Economy
Nigerian Market Remains Bearish as Weak Investors’ Appetite Deepens
By Dipo Olowookere
Despite a significant increase in the volume and value of equities transacted on the floor of the Nigerian Stock Exchange (NSE) on Wednesday, the market still finished in the red zone as weak investors’ appetite continues.
The local bourse ended yesterday 1.08 percent lower, shrinking the Year-to-Date (YtD) gain further to 0.95 percent.
The benchmark index dropped to the 38,000 mark yesterday from the 39,000 zone with fears that it might touched the 37,000 market next month.
After losing 422.1 points on Wednesday, the All-Share Index (ASI) settled at 38,606.41 points, while the market capitalisation reduced by N153 billion to end at N13.984 trillion.
Business Post reports that the volume of stocks traded after the Tuesday’s Democracy Day holiday increased by 53.86 percent, while the value went up by 188.46 percent.
At the close of transactions yesterday, a total of 342.1 million shares exchanged hands in 5,057 deals worth N4.7 billion compared with the 222.3 million equities sold on Monday valued at N1.6 billion.
These trades were dominated by the Financial Services sector, which exchanged 253.4 million shares for N3.2 billion, and the Conglomerates industry, which traded 43.6 million equities valued at N71 million.
Access bank emerged the most traded individual stock, selling a total of 68.3 million units worth N743.9 million.
It was followed by Transcorp, which sold 42.1 million shares valued at N51.5 million, and Zenith Bank, which traded 35.7 million units worth N929.6 million.
GTBank exchanged 24.6 million equities for N1 billion, while UBA transacted 20.9 million shares for N220 million.
The market breadth finished negative yesterday with 23 price gainers and 25 price losers led by Nestle Nigeria, which went down by N60 to settle at N1540 per share.
It was followed by Nigerian Breweries, which declined by N5 to close at N110 per share, and International Breweries, which fell by N2.55k to end at N49.25k per share.
Dangote Cement depreciated by N2.50k to finish at N242.50k per share, while Lafarge dropped N1.90k to close at N36.60k per share.
Conversely, Flour Mills of Nigeria led the gainers’ table after adding N1.50k to its share value to finish at N31.60k per share.
Dangote Sugar followed after adding 45k to its share price to close at N17 per share, while Dangote Flour added 40k to its share value to end at N8.95k per share.
FBN Holdings went up by 35k to close at N9.60k per share, while Fidson grew by 29k to finish at N6.24k per share.
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.
