Sovereign Trust Insurance Plc extended its rally by 9.60% to N2.17 on Thursday to bring its cumulative increase over two consecutive trading sessions to 20.6%.
The insurance company’s shares gained N0.19 from Wednesday’s closing price of N1.98 after rising by the maximum 10% in the previous trading session.
On Wednesday, Sovereign Trust Insurance climbed from N1.80 to N1.98, representing a 10% increase.
The rally continued on Thursday as the stock advanced from N1.98 to N2.17, adding another 9.60%.
The two consecutive gains lifted the company’s share price by N0.37 from N1.80 to N2.17, representing an increase of approximately 20.6% in two trading sessions.
Sovereign Trust Insurance was the second-biggest equity gainer on the Nigerian Exchange on Thursday, behind E-Tranzact International, which appreciated by 10% to N17.60.
FTG Insurance also recorded a strong performance, gaining 9.37% from N1.60 to N1.75, while McNichols advanced 9.18% to N5.35.
The gains came as the broader equities market closed higher.
The NGX All-Share Index rose 0.47% from 252,882.78 points to 254,083.02 points, while equities market capitalisation increased by approximately N779 billion from N164.194 trillion to N164.974 trillion.
Investors traded a total of 654.28 million shares valued at N57.36 billion across 35,821 deals during the session.
Sovereign Trust Insurance’s latest advance leaves the stock at N2.17 following two consecutive sessions of strong buying interest.