Ellah Lakes Soars by 57% on Higher Trading Volume
Ellah Lakes soared by about 57% as investors attention shifted toward agribusiness, which significantly boosted the Nigerian Exchange (NGX) commodity index.
The agriculture-linked stock became the top performer in the equities market due to an all-week rally that pushed its market value to N20.564 billion at the close of the trading session on Friday.
NGX trading data showed the share price rose to N5.33 on Friday as 15.549 million valued at N82.083 million exchanged hands.
More than 31 million shares were traded on Thursday—the highest trading volume happened on Tuesday when more than 48 million shares of Ellah Lakes were traded in the open market.
The sharp rally driven by an increased volume of shares traded put Ellah Lakes on a recovery path after falling from a 52-week high of N5.41. The crop-producing company benefited from a high volume of shares traded all through the week.
In 2019, Ellah Lakes acquired Telluria Farms with the aim of transforming the company into a vertically integrated agribusiness with the aim of cultivating and processing oil palm, soya, maize, rice, and cassava. # Ellah Lakes Soars by 57% on Higher Trading Volume Nigeria Boosts Trade Surplus to N5.17trn as Imports Taper
