central Bank of Nigeria (CBN) yesterday stated that sugar importation in the country can only be done by Dangote Sugar Refinery Plc, Golden Sugar Company, owned by Flour Mills of Nigeria Plc and BUA Sugar Refinery Limited.
The central bank disclosed this in a circular dated July 16, titled: “Sugar Importation in Nigeria,” signed by the Director, Trade and Exchange Department, CBN, Dr. Ozoemena Nnaji, a copy of which was posted on the regulator’s website yesterday.
The CBN hinged its reason for selecting the aforementioned sugar manufacturers on the fact that the three companies had made reasonable progress in achieving backward integration in the sector.
CBN restricts importation of sugar to Dangote, BUA and Flour Mills pulse.ng - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from pulse.ng Daily Mail and Mail on Sunday newspapers.