LivingTrust Mortgage Bank Plc recorded a strong performance on the Nigerian Exchange Limited (NGX) last week, gaining 32.69 percent to emerge among the best-performing equities despite weakness in the broader market.
The mortgage lender’s share price rose from N2.60 at the beginning of the week to N3.45 at the close, representing an increase of N0.85 per share.
The performance placed LivingTrust behind ABC Transport and Critical Minerals Financing Corporation (CMFC) on the NGX weekly gainers’ table.
ABC Transport led the market with a 45.10 percent increase from N5.10 to N7.40, while CMFC gained 37.73 percent from N3.26 to N4.49.
LivingTrust’s weekly performance builds on the strong buying interest Naijaonpoint observed in the stock toward the end of September.
On September 29, the company’s shares appreciated by the maximum 10 percent from N2.60 to N2.86.
Buying interest subsequently pushed the stock higher with the shares eventually ending the latest week at N3.45, according to the official NGX weekly market report.
At N3.45, LivingTrust had added N0.85 to its N2.60 opening price during the week, delivering a 32.69 percent return to shareholders over the period.
The rally was particularly notable because it occurred during a week in which the broader Nigerian equities market moved in the opposite direction.
The NGX All-Share Index declined by 0.52 percent, falling 1,305.14 points from 252,113.41 to 250,808.27 points, while equity market capitalisation decreased 0.50 percent to N162.843 trillion.
Market breadth also weakened with 44 equities appreciating during the week compared with 61 in the preceding week. Thirty-seven stocks declined, while 65 closed unchanged.
Despite the broader weakness, demand remained concentrated in selected equities with LivingTrust joining ABC Transport and CMFC among stocks that delivered double-digit gains.
The 32.69 percent weekly increase left LivingTrust as the third-biggest gainer on the NGX for the week.