AXA Mansard Insurance Plc extended its rally on Monday after gaining another 9.75% to N12.95 following a strong performance in the previous week.
The insurance company’s share price increased by N1.15 from its previous close of N11.80, making it the biggest gainer on the Nigerian Exchange for the session.
The latest advance extended AXA Mansard’s gain from N10.75 to N12.95 in just over a week, representing an increase of approximately 20.5%.
AXA Mansard had already emerged among the best-performing stocks in the previous week after gaining 9.77% from N10.75 to N11.80.
Rather than attracting immediate profit-taking at the start of the new week, buying interest strengthened further on Monday and pushed the stock to N12.95.
The sustained rally contrasts with the performance of some of last week’s other gainers, which surrendered a significant portion of their advances on Monday.
University Press, for instance, dropped 8.70% from N4.60 to N4.20 after gaining 9.52% in the previous week, completely erasing its weekly advance.
The Initiates also declined 6.88% to N25.05 after rising 9.57% from N24.55 to N26.90 last week.
AXA Mansard, however, continued higher, suggesting buying interest remained strong enough to absorb potential profit-taking following its initial rally.
The advance came as the broader Nigerian equities market recovered from the previous week’s decline.
The NGX All-Share Index rose 1.44% from 248,877.22 to 252,456.74, while equities market capitalisation increased to N163.918 trillion.
Sovereign Trust Insurance was another insurance stock among Monday’s biggest gainers, rising 9.74% from N1.95 to N2.14 after declining 17.02% in the previous week.
AXA Mansard’s ability to extend its advance while several recent gainers reversed course makes the stock one of the stronger momentum plays on the Nigerian Exchange at the start of the new trading week.