Eterna Plc recorded a sharp reversal on the Nigerian Exchange Limited (NGX) on Thursday as its share price fell by the maximum 10 percent to N41.40.
The energy company’s stock declined by N4.60 per share from its previous close of N46, placing Eterna among the biggest decliners during Thursday’s trading session.
The selloff followed a strong performance in the preceding week when Eterna ranked among the NGX’s leading gainers.
During the week ended October 2, Eterna advanced 12.82 percent from N39 to N44, adding N5 per share over the period.
The stock subsequently climbed further to N46 before Thursday’s decline erased much of the recent advance.
At its N46 previous close, Eterna had gained N7, or 17.95 percent, compared with the N39 level at the beginning of the previous week’s rally.
Thursday’s N4.60 decline wiped out about 65.7 percent of that N7 increase, leaving the stock at N41.40.
Despite the sharp fall, Eterna remained N2.40 above the N39 level from which the recent advance began, equivalent to a gain of approximately 6.15 percent.
The reversal came amid broader weakness across the Nigerian equities market with the NGX All-Share Index declining 0.82 percent to 248,042.50 points.
Aradel Holdings Plc also fell by the maximum 10 percent, dropping from N1,530 to N1,377, while Cutix declined 9.02 percent to N2.22.
CMFC lost 8.98 percent to close at N3.65, while NPF Microfinance Bank declined 8.70 percent to N4.20.
Trading activity across the market stood at 492.23 million shares worth N38.02 billion across 38,711 deals, while equity market capitalisation closed at N161.052 trillion.
Eterna’s performance marked a significant reversal from its recent upward run, with Thursday’s 10 percent decline taking the stock back below its N44 closing level at the end of the previous trading week.