Flour Mill Plunges to a Year-Low of N13.35

  • Flour Mill Plunges to a Year-Low of N13.35

Flour Mill of Nigeria Plc (FMN) continues to fall despite renewed interest in the Nigerian stock market.

The stock tumbled from N34.95 it traded in the last 12 months to a year-low of N13.5 on Tuesday.

The stock shed 0.36 percent on Monday and 2.91 percent on Tuesday to bring its year-to-date to 61.8 percent.

The stock continued to underperform the benchmark index and consumer goods index that have so far returned -3.9 percent and -16.2 percent, respectively.

Despite experts attributed the bearish trend to general weakness in sentiment due to the lack of economic stimulating policies following the general election, FMN fundamentals remain unattractive.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]

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