Economy
Market Rises 1.30% as Dangote Cement, Others Finish on Gainers’ Chart
By Dipo Olowookere
A further rise of 1.30 per cent was recorded by the Nigerian Exchange (NGX) Limited on Monday on the back of persistent buying pressure, particularly in the industrial goods space.
The sector finished higher by 5.15 per cent due to the strong appetite for cement stocks, especially Dangote Cement, while the energy counter improved by 0.55 per cent as a result of demand for Eterna shares.
Business Post reports that the financial services landscape witnessed profit-taking, with the insurance index losing 2.53 per cent, and the banking counter depreciating by 0.90 per cent. The consumer goods sector went down yesterday by 1.48 per cent, but the trio could not bring down Customs Street at the close of transactions.
This was because of the strong impact of the industrial goods sector, resulting in the All-Share Index (ASI) closing higher by 1,230.00 points to 95,768.12 points from 94,538.12 points.
In the same vein, the market capitalisation appreciated on the first trading day of the week by N673 billion to N52.408 trillion from N51.735 trillion, with Dangote Cement accounting for over N10 trillion.
Sunu Assurances topped the gainers’ chart on Monday after it gained 10.00 per cent to trade at N1.98, Dangote Cement expanded by 9.99 per cent to N592.60, Tripple Gee rose by 9.81 per cent to N2.35, Eterna surged by 9.80 per cent to N25.20, and Cutix grew by 8.89 per cent to N2.94.
On the other side of the coin, the quintet of University Press, McNichols, Cadbury Nigeria, Sovereign Trust Insurance, and Flour Mills declined by 10.00 per cent each to settle at N3.60, N1.62, N26.10, 54 Kobo, and N42.30, respectively.
A total of 721.8 million equities valued at N14.4 billion were traded in 15,757 deals yesterday compared with the 844.5 million equities worth N15.1 billion in 15,255 deals last Friday, implying a rise in the number of deals by 3.29 per cent, and a decline in the trading volume and value by 14.53 per cent and 4.64 per cent apiece.
Finishing on top of the activity chart at the close of business was Transcorp with 66.5 million shares sold for N1.2 billion, Veritas Kapital traded 47.0 million equities worth N34.9 million, Access Holdings transacted 40.0 million equities valued at N1.2 billion, Universal Insurance exchanged 38.9 million stocks for N19.2 million, and Japaul sold 32.8 million equities worth N84.6 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.
