Japaul Oil & Maritime Services Plc (JAPAULOI), a Nigerian oil-services company, headed for its biggest decline in more than three weeks as crude prices retreated.
The stock fell 4.6 percent to 62 kobo as of 1:04 p.m. in Lagos, the commercial capital, set for the biggest one-day loss since June 20.
Oil fell in New York on signs from Asia and the U.S. that the global recovery is faltering and eroding demand for fuel. Crude for August delivery declined as much as $1.35 to $84.46 a barrel in electronic trading on the New York Mercantile Exchange.
Japaul’s shares have fallen 31 percent this year, compared with a 7.3 percent rise in the Nigerian Stock Exchange All-Share Index.
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