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Eterna leads other stocks fueling rally on Nigerian Exchange

Eterna to distribute Dangote refinery products in Nigeria

Nigeria’s stock market opened the new week on a positive note as investors continued to buy shares of Eterna Plc following recent plan by Preline Investment to acquire additional 1.3million shares of the company at premium price of N13.50 per share.

The Nigeria stock market which rose by 0.20percent or N45billion on Monday recorded further positive return at 13.68percent year-to-date (YtD).

Leading the gainers on Monday April 25, Eterna Plc share price rose from day-open low of N6.65 to N7.31, adding 66kobo or 9.92percent.

Meristem analysts had advised investors to HOLD the shares of Eterna Plc saying that they expect the price of the stock to jump significantly over the next couple of trading sessions.

Read also: Nigeria stocks gain over N480bn in 4-day trading week

“Clients who already have the stock are advised to HOLD. Alternatively, such clients could realise profit by selling, depending on their respective entry levels as not all the minority shares would be bought by Preline Limited. For this same reason, we advise clients who are looking to buy the stock to trade with caution,” Meristem analysts had said.

Other stocks that were seen on the top advancers list include Skyway Aviation Handling Company Plc which rose from N6.37 to N7, after adding 63kobo or 9.89percent; and Oando Plc which rallied from N5.86 to N6.44, adding 58kobo or 9.90percent.

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and Market Capitalisation increased from 48,459.65 points and N26.125trillion respectively to 48,543.36 points and N26.170trillion.

Zenith Bank, Oando, Axa Mansard, Transcorp and FBN Holdings were most traded stocks on the Exchange. In 5,711 deals, investors exchanged 328,391,904 units valued at N4.038billion.