An insider with substantial holdings in Flour Mills of Nigeria, Excelsior Shipping Limited has just added to its holding with the purchase of 200,000 additional shares in the company.
The transaction occurred on the 22nd of June, 2020 at an average price of N21 per share.
Total cost of the deal came in at N4.2 million, according to a filing on the Nigerian Stock Exchange (NSE), signed by the Company Secretary of Flour Mills Umolu Joseph.
There has been a rash of Insider purchases of shares on the NSE in the past 2 months as investors with knowledge of the operations of these companies take a bullish bet that stocks have fallen too far.
Nigerian Stocks have returned -8.18 percent in the past year.