Shares of Eterna Plc, an oil and gas company, have risen more than 21% on the Nigerian Exchange so far in October 2025, ending four consecutive months of declines to trade at N41.
The stock’s bullish momentum resurfaced in October after rebounding from N33.70 in September, a dip that followed a steady decline from its April 2025 peak of N49.95.
Eterna’s recovery was likely driven by stronger earnings, posting a H1 2025 profit after tax of N573.8 million, a sharp rebound from a N4.8 billion loss in the same period last year.
On September 10, Eterna released a forecast projecting a full-year 2025 profit after tax of about N1 billion. Although slightly lower than the N1.3 billion recorded in 2024, the outlook remains strong and might have helped sustain investor confidence.
Revenue rose by 6.8% to N157.6 billion in the H1 2025. Based on the company’s recent performance and market trend, its full-year revenue target of N243 billion appears achievable.
Eterna shares are up 68.7% year-to-date and are currently priced around N41, a level some investors may view as an entry point to position for a potential move above N50.
Eterna began 2025 on a strong note, opening at N24.30 and gaining 13.58% in January and reaching N42 by February.
The momentum briefly faded in March with a 14.6% decline, but bullish sentiment returned in April, propelling the stock to a year high of N49.95.
From May through September, the stock lost steam, slipping steadily to a low of N33.70.
This renewed optimism may also be linked to the company’s ongoing capital-raising efforts, which are aimed at strengthening operations and positioning Eterna for more sustainable growth.