ABC Transport Plc shares jumped 9.92 percent on the Nigerian Exchange on Tuesday to extend the stock’s recovery after a sharp pullback from its recent rally.
The transport company’s shares advanced from N6.05 to N6.65, adding 60 kobo during the session and ranking among the strongest-performing equities on the exchange.
The latest advance is significant when viewed against ABC Transport’s movement since late September.
The stock traded as low as N4.40 on September 23 before beginning a sustained climb that subsequently took it through N4.65, N5.10, N5.60 and N6.15.
The rally eventually carried ABC Transport to N7.40, representing an increase of approximately 68.2 percent from the N4.40 September low.
However, the stock came under selling pressure during the week ended October 9, falling 18.24 percent from N7.40 to N6.05 and surrendering part of its earlier gains.
Tuesday’s 9.92 percent advance to N6.65 has now recovered a portion of that decline, although the stock remains about 10.1 percent below the N7.40 level reached before the correction.
Despite that gap, ABC Transport is currently trading approximately 51.1 percent above its September 23 low, underscoring the strength of the broader upward movement over the past month.
At N6.65, the stock would need to gain roughly 11.3 percent to return to N7.40.
ABC Transport’s advance came during a positive session for Nigerian equities with the NGX All-Share Index rising 0.26 percent to 245,911.13 points on October 20.
Investors traded 348.75 million shares worth N25.88 billion in 32,639 deals, while equities market capitalisation closed at approximately N159.668 trillion.