Learn Africa Plc staged a strong rebound on the Nigerian Exchange Limited (NGX) on Thursday as its share price climbed 8.93 percent to N9.15 following the sharp decline recorded in the preceding week.
The stock gained 75 kobo from its previous close of N8.40, placing the educational publishing company among the leading equity gainers during Thursday’s trading session.
The latest advance extends Learn Africa’s recovery from the selloff recorded during the week ended October 2, when the stock ranked among the biggest decliners on the NGX.
During that week, Learn Africa fell 11.05 percent from N8.60 to N7.65, shedding 95 kobo per share.
The stock subsequently recovered to N8.40 before Thursday’s buying pushed it another 8.93 percent higher to N9.15.
Thursday’s closing price means Learn Africa has now risen N1.50, or about 19.6 percent from the N7.65 level at which it ended the previous week’s decline.
The recovery has also taken the stock above the N8.60 level from which the preceding week’s selloff started.
At N9.15, Learn Africa was 55 kobo, or approximately 6.4 percent, above N8.60, indicating that the stock has not only recovered the previous week’s decline but moved beyond its pre-selloff level.
Learn Africa’s performance came during a broadly negative session for Nigerian equities.
The NGX All-Share Index declined 0.82 percent to 248,042.50 points, while equity market capitalisation closed at N161.052 trillion.
E-Tranzact International led equity gainers with a 10 percent increase from N11 to N12.10, while Livestock Feeds gained 9.09 percent to N12.
Guinea Insurance advanced 8.97 percent from N0.78 to N0.85 followed by Learn Africa’s 8.93 percent increase.
On the opposite side, Eterna and Aradel Holdings declined by 10 percent each, while Cutix fell 9.02 percent.
Investors exchanged 492.23 million shares valued at N38.02 billion across 38,711 deals during the session.
For Learn Africa, Thursday’s advance strengthened a recovery that has taken the stock from N7.65 to N9.15, reversing the previous week’s 11.05 percent decline and pushing the share price above its level before that selloff began.