E-Tranzact International Plc rebounded strongly on the Nigerian Exchange Limited (NGX) on Thursday gaining the maximum 10 percent to lead the day’s equity gainers.
The company’s share price rose from N11 to N12.10, adding N1.10 per share as renewed buying interest reversed part of the losses recorded in the preceding trading week.
The rebound is significant because E-Tranzact had emerged as one of the biggest losers on the NGX in the previous week.
According to the official NGX weekly market report, the stock declined 12 percent from N12.50 to N11 during the week ended October 2, making it the second-worst-performing equity behind Sovereign Trust Insurance.
Thursday’s 10 percent appreciation therefore lifted E-Tranzact back to N12.10, recovering N1.10 of the N1.50 per-share loss recorded during the previous week’s decline.
In percentage terms, the stock has now recovered approximately 73 percent of the naira amount lost between N12.50 and N11.
However, despite Thursday’s sharp rebound, E-Tranzact remained 40 kobo, or 3.2 percent, below the N12.50 level from which the previous week’s selloff started.
The performance placed E-Tranzact ahead of other advancing equities during Thursday’s session.
Livestock Feeds Plc gained 9.09 percent from N11 to N12, while Guinea Insurance Plc appreciated 8.97 percent from N0.78 to N0.85.
Learn Africa Plc followed with an 8.93 percent increase from N8.40 to N9.15.
The gains came despite sustained weakness across the broader equities market.
The NGX All-Share Index declined 0.82 percent to 248,042.50 points, while equity market capitalisation closed at N161.052 trillion.
Investors exchanged 492.23 million shares valued at N38.02 billion across 38,711 transactions during the session.
E-Tranzact’s 10 percent rally therefore stood in contrast to the broader market decline and represented a substantial reversal from the 12 percent loss recorded by the stock in the preceding week.