Shares of Honeywell Flour Mills Plc have climbed 32% month-to-date, making it the top-advancing consumer goods stock on the Nigerian Exchange so far in early January.
The surge comes after Flour Mills of Nigeria (FMN), which holds a 71.69% stake in the company, relaunched the Honeywell brand in mid-December 2024.
According to Mr. Devlin Hainsworth, Managing Director (Food) at FMN, the relaunch aims to redefine and strengthen the brand’s presence in the market.
Following the relaunch, Honeywell Flour Mills Plc has recorded gains in five of its last six trading sessions in early January, reflecting sustained investor interest.
In 2024, Honeywell Flour Mills recorded an 89.8% year-to-date gain on the Nigerian Exchange, supported by renewed bullish activity in the latter half of the year.
Honeywell Flour Mills saw an uptick in its stock price likely due to a few developments:
After the earnings report release on October 30, 2024, Honeywell’s shares closed at N4.73 in November.
Following the relaunch, Honeywell’s shares began to rise on December 16, breaking the N6 barrier and closing the month at N6.30.
According to Mr. Devlin Hainsworth, Managing Director (Food) at Flour Mills of Nigeria (FMN), the company is focused on improving the quality of its products. “The Honeywell brand offers improved quality noodles and pasta, while the Honeywell semo or wheat provides enhanced quality and adjusted pack sizes,” he said.
Shares of Flour Mills last traded on December 13, 2024, closing at N81.80 with a monthly market volume of 11 million shares and a year-to-date performance of 147.50%.