E-Tranzact Jumps 10% to N17.60, Extends October Gain to 60%

E-Tranzact International Plc jumped 10% on Thursday to N17.60 to extend its gain from an earlier October low of N11 to 60% as investors returned to the stock following a decline in the previous trading session.

The stock gained N1.60 from Wednesday’s closing price of N16 to emerge as the biggest equity gainer on the Nigerian Exchange on October 29.

Thursday’s rally also reversed the 4.76% decline recorded in the previous session when E-Tranzact fell from N16.80 to N16.

The latest advance continues a volatile but largely upward October run for the electronic payment company.

E-Tranzact had closed at N11 earlier in October before recovering to N12.10 and subsequently accelerating its advance.

During the week ended October 16, the stock climbed from N12.10 to N17.30, representing a weekly increase of 42.98%.

The stock subsequently pulled back before Thursday’s 10% rally lifted it to N17.60, above the N17.30 weekly closing level recorded earlier in the month.

Measured from N11, E-Tranzact has now added N6.60 per share, representing a 60% increase.

The gain came as the broader Nigerian equities market also closed higher on Thursday.

The NGX All-Share Index advanced 0.47% from 252,882.78 points to 254,083.02 points, while equities market capitalisation increased by approximately N779 billion to N164.974 trillion.

Other leading gainers included Sovereign Trust Insurance, which rose 9.60% to N2.17, FTG Insurance with a 9.37% increase to N1.75, McNichols at 9.18% to N5.35 and Zichis, which appreciated 8.24% to N18.40.

The latest move leaves E-Tranzact among the notable October performers on the NGX, having gained 60% from N11 despite intermittent profit-taking during the month.