Eterna Plc, a Nigerian oil and gas company, has recorded a strong comeback on the Nigerian Exchange (NGX), gaining over 21% so far in October 2025 after months of losses. The stock, which had fallen steadily from its April peak of N49.95, rebounded sharply from N33.70 in September to trade at around N41, marking renewed investor confidence in the company’s outlook.
The rally ends a four-month losing streak for Eterna, which struggled between May and September due to profit-taking, weak market sentiment, and concerns about fuel import disruptions affecting the downstream sector. However, the October rebound shows that investors are regaining optimism, partly driven by the company’s improved half-year performance and solid earnings recovery.
Eterna reported a profit after tax of N573.8 million for the first half of 2025, compared to a N4.8 billion loss recorded in the same period last year. This turnaround in profitability appears to have boosted confidence among shareholders and retail investors who had earlier exited the stock during its decline.
The company’s revenue also increased by 6.8% year-on-year to N157.6 billion in H1 2025. Based on its recent results and ongoing operational improvements, analysts believe Eterna is on track to meet its full-year revenue projection of N243 billion. The company had earlier projected a profit after tax of about N1 billion for 2025, only slightly below the N1.3 billion achieved in 2024.
Investors appear to be responding positively to the company’s growth outlook and renewed strategic focus, with Eterna’s share price now up 68.7% year-to-date. Market observers note that the current N41 price could serve as an attractive entry point for investors anticipating a rally toward the N50 mark if the momentum continues.
Market data shows that Eterna started 2025 on a strong note, opening at N24.30 and gaining 13.58% in January before climbing to N42 in February. The rally cooled off in March with a 14.6% decline, only to regain strength in April, when the stock reached a year-high of N49.95. From May to September, however, the stock declined gradually, touching a low of N33.70 in September.
In October, renewed buying interest has returned, largely driven by investors taking advantage of lower prices and by improved sentiment following the company’s stronger performance. The bullish momentum also coincides with Eterna’s efforts to raise fresh capital, a move seen as a major step toward strengthening its balance sheet and funding expansion.
In July 2025, Eterna Plc obtained shareholder approval to raise up to N50 billion through multiple funding options, including public offerings, private placements, rights issues, or shareholder loans. The approval was granted at the company’s 32nd Annual General Meeting (AGM) held on July 24, 2025. The funds will be raised locally or internationally to support operational growth, modernize infrastructure, and enhance competitiveness in Nigeria’s energy market.
Eterna’s board was also authorised to increase the company’s share capital by issuing new shares and to ensure compliance with all listing and regulatory requirements. According to the board, the capital raise is part of a broader plan to strengthen liquidity, improve working capital, and position the company for long-term sustainability amid an evolving energy landscape.
Analysts say the company’s performance in 2025 shows that management’s recovery strategy is yielding results. Eterna has focused on operational efficiency, cost reduction, and strategic partnerships, which have helped stabilize margins and improve profitability despite volatile market conditions.
With its ongoing capital raise and improved profitability, Eterna is expected to strengthen its position in Nigeria’s downstream oil and gas sector. The company, which operates in fuel marketing, lubricants, and petrochemicals, is also exploring opportunities in cleaner energy solutions as part of its diversification strategy.
Investors are optimistic that Eterna’s improved fundamentals, combined with supportive government policies for local energy firms, could push the stock above N50 before the end of 2025. Still, analysts caution that the company’s performance will depend on macroeconomic factors such as inflation, exchange rate stability, and global oil price movements.
Eterna’s recent rally highlights growing investor interest in fundamentally strong mid-cap energy stocks listed on the NGX. As the company continues to execute its strategic plans, the market will be watching closely to see whether the October rebound marks the start of a more sustained upward trend.
