Livestock Feeds Plc extended its powerful rally on the Nigerian Exchange on Wednesday gaining another 9.71 percent as sustained buying pushed the stock to N16.95.
The stock advanced from its previous close of N15.45 to N16.95, adding N1.50 during the session and emerging among the strongest gainers on the exchange.
Wednesday’s advance pushed Livestock Feeds’ cumulative gain to about 90.4 percent from N8.90, the level at which the stock began its recent surge.
The rally gathered momentum last week when Livestock Feeds climbed from N8.90 to N13.15, representing a 47.75 percent weekly gain and making it the biggest gainer on the NGX for the week ended October 9.
The momentum continued this week.
On Monday, October 12, the stock jumped another 9.89 percent from N13.15 to N14.45 before advancing 6.92 percent to N15.45 on Tuesday.
Wednesday’s 9.71 percent increase to N16.95 means the stock has now gained N8.05 per share from N8.90, equivalent to approximately 90.4 percent.
Trading activity has also remained significant during the rally. Investors exchanged 13.38 million Livestock Feeds shares worth N214.16 million on Wednesday, making the company the third-most actively traded stock by volume.
The latest gain follows particularly heavy activity on Tuesday, when 48.03 million shares worth N757.53 million changed hands as the stock climbed 6.92 percent.
The sustained advance has transformed Livestock Feeds into one of the strongest momentum stocks on the NGX in recent sessions, with its share price now approaching twice the N8.90 level recorded before the rally accelerated.
Livestock Feeds’ performance also came as the broader equities market returned to positive territory, with the NGX All-Share Index rising 0.06 percent to 247,673.65 points on Wednesday.
