The assurance that 500,000 hectares of farmlands will be cultivated across the country to grow maize, rice, wheat, millet and other staple crops in other to combat hunger in the country, Food insecurity has hampered a continuous rise in price of food items putting food inflation to 32.84 per cent.

The agricultural sector has a total number of five companies listed on the NGX. This report shows expository the performance of the companies under this sector within the time frame of Q1’2023 and Q1’2024. The companies listed on this sector are ELLAHLAKES, PRESCO, FTNCOCOA, LIVESTOCK and OKOMUOIL.

Ellah Lakes PLC

The agricultural sector witnessed an impressive performance in Q1’2024 share price movement with Ellah Lakes Plc having its price doubled from 10 Naira to 23.33 Naira being the best performing stock under the sector. Earlier in the year, the shareholders of Ellah Lakes approved the plan to raise about N5bn in capital either by private placement or any other equity issuance. The company recently acquired 80 per cent of the value of ELP Sunshine Limited with the remaining 20 per cent held by the Ondo State Government.

Ellah Lakes Plc concluded its Rights Issue which was well subscribed, raising just over N250 million and significantly deleveraging the Company via a Debt for Equity conversion.

FTNCOCOA shows a progressive growth at Q1’2023 from -13.33 per cent to 1.19% in Q1’2023 but a reverse however in growth price was witnessed in OKOMUOIL, while Ellah Lakes doubled it growth by 2.3%. It can be reference that the companies under this sector have the propensity for growth in the next Q2’2024.