Total Nigeria plc and some largely capitalised stocks led by Seplat Petroleum Development Company plc, Guinness Nigeria plc, Nestle Nigeria plc and Mobil Oil Nigeria plc led the equities market to a disappointing close yesterday.
The Nigerian Stock Ex- change (NSE) All Share Index (ASI) decreased by 0.29% yesterday, while the Year-to-Date (Ytd) return further declined to -6.39%.
Total Nigeria led the 31 losers against 21 gainers after its share price declined by N8, from N165 to N157; while Seplat Petroleum Development Company plc lost N5.95, from N342 to N336.05.
Guinness Nigeria plc also dipped by N4.8,from N152 to N147.2.
Nestle Nigeria plc dipped by N3.99, from N854 to N850.01.
Mobil Oil Nigeria plc lost N2, from N150 to N148.
The All Share Index closed at 32,444.12 points as against the preceding day’s 32,538.34 points while market capitalisation closed at N11.075 trillion as against preced- ing trading day’s close of N11.107trillion.
Another negative to the market sentiments came as Greece’s defaulted in repayment of its debt to the International Monetary Fund (IMF) and subsequently the suspension of Eurozone bailout for trouble nation.
As well, oil prices tumbled their most in three months on Monday, with U.S. crude falling 5 percent, after Greece’s rejection of debt bailout terms and China’s rolling out of emergency measures to support its stock markets shook global markets.
Adding to the pres- sure on oil markets, Iran and global powers were trying to meet a July 7 deadline on a nuclear deal, which could add more oil to oversupplied markets if sanctions on Iran are eased.
U.S. crude was down $2.61 at $54.32 a barrel by 10:45 a.m. EDT, breaking below the 100-day moving average and heading for its worst loss in a day since the near 7 percent drop on April 8.
Brent fell $1.60, or 2.7 percent, to $58.72, also snapping the 100-day average.
Meanwhile, at the Nigerian Stock Exchange, the volume of stocks traded at the Nigerian bourse increased by 12.5% from 138.55million to 155.86million, while the total value of stock traded increased by 7.67% from N1.55billion to N1.66billion in 3,230 deals.
The share price of Sev- en-Up Bottling Company plc rallied most at the local bourse by N4, from N190 to N194; while Lafarge Africa plc followed with a N3.5 gain from N101 to N104.5.
Forte Oil plc gained N2, from N190 to N192; Flour Mills of Nigeria plc appreciated by N0.5, from N33.5 to N34; while the share price of Ecobank Transnational In-corporated plc rallied from N21.75 to N22.1, adding N0.35.
Actively traded stocks include that of Access Bank plc, Diamond Bank plc, United Bank for Af- rica plc, Zenith Bank plc, and Beco Petroleum Products plc.
