Eterna Reverses Previous Week’s Rally, Plunges 15.8% to N36

Eterna Plc reversed the gains recorded in the previous week as its share price plunged 15.8% to N36 in the week ended November 6, 2026.

The energy company’s shares fell by N6.75 from N42.75 to N36, making Eterna the third-worst-performing stock on the Nigerian Exchange during the week.

The decline represented a sharp reversal from the preceding week when Eterna gained 9.90% from N38.90 to N42.75.

The latest selloff did not only wipe out that gain but pushed the stock below the level it traded before the previous week’s rally.

From N38.90 before the rally to last week’s closing price of N36, Eterna is now down approximately 7.5%.

The two-week movement shows how quickly sentiment around the stock changed.

Eterna had advanced from N38.90 to N42.75 before selling pressure emerged. By November 4, the stock had dropped 9.94% in a single session from N42.75 to N38.50.

The decline continued during the remainder of the week, eventually pushing the share price to N36.

This means investors who bought around the previous week’s N42.75 closing level were sitting on a paper loss of almost 16% by the close of trading on November 6.

The selloff occurred alongside broader weakness on the Nigerian Exchange, where the All-Share Index declined 2.13% last week from 254,299.49 to 248,877.22.

Market breadth also weakened as 57 equities declined compared with 29 gainers.

Oil and gas stocks were among the hardest hit during the week with the NGX Oil/Gas Index falling 3.72% from 6,085.42 to 5,859.28.

However, Eterna’s 15.79% decline was substantially steeper than the sector’s overall loss, highlighting the intensity of selling pressure on the stock.

The movement from N38.90 to N42.75 and subsequently to N36 within two weeks also reflects the increasingly rapid reversals being recorded across parts of the equities market as investors lock in gains following short-term rallies.

Eterna will now need renewed buying interest to recover the ground lost during the latest selloff, with the stock ending last week below the level from which its previous rally started.