Stock market dips further as Guinness, UACN, Nigerian Breweries, others lose

Nigerian stock market slowed further by about 0.25% as equities lost additional N25billion at the close of trading on the local bourse yesterday.

The Nigerian Stock Ex- change (NSE) All Share Index (ASI) which tracks the performance of the nation’s stock market was down by 74.77points, from 30,510.95 points to 30,436.18 points; while the value of listed equities measured by their capitalisation declined from a high of N10.457trillion to N10.432trillion yesterday.

Guinness Nigeria plc led the losers table after its share price declined by N2.32, from N134 to N131.68; while UAC of Nigeria plc declined from N41.5 to N40, losing N1.5.

Also, Nigerian Breweries plc lost N1, from N122 to N121; Stanbic IBTC Holdings plc dipped by N0.74, from N22.5 to N21.76; while PZ Cussons plc declined from N28.71 to N28.01, after losing N0.7.

At the close of deals yesterday on the Nigerian Stock Exchange (NSE) trading floor, only fourteen (14) stocks gained against thirty-two (32) losers.

On the gainers table, Nigerian stock market slowed further by about 0.25% as equities lost additional N25billion at the close of trading on the local bourse yesterday.

Seven-Up Bottling Company plc added N8, from N182 to N190; followed by Lafarge Africa plc after adding N4.09, from N99 to N103.09.

Also, Forted Oil plc rallied from N184.5 to N188, adding N3.5; Cement Company of Northern Nigeria plc rose from N8.77 to N9.14, adding N0.37; while E- Tranzact International plc added N0.12, from N3.33 to N3.45.

In 3,154 deals, equity buyers exchanged 154,335,236 units of companies shares valued at N4.210billion yesterday.

Oil prices steadied on Thursday after a larger- than-expected draw in U.S. crude and gasoline stocks as well as figures showing a decline in U.S. oil production were balanced by a surge in the dollar.

Brent crude was up 20 cents a barrel at $53.58 by 1345 GMT, after settling 8 cents higher in the previous session. U.S. crude was unchanged at $48.79, after ending the previous session up 81 cents, or 1.7 percent.

Royal Dutch Shell warned on Thursday that lower oil prices could continue for several years, and said it was planning for a prolonged downturn.

It comes as the Anglo–Dutch multinational reported that earnings in the second quarter, on a current cost of supplies (CCS) basis, came in at $3.4 billion down from $5.1 billion for the same quarter a year ago.

CCS is a way of reporting income that takes into account changes in expenses over the period.

 Shell also revealed plans to further reduce 2015 capital expenditure (capex) to $30 billion, down by 20 percent from a year ago on the back of a downturn in oil prices, and said it planned to cut 6,500 jobs over the year.


Source : BusinessDay

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