Weekly report from the Nigerian Exchange, (NGX) has shown that share price of the agribusiness company Ellah Lakes Plc appreciated the most in percentages for the week ended 27th September 2024.
ELLAHLAKES opened the week at NGN3.08 and closed at NGN4.92 per share gaining NGN1.84 which represent 59.74% leading it to top the gainers chart for the week.
According to African Exchange, Ellah Lakes began the year with a share price of 2.90 NGN and has since gained 69.7% on that price valuation, ranking it 23rd on the NGX in terms of year-to-date performance. The stock has accrued an outstanding 61% over the past four-week period alone—third best on NGX.
Ellah Lakes is the 17th most traded stock on the Nigerian Stock Exchange over the past three months (Jul 2 – Sep 27, 2024). ELLAHLAKES has traded a total volume of 646 million shares—in 3,761 deals—valued at NGN 2 billion over the period, with an average of 10.3 million traded shares per session. A volume high of 271 million was achieved on July 8th, and a low of 81,826 on August 15th, for the same period.
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Ellah Lakes was founded in 1980 and is headquartered in Benin, Edo State Nigeria and the First Agribusiness Company to be publicly listed on the Nigerian Stock Exchange. Until 2016, Ellah Lakes Plc engaged in fish farming producing and marketing fresh water fish, until the company ceased commercial operations due to unrest in the Niger Delta region.
In May 2019, Ellah Lakes completed the acquisition of Telluria Farms. This acquisition refocused the corporate mission of the company on the production and processing of Cassava, Maize, Soya and Oil Palm into their derivative products. With the acquisition, Ellah Lakes owns a land bank of 2,400 hectares dedicated to the production of Oil Palm. Ellah Lakes is currently embarking on an aggressive mission of rapid growth to develop Staple Crop Processing Zones (SCPZ) in Nigeria.
Since 2020, Ellah Lakes has expanded by acquiring 5,000 hectares in Ondo State and 5,000 hectares in Enugu for the development of a Staple Crop Processing Zone (SCPZ) and the production of rice, Maize, Cassava and Soybean.
Ellah Lakes Plc is currently the 80th most valuable stock on the NGX with a market capitalization of NGN 13.5 billion, which makes about 0.024% of the Nigerian Stock Exchange equity market.
