Eterna Plc erased all of its previous week’s gain on Wednesday after its share price plunged 9.94% to N38.50 on the Nigerian Exchange (NGX).
The stock declined by N4.25 from its previous closing price of N42.75, making Eterna the worst-performing equity during the November 4 trading session.
The decline completely reversed the 9.9% gain recorded in the week ended October 30, when Eterna advanced from N38.90 to N42.75.
At Wednesday’s closing price of N38.50, the stock was N0.40 below the N38.90 level at which it started the previous week’s rally.
This means investors who bought at the beginning of last week’s advance and held through Wednesday had moved from a gain of almost 10% to a marginal loss as the rally reversed.
The sharp decline came despite a positive session for the broader equities market. The NGX All-Share Index gained 0.19% to close at 254,762.81, while equities market capitalisation increased by approximately N307.41 billion to N165.42 trillion.
Eterna’s performance contrasted with Transcorp Power, which led the gainers with a 9.97% increase to N203, while Caverton Offshore Support Group rebounded 9.84% to N3.35.
eTranzact International also gained 9.68% to N17, while Haldane McCall and International Energy Insurance appreciated by 7.36% and 7.27%, respectively.
On the other side of the market, Sovereign Trust Insurance followed Eterna among the biggest decliners, falling 9.91% to N1.91. Learn Africa dropped 9.84% to N8.25, Cornerstone Insurance declined 9.30% to N3.90 and Mutual Benefits Assurance fell 6.85% to N2.72.
Eterna’s reversal highlights how quickly last week’s gains have disappeared with the stock moving from N38.90 to N42.75 before falling back to N38.50 in a single session.
