Economy
NGX All-Share Index Rises 0.26%
By Dipo Olowookere
The last trading session of the week ended on a positive note on the floor of the Nigerian Exchange (NGX) Limited on Friday by 0.26 per cent.
It was observed that sustained bargain-hunting by investors moved the All-Share Index (ASI) higher by 258.96 points during the session to 99,448.91 points from 99,189.95 points and raised the market capitalisation by N157 billion to N60.261 trillion from N60.104 trillion.
The sectorial performance showed that all the major sectors of the market ended in the green territory yesterday, with the insurance index appreciating by 1.42 per cent.
Further, the banking sector gained 0.76 per cent, the energy counter improved by 0.13 per cent, the consumer goods space jumped by 0.11 per cent, and the industrial goods industry chalked up 0.07 per cent.
Investor sentiment remained strong at the close of transactions, with 40 price gainers and 14 price losers, implying a positive market breadth index.
The duo of CAP and Livestock Feeds topped the advancers’ chart on Friday after their share prices went up by 10.00 per cent each to N38.50 and N3.41, respectively.
Further, Eunisell gained 9.72 per cent to trade at N3.50, May and Baker increased by 9.56 per cent to N7.45 and Royal Exchange expanded by 9.23 per cent to 71 Kobo.
Conversely, DAAR Communications lost 9.86 per cent to settle at 64 Kobo, McNichols slumped by 5.10 per cent to N1.49, FTN Cocoa declined by 4.76 per cent to N1.80, Fidelity Bank shed 2.72 per cent to N14.30, and Chams dropped 2.44 per cent to N2.00.
Business Post reports that the activity chart was mixed yesterday after the trading volume surged by 14.97 per cent, and the trading value and number of deals went down by 39.49 per cent and 4.77 per cent, respectively.
Investors bought and sold 460.9 million shares worth N9.5 billion in 8,772 deals during the session versus the 400.9 per cent shares valued at N15.7 billion that exchanged hands in 9,211 deals in the preceding session.
Chams transacted 97.7 million equities for N197.5 million, UBA traded 88.5 million shares worth N2.6 billion, Sterling Holdings traded 32.3 million stocks for N156.9 million, Access Holdings sold 28.2 million equities valued at N628.0 million, and Zenith Bank transacted 18.8 million stocks worth N753.3 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.
