Economy
Nigerian Stock Market Recedes by 0.76% as Traders Book Profit
By Dipo Olowookere
The Nigerian stock market witnessed a pullback of 0.76 per cent on Thursday, influenced by profit-taking by investors, who quickly sold off some stocks that have gained weight in the past few days.
Shares in the key sectors of the Nigerian Exchange (NGX) Limited were affected, pulling down the All-Share Index (ASI), which hit its all-time high on Wednesday, by 539.48 points to 70,042.28 points from 70,581.76 points, as the market capitalisation depreciated by N296 billion to N38.482 trillion from N38.778 trillion.
Business Post reports that the banking index depleted by 0.85 per cent, the industrial goods sector shed 0.65 per cent, and the consumer goods counter dropped 0.19 per cent, while the insurance space gained 1.56 per cent, with the energy sector remaining unchanged.
The mood of the market was bearish due to the selling pressure, leaving the bourse with 28 depreciating equities and 26 appreciating stocks, indicating a negative market breadth index and a weak investor sentiment.
Chams dropped 9.84 per cent to sell at N2.20, International Breweries lost 8.79 per cent to close at N4.15, RT Briscoe shed 8.51 per cent to settle at 43 Kobo, Thomas Wyatt slumped by 8.42 per cent to N3.70, and FBN Holdings slipped by 8.14 per cent to N18.05.
However, Omatek surged by 10.00 per cent to 55 Kobo, Academy Press grew by 9.83 per cent to N1.90, Tantalizers appreciated by 9.76 per cent to 45 Kobo, Prestige Assurance soared by 9.76 per cent to 45 Kobo, and DAAR Communications increased by 8.70 per cent to 25 Kobo.
At Customs Street yesterday, investors traded 525.5 million stocks worth N6.1 billion in 8,396 deals compared with the 601.7 million stocks worth N11.0 billion traded in 7,444 deals on Wednesday, implying an increase in the number of deals by 12.79 per cent, a decline in the trading volume by 12.66 per cent and a contraction of 44.55 per cent in the trading value.
Japaul finished the trading day as the most active stock for exchanging 92.0 million units valued at N125.0 million, followed by Fidelity Bank for trading 67.0 million units worth N557.4 million. UBA sold 46.3 million shares for N971.3 million, FCMB transacted 42.6 million equities worth N262.6 million, and Chams traded 31.0 million stocks valued at N72.9 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.
