Shares of Legend Internet Plc surged by 32.77% in the week ended 13th June 2025, topping NGX’s list of advancers.
After five consecutive weeks of losses that saw the stock fall from N9.05 to below N6.00, Legend Internet shares have gained, likely supported by renewed investor interest following the company’s latest financial results.
In the results, the company reported a 2.20% increase in turnover to N319.9 million for the quarter ended April 30, 2025, bringing its nine-month total to N962.2 million, driven by higher subscriptions in fibre, WiFi, and airtime services.
- Pre-tax profit for the quarter was N52.2 million, bringing the nine-month total to N275.7 million—a 46.7% increase compared to the same period last year.
Following the release of the results in early June, the stock rebounded to close at N7.09, with a weekly market volume of 9.31 million shares, outperforming other top gainers such as Berger Paints and Ellah Lakes.
With a gain of over 32% in just one week, it is important to take a closer look at the factors likely driving investor sentiment during the period.
Likely drivers of bullish momentum
Recent financials from Legend Internet indicate steady growth and operational improvements.
- The company’s 9-month revenue rose to N962.2 million, from N868.6 million in the same period last year, supported by increased subscriptions in fiber, WiFi, and airtime services, with additional contributions from wholesale bandwidth and installation revenue.
- Legend Internet also reported a decrease in the cost of sales, down from N424 million to N317.1 million, which lifted gross profit to N645.1 million, compared to N444.6 million in the prior year.
- Operating income rose by 31.95% to N434.6 million, while pre-tax profit increased by 46.74% to N275.7 million, reflecting overall profitability improvements during the nine-month period.
- On the balance sheet, total assets were reported at N3.2 billion, while retained earnings stood at N808.4 million.
Before the recent upward movement, LEGENDINT had declined below N6, a level that may have attracted interest from investors seeking lower entry points.
The stock may now be approaching a possible resistance zone near N9, where it previously peaked after listing.
Market trend
Legend Internet, trading under the ticker “LEGENDINT”, debuted on the NGX at a listing price of N6.20 on April 24, closing that week slightly higher at N6.80.
In the following week—the last week of April—the stock gained strong traction, surging to a high of N9.05 and posting a weekly return of 32.40%.
However, a period of pullback followed. Over the next five weeks, the stock saw a bearish stretch, likely as investors awaited clearer entry points and the release of the company’s financials for the period ended April 30, 2025.
After the financial results were published on June 5, investor sentiment appeared to shift.
- In the week ended June 13, LEGENDINT rebounded, rising by 32.77% to close at N7.09, reclaiming the N7 price zone.
The renewed interest may have been driven by a combination of factors, including the release of a healthy financial report, a favorable technical setup, and earlier headlines surrounding a product launch in May.
An early May launching:
In early May, following its listing on the NGX in April, Legend Internet Plc launched FTTR by Legend, Nigeria’s first Fibre-to-the-Room (FTTR) broadband service, aimed at improving internet coverage and speed within homes and businesses.
- The service was deployed with technical support from global telecoms company Huawei and is designed to extend fibre-optic connectivity directly into individual rooms, unlike traditional broadband that stops at a central router.
- According to Legend, the rollout supports its broader goal of strengthening broadband infrastructure and providing more reliable connectivity for smart homes, remote work, and content creation. Huawei is contributing its expertise in fibre optics and smart home technology to the project.
“This partnership with Huawei reflects our focus on building infrastructure that meets modern digital needs,” said Aisha Abdulaziz, CEO of Legend Internet Plc. “FTTR by Legend delivers consistent, high-speed coverage across entire spaces.”
The launch marks a significant step in Legend’s expansion strategy following its recent entry into the public market.
