Shares of Eterna Plc have jumped by more than 21% on the Nigerian Exchange in October 2025, ending a four-month losing streak to trade at N41. The oil and gas company’s renewed market strength comes after a rebound from N33.70 in September, following a gradual slide from its April peak of N49.95.
The upward movement is largely attributed to the firm’s stronger earnings report for the first half of 2025, where it posted a profit after tax of N573.8 million. This marks a major turnaround from the N4.8 billion loss recorded in the same period last year.
On September 10, Eterna released a forecast projecting a full-year 2025 profit after tax of approximately N1 billion. Though slightly below the N1.3 billion achieved in 2024, analysts say the outlook remains optimistic and has helped boost investor confidence.
Revenue also rose by 6.8% to N157.6 billion during H1 2025. Based on this trajectory, the company’s full-year revenue target of N243 billion appears attainable.
Eterna’s stock is now up 68.7% year-to-date and currently trades around N41 a level many investors view as a potential entry point for gains beyond N50.
Market Trend
Eterna Plc began 2025 on a strong note, opening at N24.30 and rallying by 13.58% in January to hit N42 in February. However, momentum slowed in March, when the stock dipped 14.6%, before recovering sharply in April to reach a year high of N49.95.
Between May and September, Eterna’s share price weakened steadily, sliding to a low of N33.70. October has since brought renewed investor interest, as bargain hunters took advantage of the dip, pushing prices up by over 21%.
This resurgence in investor sentiment may also be tied to Eterna’s ongoing capital-raising plans, aimed at bolstering operational efficiency and long-term growth.
Capital Raise
In July 2025, Eterna Plc secured shareholder approval to raise up to N50 billion through multiple funding channels. The resolution, passed at the company’s 32nd Annual General Meeting held on July 24, allows the firm to source funds locally or internationally via public offers, rights issues, private placements, or shareholder loans.
The exact amount to be raised will depend on book-building and valuation outcomes. The company also received authorization to increase its share capital as required and to list the new shares upon issuance.
Additionally, the Board was empowered to take all necessary actions including appointing advisers, engaging regulatory bodies, and ensuring compliance to finalize the capital raise.
As investors look ahead, market watchers say Eterna’s improved financial outlook and expansion strategy could continue to fuel bullish sentiment on the stock in the coming months.
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