Economy
NGX Rebounds by 0.09% to Stretch Year-to-Date Gain to 5.18%
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited made a quick return to the bears’ territory on Wednesday with a marginal 0.09 per cent growth after depreciating by 0.22 per cent on Tuesday.
A renewed bargain hunting in some large-cap stocks like MTN Nigeria, GTCO and others triggered the positive performance put up by the exchange yesterday and extended the year-to-date gain to 5.18 per cent.
As a result, the All-Share Index (ASI) rose by 39.84 points to 42,357.36 points from 42,317.52 points, while the market capitalisation increased by N21 billion to N22.102 trillion from N22.081 trillion.
Red Star Express ended the session as the biggest price gainer as its share price grew by 7.94 per cent to N3.40, followed by Meyer, which appreciated by 7.69 per cent to 42 kobo.
Japaul improved by 5.41 per cent to 39 kobo, UPDC went up by 4.35 per cent to N1.20, while Africa Prudential increased its value by 4.10 per cent to settle at N6.35.
However, eTranzact finished the day as the price loser after its equity price declined by 9.57 per cent to N1.89. Royal Exchange depreciated by 4.76 per cent to 60 kobo, Cutix depleted by 4.21 per cent to N2.50, International Breweries decreased by 4.08 per cent to N4.70, while Unity Bank dropped 2.13 per cent to trade at 46 kobo.
At the close of trades, a total of 13 equities ended on the losers’ chart, while 19 equities finished on the gainers’ table, indicating a positive market breadth and investor sentiment.
During the session, the consumer goods and insurance sectors appreciated by 0.22 per cent and 0.08 per cent apiece, while the banking, industrial goods and energy counters depreciated by 0.20 per cent, 0.11 per cent and 0.05 per cent respectively.
On the activity chart, the trading value improved by 14.50 per cent as a result of the N2.6 billion worth of shares transacted by investors against the N2.3 billion worth of shares traded on Tuesday.
However, the volume of the stocks depreciated by 16.26 per cent to 226.2 million units from the previous day’s 270.1 million units, with the number of deals reducing by 7.38 per cent to 3,476 deals from 3,753 deals.
International Breweries closed the day as the most active stock with the sale of 51.8 million units valued at N253.3 million. FBN Holdings traded 32.5 million shares worth N392.2 million, GTCO exchanged 18.0 million stocks worth N457.2 million, Unilever Nigeria transacted 10.0 million equities valued at N132.1 million, while Mutual Benefits sold 9.5 million stocks for N2.3 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.
