Economy
Market Sheds N35bn as Traders Offload Banking Stocks
Dipo Olowookere
Profit-taking activities trimmed the value of the Nigerian Exchange (NGX) Limited by N35 billion on Friday, closing at N26.686 trillion compared with the previous day’s N26.721 trillion.
Business Post reports that traders found a reason to minimise their exposure to banking stocks and the loss in that sector brought down the market by 0.13 per cent at the close of transactions.
As a result, the All-Share Index (ASI), which measures the performance of the exchange, decreased by 65.06 points yesterday to 49,475.42 points from the 49,540.48 points recorded on Thursday.
Of the five key sectors of the bourse tracked, only the banking counter ended in the red territory as it lost 1.39 per cent. The insurance space grew by 0.65 per cent, the consumer goods sector appreciated by 0.02 per cent, while the industrial goods and energy indices closed flat.
Investors’ attitude to the local equity market remained lackadaisical on Friday as the activity level further waned due to the decline in the trading volume, value and number of deals by 35.87 per cent, 9.04 per cent and 4.48 per cent respectively.
A total of 107.5 million shares worth N1.2 billion exchanged hands in 3,303 deals yesterday compared with the 167.6 million shares worth N1.3 billion transacted a day earlier in 3,458 deals.
FBN Holdings finished the session as the most active stock as it sold 12.0 million units valued at N120.7 million, Zenith Bank exchanged 12.0 million units worth NN235.9 million, Access Holdings transacted 11.4 million units for N98.3 million, UBA sold 9.1 million units valued at N66.5 million, while GTCO traded 6.7 million units worth N131.6 million.
Regency Assurance topped the losers’ chart on the last trading session of the week with a loss of 7.41 per cent to quote at 25 Kobo, Unity Bank fell by 6.98 per cent to 40 Kobo, Access Holdings dropped 5.14 per cent to N8.30, Cornerstone Insurance depreciated by 4.76 per cent to 60 Kobo, while UBA waned by 4.50 per cent to close at N7.10.
After appreciating by 8.97 per cent, NEM Insurance ended the trading day on top of the gainers’ log to sell at N5.59 and was trailed by Academy Press, which improved by 6.80 per cent to N2.20. Japaul grew by 3.70 per cent to 28 Kobo, Cadbury Nigeria expanded by 3.00 per cent to N13.75, while Wema Bank stretched by 1.76 per cent to N3.46.
At the close of trades, the market breadth was negative with 13 price losers and nine price gainers, indicating a weak investor sentiment.
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.
