The standout move in the NGX today session did not come from the biggest banks, but from two smaller oil-linked names. Caverton Offshore Support Group and Eterna Plc both surged 10.0% on Monday to NGN 5.50 and NGN 36.30 respectively, even as Brent crude fell 6.9% on the day to $83.89 a barrel and was down 7.5% over the week.
That apparent contradiction makes more sense when viewed through a Nigerian lens. On the local market, a pullback in Brent from higher levels does not erase the fact that oil is still trading at a price high enough to support cash flow expectations across upstream, offshore services and downstream distribution. At the same time, the naira strengthened modestly to NGN 1,361.08 per dollar, up 0.20% on the day, easing some pressure on imported inputs, fuel replacement costs and foreign-currency obligations for companies exposed to logistics and energy operations.
Key figures
- NGX ASI: +1.84% at 1,806.78
- Caverton: +10.0% at NGN 5.50
- Eterna: +10.0% at NGN 36.30
- Brent: $83.89/bbl, down 6.9%
- USD/NGN: 1,361.08, naira up