Large cap stocks drag Nigerian market further south

The Nigerian eq- uities market lost additional N3billion yes- terday as large- ly capitalised stocks led the losers table.

The value of listed equities also dipped from N11.46trillion to N11.432trillion at the close of deals on Tuesday.

The Nigerian Stock Ex- change (NSE) benchmark performance indicator dropped by 98.31 points or 0.29% from 33,590.48 points to 33,492.17 points recorded yesterday.

Nestle Nigeria plc led the losers tabled after its share price declined by N10, from N865 to N855; followed by Mobil Oil Ni- geria plc which lost N6.3, from N156.3 to N150.

Forte Oil plc also declined from N159.86 to N158.6, losing N1.26; Stanbic IBTC Holdings plc dipped by N0.95, from N28.95 to N28; while GT- Bank plc declined from N27.29 to N26.94, losing N0.35.

In 3,512 deals, eq- uity dealers exchanged 226,198,833 units valued at N2.743billion.

Actively traded equi- ties on the floor of the Ex- change yesterday include: FBN Holdings plc, Trans- national Corporation of Nigeria plc; Zenith Bank plc, United Bank for Africa plc and Access Bank plc.

Oil prices gained on Tuesday as higher sea- sonal demand in devel- oped economies offset the impact of a large global supply overhang.

Expectations of a fall-of in U.S shale oil production and a weaker dol- lar also underpinned prices.

Brent for July delivery was up to 95 cents to $63.64  a barrel as of 08:46 GMT, having settled down 62 cents in the previous ses- sion.

Front-month U.S. crude climbed 73 cents to $58.87 a barrel, after end- ing the previous session down 99 cents.

Demand for oil tends to increase in the summer months as drivers take to the roads for holidays in Europe and the United States.

This has helped counter the impact of a growing glut in supply that has led to tankers storing oil at sea.

At the Nigerian Stock Exchange the share price of Okomu Oil Palm plc gained most at the Nige- rian bourse after it rallied from N29.21 to N30.67, adding N1.46.

National Salt Com- pany of Nigeria plc ral- lied from N7.04 to N7.75, adding N0.71; Dangote Cement plc rose by N0.54, from N177.01 to N177.55; Berger Paints plc rose by N0.43, from N10.93 to N11.36; while Unilever Nigeria plc rallied from N45.17 to N45.5, adding N0.33.

IHEANYI NWACHUKWU