Economy
Banking Equities Keep Local Market Down by 0.07%
By Dipo Olowookere
The local stock market remained in bearish territory on Tuesday as it depreciated by 0.07 per cent at the close of business due to selling pressure in the banking sector.
The loss posted by the Nigerian Exchange (NGX) Limited was influenced by the 0.13 per cent depreciation suffered by banking equities. The fall in the banking sector overshadowed the gains printed by the other sectors.
The energy counter appreciated by 0.10 per cent, the insurance space grew by 0.08 per cent, while the consumer goods and the industrial goods sectors closed flat.
At the close of trades, the All-Share Index (ASI) decreased by 34.06 points to 49,642.69 points from 49,676.75 points, while the market capitalisation declined by N18 billion to N26.776 trillion from N26.794 trillion.
Business Post reports that the market was relatively quiet yesterday as only 126.0 million stocks worth N3.1 billion were traded in 4,145 deals in contrast to the 232.9 million stocks valued at N2.2 billion transacted in 4,425 deals on Monday.
This implied that the volume of trades depreciated by 45.93 per cent, the number of deals went down by 6.33 per cent, and the value of transactions improved by 40.57 per cent.
Mutual Benefits was the busiest stock during the session as it traded 25.3 million units valued at N8.2 million and was trailed by Fidelity Bank, which sold 10.2 million units for N31.1 million.
Access Holdings transacted 9.0 million equities worth N73.7 million, FBN Holdings traded 7.7 million shares valued at N84.3 million, while MTN Nigeria sold 7.3 million stocks for N1.5 billion.
The market breadth was flat yesterday as there were 13 price gainers and losers at the close of transactions.
Courteville recorded the highest fall, 7.69 per cent, to close at 48 Kobo, with FCMB losing 4.06 per cent to trade at N3.07. UPDC depreciated by 3.77 per cent to N1.02, NAHCO dropped 3.72 per cent to finish at N5.70, while Cadbury Nigeria retreated by 2.99 per cent to N13.00.
The highest price gainer was eTranzact as its value rose by 9.65 per cent to N2.50, Sovereign Trust Insurance improved by 7.69 per cent to 28 Kobo, Vitafoam appreciated by 7.27 per cent to N23.60, Japaul advanced by 6.45 per cent to 33 Kobo, while Consolidated Hallmark Insurance gained 4.84 per cent to sell for 65 Kobo.
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.
