Eterna Plc, a leading lubricants and petroleum products manufacturer in Nigeria, led stock gainers with 9.89 percent on Monday to settle at N7.25 per share, its highest price in 52 weeks after a 13.6 percent gain last week.
Investors traded 676,878 shares of Eterna valued at N4.880 million during the trading hours of Monday.
In the 9 trading days ended Friday, May 14, 2021, Eternal gained 25 percent from N5.81 per share it traded on May 7th 2021 to N7.25 on May 17th 2021 before moderating to N6.6 per on Monday (today).
Eterna closed in the green despite the Nigerian Exchange Limited All-Share Index declining by 0.44 percent on Monday to settle at 39306.47 index points.
It led the gainers’ table again on Monday after emerging the highest gainer on Friday.
However, experts at Cordros Securities do not think the market will sustain last week bullish run in the week ahead.
They said “In the week ahead, we do not think the bulls will repeat the flawless victory that ensued this week as the bears are likely to book profit across most counters. Consequently, we see more of a “choppy theme” as cautious trading takes centre stage ahead of a critical MPC meeting scheduled later in the month.
“Notwithstanding, we advise investors to take positions in only fundamentally justified stocks as the weak macro story remains a significant headwind for corporate earnings.”