Economy
Fresh Selling Pressure Weakens NGX Index by 0.11%
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited succumbed to fresh selling pressure on Monday as investors promptly offloaded some stocks that have gained weight in the past trading sessions.
Investor sentiment was weak yesterday as the market breadth closed bearish with 12 price advancers and 16 price decliners led by ABC Transport which fell by 9.68 per cent to 28 Kobo.
Japaul went down by 9.09 per cent to 30 Kobo, NGX Group fell by 4.55 per cent to N21.00, Lafarge Africa declined by 4.20 per cent to N23.95, while Cutix contracted by 3.77 per cent to quote at N2.04.
On the flip side, Chams gained 7.69 per cent to quote at 28 Kobo, Flour Mills appreciated by 4.46 per cent to close at N29.30, Nigerian Breweries improved by 3.72 per cent to N48.75, Pharma-Deko increased its value by 2.63 per cent to N1.95, while NPF Microfinance Bank went up by 2.47 per cent to N1.66.
It was observed that the losses recorded yesterday were influenced by profit-taking in the banking and industrial goods sub-sector of the exchange.
The banking space lost 0.91 per cent, the industrial goods counter depreciated by 0.35 per cent, the insurance sector went down by 0.07 per cent, while the consumer goods index appreciated by 0.55 per cent, with the energy counter closing flat.
Consequently, the All-Share Index (ASI) moderated by 54.42 points to 49,991.41 points from 50,045.83 points, while the market capitalisation depreciated by N29 billion to N26.965 trillion from N26.994 trillion.
Yesterday, a total of 200.9 million stocks valued at N1.5 billion were traded in 3,976 deals in contrast to the 240.0 million stocks worth N2.7 billion transacted in 3,435 deals in the previous session, indicating an increase in the number of deals by 15.75 per cent, while the trading volume and value depreciated by 16.29 per cent and 46.00 per cent respectively.
Sterling Bank recorded the highest trading volume after selling 90.9 million equities valued at N131.9 million, Fidelity Bank traded 11.6 million shares worth N39.7 million, UBA exchanged 10.7 million stocks worth N76.8 million, GTCO sold 10.0 million shares for N199.2 million, while Zenith Bank traded 9.5 million equities valued at N203.1 million.
By Aduragbemi Omiyale
Nigeria slightly surpassed its quota set by the Organisation of the Petroleum Exporting Countries (OPEC) in July 2026.
In the month under review, the country produced about 1.57 million barrels of crude oil per day.
It was the third consecutive month Africa’s largest oil-producing nation was meeting its monthly quota, set to stabilise the price of the commodity on the global market by the oil cartel.
Data released by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) on Wednesday showed that the 1.5 million barrels per day ceiling for Nigeria was surpassed last month.
The agency disclosed in a statement today that the country produced 1.505mbpd of crude oil and 0.17mbpd of condensate, bringing the combined daily production to 1.67mbpd.
In the month under review, the daily peak production of crude oil and condensate was 1.78mbpd, while the lowest daily production was 1.57mbpd.
Although Nigeria met its OPEC quota in the month of July, the statistics show that on a month-on-month basis, production fell by 4 per cent.
This was attributed to the decline in production due to operational challenges experienced at the Erha and Akpo fields, which impacted crude oil output during the period under review.
These disruptions constrained production volumes and contributed significantly to the overall reduction in national crude oil output.
Despite the challenges, production operations across most other producing assets remained relatively stable, with operators implementing measures aimed at maintaining production efficiency and minimising the impact of operational constraints, NUPRC stated.
By Aduragbemi Omiyale
The over 9 billion shares of Lasaco Assurance Plc issued to shareholders of the company via a rights issue have been listed on the Nigerian Exchange (NGX) Limited.
The equities were brought to Customs Street on Wednesday by the organisation, increasing its total issued and fully paid-up share capital.
Lasaco Assurance, which scaled the recapitalisation hurdle of the National Insurance Commission (NAICOM) in July 2026, raised fresh capital from the capital market to shore up its capital base.
The underwriting firm got about N18.5 billion from the rights issue, which involved the issuance of 9,236,321,546 ordinary shares at a unit price of N2.00.
The exercise was on the basis of five new ordinary shares for every existing six ordinary shares held as of the close of business on Friday, February 20, 2026.
Confirming the listing of the additional stocks of Lasaco Assurance today, the Head of Issuer Regulation Department of NGX RegCo, Mr Godstime Iwenekhai, announced in a circular that, “Trading licence holders are hereby notified that an additional 9,236,321,546 ordinary shares of 50 Kobo each of Lasaco Assurance Plc were today, Wednesday, August 12, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares arose from the company’s rights issue of 9,236,321,546 ordinary shares of 50 Kobo each at N2.00 per share on the basis of five new ordinary shares for every existing six ordinary shares held as of the close of business on Friday, February 20, 2026.
“With the listing of the additional 9,236,321,546 ordinary shares, the total issued and fully paid-up share capital of Lasaco Assurance Plc has now increased from 11,083,585,855 to 20,319,907,401 ordinary shares of 50 Kobo each.”
By Adedapo Adesanya
The Nigerian Insurers Association (NIA) has said the successful recapitalisation of the insurance industry will strengthen the sector’s ability to support financial stability and economic growth.
NIA Chairman, Mrs Ebelechukwu Nwachukwu, said a well-capitalised insurance industry would be better positioned to meet its obligations promptly, underwrite complex and large-scale risks and serve as a dependable pillar of the Nigerian economy.
She made the remarks while commending the National Insurance Commission (NAICOM) for its structured implementation of the new minimum capital requirements under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
Mrs Nwachukwu said NAICOM’s clear guidelines, systematic verification process, defined timelines and rigorous supervision had provided operators with a credible framework for navigating the recapitalisation exercise.
She described the outcome as a major milestone for the industry and congratulated the 43 insurance and reinsurance companies that have successfully met the prescribed minimum capital requirements.
According to her, the exercise represents “a major win not just for regulators and operators, but for policyholders, investors and the wider Nigerian economy.”
Mrs Nwachukwu said the association would continue to work with NAICOM and other stakeholders to consolidate the gains of the exercise, with emphasis on sustainable industry growth, stronger market conduct and improved consumer confidence.
The official also expressed solidarity with the eight companies still undergoing final verification and regulatory review, urging them to remain confident as NAICOM completes the process within the 14-day review period.
The NIA chairman assured policyholders and the wider business community that the insurance industry would emerge from the recapitalisation exercise stronger, more resilient and better positioned to contribute to Nigeria’s economic development.
