Economy
Stock Investors Gain N1.1trn Thursday as Market Cap Hits N18.468trn
By Dipo Olowookere
More than N1 trillion was gained by investors on the floor of the Nigerian Stock Exchange (NSE) on Thursday in an unusual trading session.
Yesterday was an extraordinary day at the nation’s stock market because, for the first time since the exchange introduced a circuit breaker in 2016, it was used when the index rose beyond the first threshold of 5 per cent.
During the session, trading activities were halted for 30 minutes because the benchmark performance indicator was going above the ceiling and in order to calm things down, the breaker was triggered.
At the close of transactions, after activities resumed an hour to end of trading at 2.30pm, the market gained 6.23 per cent.
Consequently, the All-Share Index (ASI) increased by 2,074.10 points to 35,342.46 points from 33,268.36 points, while the market capitalisation went up by N1.1 trillion to N18.468 trillion from N17.384 trillion.
There was a significant rise in the level of activity yesterday as the trading volume jumped by 39.00 per cent to 1.2 billion stocks from 858.2 million stocks traded on Wednesday.
Also, the trading value increased by 91.95 per cent to N17.4 billion from N9.1 billion, while the number of deals appreciated by 31.47 per cent to 10,704 deals from 8,142 deals.
A total of 161.4 million shares of Zenith Bank valued at N4.5 billion were traded yesterday, leaving the company to finish the session as the most active on the NSE.
FBN Holdings transacted 121.5 million units worth N1.0 billion, Access Bank traded 100.9 million shares valued at N992.8 million, UBA exchanged 80.5 million equities for N770.4 million, while Fidelity Bank traded 79.5 million stocks worth N239.5 million.
The highest price gainer of the day was Nestle Nigeria, which added N50 to its share value to close at N1450 per unit and was followed by Airtel Nigeria, which gained N41 to close at N451.20 per unit.
Dangote Cement rose by N15 to settle at N200 per share, Presco depreciated by N7.25 to sell at N79.75 per unit, while Nigerian Breweries increased by N5.60 to trade at N63.10 per share.
The biggest price loser was Eterna, which fell by 50 kobo to trade at N4.57 per unit, while Global Spectrum Energy Services lost 46 kobo to quote at N4.19 per share.
May & Baker depreciated by 35 kobo to N3.25 per unit, Morison Industries dropped 5 kobo to trade at 49 kobo per share, while NEM Insurance declined by 5 kobo to N2.20 per unit.
The industrial goods sector was the best-performer yesterday, rising by 8.65 per cent and was trailed by the banking counter, which grew by 7.94 per cent.
The consumer goods space appreciated by 5.81 per cent, the insurance sector appreciated by 4.78 per cent, while the energy space went up by 1.98 per cent.
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.
