Economy
Local Equity Market Records 0.17% Meltdown on Profit-Taking
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited surrendered to the bears on Monday, leading to a 0.17 per cent meltdown at the close of transactions.
The loss was triggered by profit-taking in the insurance and energy sectors as a result of the 0.03 per cent and 0.01 per cent declines they respectively recorded during the session.
The 0.89 per cent growth achieved by the consumer goods counter, the 0.19 per cent gain posted by the banking index, and the 0.03 per cent jump printed by the industrial goods space could not save the bourse from sinking yesterday.
As a result, the All-Share Index (ASI) went down by 163.32 points to 97,582.41 points from 97,745.73 points and the market capitalisation was depleted by N92 billion to N55.405 trillion from N55.497 trillion.
Business Post reports that investor sentiment was weak on the first trading session of the week due to the exchange posting 25 price losers and 23 price gainers, indicating a negative market breadth index.
Chams shed 10.00 per cent to sell for N1.98, University Press declined by 9.92 per cent to N2.18, The Initiates lost 8.26 per cent to N2.00, Omatek fell by 8.20 per cent to 56 Kobo, and May and Baker shrank by 7.67 per cent to N6.50.
On the flip side, the trio of International Breweries, Presco, and Sovereign Trust Insurance gained 10.00 per cent each to sell for N4.62, N485.10, and 55 Kobo, respectively, as Oando and United Capital improved by 9.88 per cent each to N27.80 and N13.35 apiece.
A total of 324.0 million stocks valued at N6.2 billion were traded in 9,738 deals yesterday versus the 210.9 million stocks worth N4.0 billion traded in 6,603d deals last Friday, implying a rise in the trading volume, value, and number of deals by 53.63 per cent, 55.00 per cent, and 47.48 per cent apiece.
The busiest equity for the session was Zenith Bank, which transacted 37.0 million units worth N1.3 billion; UBA exchanged 35.0 million units valued at N708.5 million; Veritas Kapital traded 25.5 million units for N23.3 million; Oando sold 20.3 million units for N552.5 million; and Access Holdings traded 18.8 million units valued at N350.5 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.
