Economy
Profit-taking in Bellwether Stocks Pulls Down NGX by 0.44%
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited retreated by 0.44 per cent on Tuesday due to selling pressure on some bellwether equities during the session.
Shares of Dangote Cement, GTCO, Zenith Bank, Access Holdings, Oando, Lafarge Africa and others experienced a pullback yesterday as a result of profit-taking activities by traders.
As a result, the All-Share Index (ASI) receded by 312.76 points to 71,041.05 points from 71,353.81 points and the market capitalisation moderated by N165 billion to N38.875 trillion from N39.040 trillion.
The level of activity at the market waned on the second trading session of the week, as investors chew on the policy direction of the Central Bank of Nigeria (CBN) under the leadership of Mr Yemi Cardoso.
Business Post reports that 534.6 million shares valued at N5.6 billion exchanged hands in 8,136 deals during the trading day compared with the 746.7 million shares worth N6.0 billion transacted on Monday in 9,267 deals, implying a decline in the number of trades, value of transactions and the number of deals by 28.41 per cent, 6.67 per cent and 12.20 per cent, respectively.
It was observed that the banking sector was very busy yesterday, dominating the activity chart at the close of transactions, according to data from the bourse.
Access Holdings traded 52.4 million stocks worth N942.8 million, Transcorp exchanged 46.6 million equities valued at N309.9 million, UPDC REIT sold 46.2 million shares for N181.3 million, UBA transacted 36.4 million shares valued at N774.3 million, and Unity Bank traded 31.3 million stocks worth N52.6 million.
Investor sentiment turned bearish on Tuesday, with 40 depreciating equities and 19 appreciating shares, indicating a negative market breadth index.
Omatek topped the losers’ table after letting go 10.00 per cent of its value to settle at 81 Kobo, Ikeja Hotel shed 9.87 per cent to close at N4.20, Neimeth also depreciated by 9.87 per cent to N2.01, Coronation Insurance depleted by 9.72 per cent to 65 Kobo, and CWG crashed by 9.45 per cent to N6.90.
On top of the gainers’ log during the session was Secure Electronic Technology, which rose by 10.00 per cent to finish at 66 Kobo, MeCure sustained its positive run with a gain of 9.99 per cent to quote at N10.13, Sunu Assurances expanded by 9.68 per cent to N1.36, Consolidated Hallmark Holdings stretched its value by 9.17 per cent to N1.19, and Royal Exchange increased by 6.35 per cent to 67 Kobo.
As for the sectorial performance, the insurance and the industrial goods indices lost 1.27 per cent and 1.25 per cent apiece, while the banking and the consumer goods sectors improved by 0.06 per cent and 0.04 per cent, respectively, with the energy counter closing flat.
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.
