Economy
Stock Market Loses N277bn as Investors Prepare for Lockdown
By Dipo Olowookere
Investors at the nation’s stock market lost N277 billion on Monday as some of them in Lagos and Abuja get ready for the total lockdown from Tuesday as announced by President Muhammadu Buhari on Sunday in his nationwide broadcast.
The two major cities would be under lock and key for 14 days and if the reason for the action, coronavirus diseases (COVID-19) remains undefeated, the stay-at-home order might be extended by the federal government.
But in order not to be trapped financially, some traders quickly sold off some stocks in their portfolios and the banking sector was the most hit.
The banking index lost 3.62 percent, the consumer goods sector declined by 0.92 percent, while the insurance counter fell by 0.52 percent. However, the oil/gas index appreciated by 1.77 percent, while the industrial goods sector slightly improved by 0.01 percent.
Business Post observed that during the trading session, more stocks were traded by investor, causing the trading volume to rise by 85.71 percent to 466.9 million from 251.4 million.
However, the total value of these transactions went down by 42.43 percent to N1.9 billion from N3.4 billion, while the number of deals fell by 7.79 percent to 3,659 from 3,968.
Much of these trades were from Meyer, which recorded the sale of 201.0 million units of its stocks worth N92.5 million, while Champion Breweries traded 89.3 million shares for N61.7 million.
Zenith Bank transacted 48.2 million equities worth N574.4 million, UBA exchanged 19.2 million stocks valued at N98.8 million, while FNB Holdings sold 18.8 million shares for N75.2 million.
The market breadth close negative yesterday after recording 15 price decliners as against 11 price risers led by Mobil Nigeria, which added N14.40 to its share price to close at N160.90 per unit.
Cadbury Nigeria gained 60 kobo to trade at N6.80 per share, Berger Paints appreciated by 60 kobo to quote at N6.70 per unit, Africa Prudential garnered 28 kobo to sell at N3.70 per share, while GlaxoSmithKline grew by 15 kobo to N4 per unit.
However, it was not a good day for MTN Nigeria as the company’s stock lost N10 to finish at N90 per share, while Zenith Bank followed by losing 65 kobo to trade at N11.95 per unit.
GTBank depreciated by 55 kobo to N17.90 per share, International Breweries lost 50 kobo to quote at N4.90 per share, while Access Bank fell by 35 kobo to sell at N6.05 per unit.
By the time the market closed for business yesterday, the All-Share Index (ASI) of the Nigerian Stock Exchange (NSE) reduced by 530.99 points to 21,330.79 points from 21,861.78 points, while the market capitalisation decreased by N277 billion to N11.117 trillion from N11.393 trillion.
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.
