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NSE: Investors swoop on FMN shares on impressive Q3 earnings report

By Nkiruka Nnorom
Investors in the stock market today swooped on the shares of Fast Moving Consumer Goods company, Flour Mills of Nigeria Plc, after the company reported significant increase in all measurement indicators for its nine month ended December, 31, 2017.

The company’s shares rose by 10.05 percent to close at N33.95 from N30.85 to lead the other 22 other gainers at the close of the day’s trading.

Nigerian Stock Exchange
Nigerian Stock Exchange NSE

The company had reported 9.63 percent increase in revenue to N427.509 billion from N389.944 billion for the third quarter.

Similarly, its Profit Before Tax, PBT, went up by 89.45 percent to N19.502 billion from N10.294 billion, while the Profit After Tax, PAT, rose by 78.99 percent to N13.247 billion from N7.401 billion, despite a spike in taxation.

Other companies on the top five gainers list include Wema Bank Plc, which rose by 9.70 percent to close at N1.47 from N1.34 per share. Livestock Feeds Plc placed third, rising by 8.93 percent to close at N1.22 from N1.12, while Wapic Insurance Plc appreciated by 8.70 percent to close at N0.75 from N0.69. Unity Bank Plc chalked up by 5.56 percent to close at N1.52 from N1.44 per share.

On the other hand, three insurance stocks led by Lasaco Assurance, topped the day’s losers’ chart.

The company led 29 other losers, declining by 8.70 percent to close at N0.42 from N0.46.

Another insurance stock, Law Union & Rock Insurance, closed as the second on the list of top five losers’ chart, declining by 8.33 percent to close at N0.88 from N0.96, while Unic Insurance dropped by eight percent to close at N0.46 from N0.50.

Transcorp Plc went down by 5.28 percent to close at N2.33 from N2.46, while UAC Property Development Company, UPDC, depreciated by five percent to close at N3.04 from N3.20 per share.

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