TotalEnergies Plc experienced a significant surge in market value last week as investors increased their positions in oil stocks. The company's shares rose by nearly 20%, defying broader market trends.
According to data from the Nigerian Exchange, TotalEnergies Plc's share price rose to N511.90 on Friday, marking a 19.69% increase from N427.70 at the week's start. This marks a new 52-week high for the stock, which had previously hit a low of N346.50 over the past year.
The spike in share price was driven by the company’s impressive earnings per share (EPS) growth in the first half of the year. TotalEnergies reported a 134.1% year-on-year increase in EPS, reaching N60.6.
This price increase also boosted the market capitalization of the company's 339.521 million outstanding shares to N173.801 billion.
In the first half of 2024, TotalEnergies Marketing Nigeria reported robust revenue growth amid global commodity market stability and intermittent fuel scarcity in the country. The company's revenue soared, driven by elevated energy prices, with net income reaching N20.6 billion—a 53.2% year-on-year increase according to its unaudited financials.
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