Economy
University Press, Cadbury, Guinness Rescue Market by 0.41%
By Dipo Olowookere
Transactions on the floor of the Nigerian Exchange (NGX) Limited closed bullish on Thursday with a 0.41 per cent growth after closing bearish a day earlier.
Buying interest across the major sectors of the market yesterday triggered the reversal of the loss, with the consumer goods sector emerging as the darling of investors with a 1.47 per cent rise.
The banking index appreciated by 0.67 per cent, the energy space grew by 0.19 per cent, the industrial goods counter improved by 0.10 per cent, while the insurance sector depreciated by 0.21 per cent.
At the close of trading activities, the All-Share Index (ASI) went up by 171.55 points to settle at 41,961.14 points as against the preceding day’s 41,789.59 points, while the market capitalisation by N89 billion to N21.898 trillion from N21.809 trillion.
Business Post reports that investors traded a total of 558.9 million shares worth N4.4 billion in 4,683 deals on Thursday compared with the 284.6 million shares worth N3.2 billion traded in 5,036 deals at the midweek session, implying that the trading volume and value increased by 96.38 per cent and 37.50 per cent respectively, while the number of deals declined by 7.01 per cent.
The interest in FBN Holdings shares continued yesterday, especially with the announcement of the appointment of Mr Nnamdi Okonkwo, the immediate past Managing Director of Fidelity Bank, as the incoming Group MD of FBN Holdings.
The stock was the most traded by investors at the equity market yesterday as a total of 162.6 units worth N1.9 billion were bought and sold, followed by Transcorp, which traded 115.7 million units valued at N123.9 million.
C & I Leasing transacted 63.4 million units worth N291.8 million, UBA exchanged 60.0 million units valued at N509.4 million, while Access Bank traded 29.0 million units valued at N273.3 million.
The market breadth closed positive with 13 price losers and 21 price gainers led by University Press, Cadbury Nigeria and Guinness Nigeria, which appreciated each by 10.00 per cent to settle at N1.98, N8.80 and N33.00 respectively, while AIICO Insurance gained 9.71 per cent to trade at N1.13, with Nigerian Breweries rising by 6.37 per cent to N54.25.
On the reverse side, Axa Mansard Insurance led the chart after it lost 6.02 per cent to sell for N2.34, followed by Japaul, which went down by 4.44 per cent to 43 kobo.
Courtville depreciated by 4.35 per cent to trade at 44 kobo, Mutual Benefits Assurance declined by 3.45 per cent to sell at 28 kobo, while Lasaco Assurance fell by 2.50 per cent to close at N1.17.
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.
