Economy
NGX All-Share Index Hits Historic Milestone of 69,236.19 points
By Dipo Olowookere
The All-Share Index (ASI) of the Nigerian Exchange (NGX) Limited reached a historic milestone of 69,236.19 points on Tuesday after it appreciated by 1.65 per cent or 1,124.48 points. In the preceding trading session, it closed at 68,111.71 points.
The improvement in the stock exchange’s benchmark index on the last trading day of October 2023 was buoyed by the sustained bargain-hunting activities yesterday due to the impressive Q3 earnings of companies on the bourse.
The persistent buying pressure increased the market capitalisation of NGX by N618 billion at the close of transactions to N38.039 trillion from N37.421 trillion.
Business Post reports that the consumer goods counter encountered selling pressure, leading to a 0.02 per cent decline, but this did not affect the overall outcome of Customs Streets.
This was because the insurance index appreciated by 1.87 per cent, the banking space grew by 0.94 per cent, and the industrial goods sector went up by 0.09 per cent, while the energy counter closed flat.
Investor sentiment remained strong on Tuesday as the market breadth index was positive, with 40 price gainers and 25 price losers.
Airtel Africa gained 10.00 per cent to close at N1,540.10, Cadbury Nigeria expanded by 9.92 per cent to N13.85, Northern Nigerian Flour Mills rose by 9.92 per cent to N19.95, Chams rose by 9.90 per cent to N2.22, and ABC Transport improved by 9.72 per cent to 79 Kobo.
On the flip side, Beta Glass depreciated by 9.93 per cent to trade at N60.30, University Press shed 9.79 per cent to close at N2.12, Ellah Lakes fell by 9.56 per cent to N3.50, Sovereign Trust Insurance slumped by 8.82 per cent to 31 Kobo, and Learn Africa declined by 8.79 per cent to N3.01.
At the market yesterday, investors traded 483.3 million shares valued at N6.1 billion in 8,027 deals versus the 430.4 million shares worth N8.3 billion in 7,656 deals, representing a decline in the trading value by 26.51 per cent, an increase in the trading volume by 12.29 per cent, and a rise in the number of deals of 4.85 deals.
The most active stock of the trading day was Japaul, which sold 155.6 million units for N181.9 million. UBA traded 33.9 million units worth N688.2 million, Zenith Bank exchanged 29.9 million units valued at N996.5 million, Access Holdings transacted 27.4 million units worth N468.7 million, and Chams traded 22.5 million units valued at N48.1 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.
