Red Star Express Rebounds 9.86% to Lead NGX Gainers

Red Star Express Plc rebounded strongly on the Nigerian Exchange (NGX) on Monday, rising 9.86 percent to emerge as the day’s best-performing stock as bargain hunters returned to the logistics company’s shares.

The stock climbed from N14.70 to N16.15, gaining N1.45 during the trading session to top the gainers’ chart after recent selling pressure.

The recovery comes after Red Star Express featured among the market’s worst-performing stocks last week, suggesting investors took advantage of the lower share price to rebuild positions.

Despite the broader market closing lower, Red Star Express led a selective rally across several equities.

Other top gainers included:

• UPL Plc, which advanced 9.38 percent from N4.80 to N5.25.
• UPDC Plc, up 5.97 percent from N3.35 to N3.55.
• Haldane McCall Plc, which gained 3.90 percent from N3.85 to N4.00.
• SUNU Assurances Nigeria Plc, which appreciated 3.33 percent from N3.00 to N3.10.

The gains came even as the NGX All-Share Index declined 0.11 percent to close at 239,085.17 points, extending the market’s August correction.

Trading activity remained healthy, with investors exchanging 668.72 million shares valued at N23.83 billion in 45,894 deals, indicating that buying interest persisted in selected stocks despite the cautious market sentiment.

Red Star Express’ near-10 percent rebound made it the standout performer of Monday’s session and highlighted continued bargain hunting in fundamentally attractive stocks even as the broader market remained under pressure.