Economy
Nigerian Stock Market Recovers 0.56% on Renewed Bargain-Hunting
By Dipo Olowookere
A 0.56 per cent growth was recorded by the Nigerian Exchange (NGX) Limited on Monday, boosted by renewed bargain-hunting by investors.
Business Post observed buying interest in the banking sectors yesterday, especially as UBA proposed a final dividend of N3 to shareholders after an impressive performance for the 2024 financial year.
Data showed that the banking index outperformed others during the session, closing higher by 3.78 per cent, as the energy space grew by 0.39 per cent and the consumer goods sector appreciated by 0.07 per cent.
However, the insurance counter went down by 1.49 per cent, the industrial goods industry depreciated by 0.01 per cent, and the commodity sector closed flat.
Yesterday, the All-Share Index (ASI) increased by 588.43 points to 105,551.39 points from 104,962.96 points and the market capitalisation gained N369 billion to settle at N66.189 trillion compared with last Friday’s N65.820 trillion.
Investor sentiment was bullish in the first trading session of this week after the bourse finished with 25 price gainers and 22 price losers, representing a positive market breadth index.
Royal Exchange appreciated by 10.00 per cent to close at 88 Kobo, Livestock Feeds expanded by 9.87 per cent to N9.24, Abbey Mortgage Bank rose by 9.62 per cent to N3.95, Universal Insurance improved by 9.62 per cent to 57 Kobo, and Sunu Assurances increased by 9.22 per cent to N5.45.
However, NEM Insurance lost 9.63 per cent to quote at N12.20, United Capital shed 9.29 per cent to end at N16.60, CWG depreciated by 6.67 per cent to N8.40, DAAR Communications went down by 6.06 per cent to 62 Kobo, and Africa Prudential dwindled by 5.56 per cent to N15.30.
A total of 440.5 million shares worth N10.5 billion exchanged hands in 13,314 deals during the trading day compared with the 397.2 million shares valued at N14.2 billion traded in 10,099 deals in the preceding session, showing a decline in the trading value by 26.06 per cent and a growth in the trading volume and number of deals by 10.90 per cent and 31.83 per cent, respectively.
Zenith Bank topped the activity chart with 55.1 million equities sold for N2.6 billion, FCMB traded 49.6 million shares worth N449.1 million, UBA exchanged 47.4 million stocks valued at N1.8 billion, Access Holdings transacted 37.2 million equities worth N834.1 million, and Fidelity Bank traded 31.3 million shares valued at N563.9 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.
