Livestock feeds stock jumps 48 percent despite 29 percent revenue decline

LIVESTOCK Feeds Plc emerged as the Nigerian Exchange Limited’s best-performing stock for the week ended October 9, 2026, after its share price surged 47.75 per cent, extending a rally that has lifted the animal-feed manufacturer’s stock by 62.35 per cent since the end of September.

The stock advanced from N8.90 on October 2 to N13.15 on October 9, adding N4.25 per share in five trading sessions. The latest performance placed it ahead of other equities on the NGX weekly gainers’ chart, even as the broader market retreated for a second consecutive week.

Data from the NGX trading records show that Livestock Feeds began the month at N8.10 on September 30 before climbing to N9.75 on October 5, N10.70 on October 6, N11 on October 7, N12 on October 8 and N13.15 on October 9.

The five consecutive advances represent a sustained upward movement rather than a single-session price spike. The stock gained 9.88 per cent on October 2, 9.55 per cent on October 5, 9.74 per cent on October 6, 2.80 per cent on October 7, 9.09 per cent on October 8 and 9.58 per cent on October 9. The October 2 gain preceded the five-session trading week and is excluded from the 47.75 per cent weekly calculation.

The rally has significantly increased the market value of investors’ holdings. An investor who held 10,000 shares at the September 30 closing price of N8.10 would have seen the value of the investment rise from N81,000 to N131,500 by October 9, representing a paper gain of N50,500, excluding transaction costs and taxes.

The latest advance also took the share price to its highest level in the available trading data for the period reviewed, with the stock touching an intraday high of N13.20 on October 9.

However, the sharp price appreciation comes against a mixed operating backdrop, making the company’s latest financial results important to understanding the market’s enthusiasm.

Livestock Feeds reported revenue of N14.82 billion for the six months ended June 30, 2026, compared with N20.80 billion in the corresponding period of 2025, representing a decline of approximately 28.74 per cent.

Despite the contraction in sales, the company’s net income increased to N1.14 billion from N102.39 million a year earlier. The result represents an increase of approximately 1,015 per cent, although the comparison reflects the relatively low profit base recorded in the previous year.

Earnings per share rose to approximately 38.07 kobo from 3.41 kobo in the corresponding period, according to the published half-year results.

The results suggest that the company was able to generate significantly higher earnings from a smaller revenue base. Nevertheless, the revenue decline remains an important consideration for investors assessing whether the improvement in profitability can be sustained.

The quarterly figures also reveal a similar pattern. For the second quarter ended June 30, 2026, Livestock Feeds recorded sales of N7.19 billion, down from N10 billion in the corresponding quarter of 2025. Net income, however, rose to N410.47 million from N64.17 million.

These results provide a fundamental backdrop to the share-price rally, but they do not establish that the latest earnings performance alone caused the buying interest. Market prices may also reflect expectations about future demand, operating costs, financing expenses and the broader outlook for the livestock and poultry industries.

For Livestock Feeds, the performance of the animal-feed market is particularly relevant because the company manufactures and markets animal feeds and concentrates. Demand from poultry farmers and other livestock producers, as well as the cost and availability of raw materials, can influence sales volumes, production expenses and margins.

The company s ability to translate higher profitability into sustained revenue growth will therefore be an important factor for investors monitoring its next financial results.

The stock s advance also stands out against the broader market s performance during the week. The NGX All-Share Index declined by 0.97 per cent to 248,363.55 points on October 9 from 250,808.27 points a week earlier. Market capitalisation fell by approximately N1.58 trillion to N161.26 trillion.

For now, Livestock Feeds has established itself as the market s standout stock for the week ended October 9. Whether the momentum can continue will depend on the interaction between investor demand, the company s financial performance and expectations for the animal-feed industry.