Economy
Bargain Hunters Push NGX Trading Indices Higher by 0.21%
By Dipo Olowookere
The trading indices of the Nigerian Exchange (NGX) Limited closed higher by 0.21 per cent on Friday following renewed bargain hunting activity.
This came mainly from the interest of investors in shares in the banking, energy and industrial goods sectors, which closed higher by 0.99 per cent, 0.39 per cent and 0.01 per cent respectively.
They outweighed the 1.04 per cent decline and 0.09 per cent loss suffered by the insurance and consumer goods counters respectively.
At the close transactions, the All-Share Index (ASI) increased by 80.28 points to 37,947.18 points from 37,866.90 points and expanded the market capitalisation by N42 billion to N19.771 trillion from N19.729 trillion.
CAP was the highest price gainer yesterday with a price appreciation of 9.47 per cent to finish at N20.80 and was trailed by United Capital, which grew by 3.17 per cent to N6.50.
Oando rose by 2.81 per cent to sell for N3.29, Access Bank appreciated by 2.22 per cent to N9.20, while Japaul rose by 2.00 per cent to 51 kobo.
Conversely, Consolidated Hallmark Insurance was the heaviest price loser with a price depreciation of 9.23 per cent to settle at 59 kobo.
FTN Cocoa went down by 8.89 per cent to 41 kobo, Unity Bank depleted by 8.47 per cent to 54 kobo, ABC Transport declined by 8.33 per cent to 33 kobo, while Regency Alliance dropped 8.16 per cent to 45 kobo.
On the activity chart, GTCO was the most traded stock, transacting 75.6 million shares valued at N2.2 billion and was trailed by Jaiz Bank, which traded 21.5 million stocks worth N12.5 million.
Sovereign Trust Insurance exchanged 16.7 million equities valued at N5.3 million, Universal Insurance traded 13.0 million shares worth N2.7 million, while United Capital transacted 12.6 million stocks valued at N81.3 million.
At the close of trading activities on the floor of the exchange, Business Post gathered that investors traded 266.7 million shares worth N3.0 billion in 3,065 deals as against the 160.0 million shares worth N927.9 million transacted in 3,038 deals, indicating increases in the trading volume, value and number of deals by 66.72 per cent, 228.05 per cent and 0.89 per cent respectively.
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.
