Livestock Feeds Plc extended its sell-off on Thursday with a 9.70% decline to N12.10 as the sharp rally that more than doubled the company’s share price earlier in October continued to unwind.
The stock declined by N1.30 from its previous closing price of N13.40 to emerge as one of the biggest losers on the Nigerian Exchange on October 29.
Thursday’s decline leaves Livestock Feeds approximately 36.3% below the N19 level reached earlier this month following a sustained rally in the company’s shares.
Livestock Feeds started the rally from N8.90 and climbed to N13.15 during the week ended October 9, representing a weekly increase of 47.75%.
The momentum continued in the following week with the stock rising to N19 to record another weekly gain of 44.49%.
The move from N8.90 to N19 represented an increase of approximately 113.5%, meaning the stock had more than doubled within two weeks.
However, the direction has since reversed as investors took profit following the sharp appreciation.
Livestock Feeds fell 9.76% to N17.10 on October 20 and ended the week at N17.05, representing a 10.26% weekly decline.
The selling continued this week, with the stock dropping 9.09% to N15.50 on October 26 before falling further to N13.40 and then N12.10 on Thursday.
At N12.10, Livestock Feeds has now lost N6.90 per share from its N19 October peak, representing a decline of approximately 36.3%.
Despite the reversal, the stock remains approximately 36% above the N8.90 level from which its October rally accelerated.
The decline came despite a positive session for the broader equities market as the NGX All-Share Index gained 0.47% to 254,083.02 points.
Equities market capitalisation also increased by approximately N779 billion to N164.974 trillion on Thursday.