Demand for oil stocks has begun to rise on the Nigerian Exchange (NGX) trading platform, as significant companies such as TotalEnergies, Oando, and ETERNA continue to curb gains.
The oil market has remained reasonably stable, with crude oil prices oscillating between $70 and $80 per barrel on the global commodities market.
In the most recent rally, TotalEnergies’ price increased by 10%, the maximum permissible daily price movement on the Nigerian Exchange. Oando Plc had a 9.98% increase in market value, while Eternal rose by 9.96%.
Ticker: TOTAL climbed from N563 per share to N619.3 in the equities market on Tuesday as a result of heavy buying interest. The stock has gained 21% since the beginning of the week, up from N511.90 on Friday close to N619.30 on Tuesday.
Ticker: ETERNA trended higher, up by 9.96% to close the day at N25.4 per share in the domestic exchange, from N23.1 yesterday. Eterna has seen about 21% gain in the market this week.
Its share price started at N21 and has grown to N25.1 over two days in the local market due to solid demand for oil stocks. Eterna market value has inched to N33.125 billion.
Ticker: OANDO surged to N57.85 per share on the Nigerian Exchange on Tuesday. The company has been making uptrend as its acquisition taste attract investors to the oil stock. The company’s 12.431 billion shares outstanding has been valued upward by 9.98% to N719 billion on the Nigerian Exchange.
Oil and Gas index gained 4.14% on the Nigerian Exchange on Tuesday due to Oando, Total, and Eterna Plc positive price appreciation.
