Livestock Feeds Plc extended its sharp rally on the Nigerian Exchange Limited (NGX) on Monday gaining another 9.89 percent to close at N14.45 per share.
The stock advanced by N1.30 from its previous closing price of N13.15, continuing a rally that made Livestock Feeds the best-performing equity on the NGX last week.
During the week ended October 9, Livestock Feeds surged 47.75 percent, climbing from N8.90 to N13.15.
Rather than surrendering part of those gains at the start of the new trading week, the stock immediately advanced by another 9.89 percent on Monday.
The latest increase means Livestock Feeds has risen from N8.90 at the beginning of last week to N14.45, representing a cumulative gain of approximately 62.4 percent over the period.
In absolute terms, the stock has added N5.55 per share from its N8.90 starting price.
An investor holding shares valued at N1 million at N8.90 would therefore have seen the market value of the position rise to approximately N1.62 million, excluding transaction costs and assuming no change in the number of shares held.
Livestock Feeds’ Monday performance also placed it among the strongest gainers during a session in which the broader equities market declined.
Neimeth International Pharmaceuticals gained 10 percent to N7.70, while Guinness Nigeria appreciated 9.93 percent to N423.
The NGX All-Share Index, however, declined 0.25 percent to 247,736.24 points, extending the weakness recorded in the previous week.
Livestock Feeds’ performance has moved in the opposite direction to the broader market. While the benchmark index declined last week and opened the new week with another loss, the company’s shares have maintained their upward momentum.
After gaining 47.75 percent last week and another 9.89 percent on Monday, Livestock Feeds has now appreciated approximately 62.4 percent from N8.90 to N14.45, making it one of the strongest recent price moves on the Nigerian Exchange.
