7-Up, Forte, Guinness, 22 others drag equities southwards

Despite that 31 companies recorded share price gains yesterday against 25 losers, the benchmark performance indicator of the Nigerian Stock Exchange (NSE) still routed south.

This was as a result of losers recorded by largely capitalised stocks like 7-Up Bottling Company plc, Forte Oil plc, Guinness Nigeria plc, Unilever Nigeria plc and Seplat Petroleum Development Company plc.

The equities market closed yesterday on a negative note as NSE All Share Index (ASI) depreciated by 0.78 percent to close at 34,730.95 points against the preceding day’s 35,005.05 points.

The equities market capitalisation declined by N97bn, from N11.928trn to N11.831trn.

The Year-to-Date (YTD) returns stood at 0.21 percent. In 4,497 deals, equity dealers exchanged 395.164m units valued at N2.696bn.

7-Up Bottling Company plc led the losers table after its share price declined by N6.91, from N170.01 to N163.1. Forte Oil plc declined from N204.25 to N200, losing N4.25. Guinness Nigeria plc lost N2, from N170 to N168.

Unilever Nigeria plc also declined from N43.43 to N41.65, down by N1.78; while Seplat Petroleum Development Company plc lost N1.04, from N398.83 to N397.79.

On the gainers table, Flour Mills of Nigeria plc led others after its share price appreciated from N34 to N35.7, adding N1.7. Ashaka Cement plc gained N1, from N20.02 to N21.02. Cement Company of Northern Nigeria plc rose from N11.14 to N11.68, adding N0.54.

Oando also gained after its share price appreciated from N18.16 to N18.69, adding N0.53; while UAC Properties appreciated from N11.4 to N11.88, adding N0.48.

Oil prices rose in a volatile day of trading on Monday as concerns over tension in the Middle East and a drop in the number of U.S rigs drilling for crude offset comments from Saudi Arabia’s oil minister that Saudi production would stay near record levels in April.

Brent crude was up 45 cents at $63.90 by 1422 GMT, down from an intraday peak of $64.34. U.S. crude for May delivery was up 89 cents at $56.63 a barrel, down from an early high of $56.65.