Economy
Profit-Taking Shrinks Nigerian Exchange Below N30trn After 1.04% Loss
By Dipo Olowookere
The Nigerian Exchange (NGX) came under selling pressure on Thursday as it finished lower by 1.04 per cent to pull down the All-Share Index (ASI) below the 55,000-point market.
According to data obtained by Business Post, the ASI depreciated by 574.59 points to close at 54,915.61 points compared with the previous day’s 55,490.20 points.
Similarly, the market capitalisation of the local bourse depleted at the close of transactions due to sustained profit-taking by N313 billion to N29.916 trillion from Wednesday’s N30.229 trillion.
It was observed that the sell-down by investors was across the stock exchange sectors as the nation heads to the polls on Saturday to elect governors and state lawmakers.
Investors are cautious and have decided to minimise their stock exposure, resulting in the banking index shedding 1.00 per cent yesterday. The insurance sector lost 0.36 per cent, the consumer goods counter declined by 0.17 per cent, and the industrial goods space depreciated by 0.10 per cent, while the energy sector remained unchanged.
Investor sentiment was fragile during the session as Customs Streets finished with 25 price losers and eight price gainers, implying a negative market breadth.
Ecobank went down by 10.00 per cent to trade at N10.80, Industrial and Medical Gases lost 9.32 per cent to quote at N7.30, Royal Exchange depreciated by 8.22 per cent to sell for 67 Kobo, RT Briscoe depleted by 7.69 per cent to 24 Kobo, and International Energy Insurance decreased by 6.92 per cent to finish at N1.21.
However, Chams gained 8.70 per cent to trade at 25 Kobo, University Press appreciated by 7.57 per cent to N1.99, Living Trust Mortgage Bank rose by 3.37 per cent to N3.07, Sterling Bank climbed higher by 2.67 per cent to N1.54, and Zenith Bank went up by 2.52 per cent to N24.45.
At the market yesterday, Transcorp emerged as the most active equity after it sold 26.1 million units and was trailed by Zenith Bank, which traded 14.7 million units. Sterling Bank transacted 13.2 million units, UBA exchanged 10.2 million units, and Access Holdings traded 7.6 million units.
Cumulatively, investors bought and sold 137.3 million shares valued at N1.5 billion in 3,489 deals compared with the 181.2 million shares valued at N3.4 billion transacted in 3,908 deals in the midweek session, indicating a decline in the trading volume, value and the number of deals by 24.23 per cent, 55.88 per cent, and 10.72 per cent, respectively.
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.
