The Nigerian Exchange Limited closed trading on Thursday on a slightly bearish note, extending a multi-day pullback. The All-Share Index declined by 949.71 points, or 0.39 per cent, to close at 243,017.38 points, down from the 243,967.09 points recorded on Wednesday.

In tandem with the index decline, total equities market capitalisation contracted by N613.08bn to settle at N156.88tn.

Selling pressure was broad-based across major market sectors, as reflected in the sectoral indices. The NGX Main-Board Index slid to 10,939.43, while the NGX 30 Index dropped to 8,907.98. Banking equities recorded a soft retreat, with the NGX Banking Index dipping to 2,553.87.

The Insurance Index fell to 1,145.85, Consumer Goods decreased to 4,056.39, Industrial Goods slipped to 10,379.12, and the Growth Index contracted to 27,380.30. The Sovereign Bond Index remained unchanged at 668.35.

Market sentiment closed negative, as decliners comfortably outnumbered advancers across the trading floor.

Overall equities activity saw 4.24 billion shares exchanged across 41,389 transactions.

The equities market gainers were led by International Energy Insurance Plc, which advanced 10.00 per cent to close at N4.84, gaining N0.44. John Holt Plc followed closely, adding 9.89 per cent to settle at N10.00, while Trans-Nationwide Express Plc grew 9.75 per cent to end the session at N2.59.

SUNU Assurances Nigeria Plc appreciated 8.48 per cent to close at N3.58, and NEM Insurance Plc rounded out the top performance chart with a 6.25 per cent rally to N34.00.

On the losing side, Unilever Nigeria Plc led the decliners after shedding 9.97 per cent to close at N118.30, down by N13.10. Chellarams Plc plummeted 9.66 per cent to N10.75, while Chapel Hill Denham NIDF dropped 9.55 per cent to N147.70.

DAAR Communications Plc recorded a decline of 9.25 per cent to close at N1.57, and Cornerstone Insurance Plc sank 9.09 per cent to finish at N5.00.

Large-cap and tier-one banking counters displayed mixed movements throughout the trading session. United Bank for Africa Plc advanced 1.21 per cent to N46.00, and Ecobank Transnational Incorporated gained 3.64 per cent to reach N74.00.

On the other hand, Zenith Bank Plc slipped 2.24 per cent to N122.00, and Access Holdings Plc declined 3.28 per cent to settle at N26.50.

Trading in Exchange Traded Products logged 746 trades with 307,433 units executed. Top gains in the segment were led by The SIAML Pension ETF 40, which rallied 8.20 per cent to close at N2,600.00, and Meristem Value ETF, which added 1.54 per cent to end at N132.00.

Conversely, Vetiva Banking ETF fell 3.31 per cent to N34.81, and VSPBond ETF dropped 3.06 per cent to N222.00.

Nigeria’s economic outlook remains positive as improved macroeconomic stability, steady oil production, recovering private-sector activity and continued reforms support economic expansion, the Organisation of the Petroleum Exporting Countries has said.

OPEC stated this in its latest assessment of the Nigerian economy, noting that the country’s economy expanded by 3.9 per cent year-on-year in the first quarter of 2026.

The growth rate was only slightly below the 4.0 per cent recorded in the fourth quarter of 2025, confirming that economic growth remained close to recent highs.

According to the oil producers’ organisation, the non-oil economy continued to provide the main support for growth, with activity driven by agriculture, manufacturing, construction, trade, finance and insurance.

It said higher oil output had also improved fiscal revenues, foreign exchange inflows and external buffers. “The economy expanded by 3.9 per cent, year-on-year, in 1Q26, only slightly below the 4Q25 pace of 4.0 per cent, confirming that growth remains close to recent highs,” OPEC stated.

The organisation said survey indicators pointed to continued, though moderating, momentum in private-sector activity. It noted that the Stanbic IBTC Bank Nigeria Purchasing Managers’ Index eased to 52.5 in July, from 53.4 in June and 54.1 in May.

The July reading, it said, was the weakest since March but still signalled a sixth consecutive monthly improvement in private-sector conditions. OPEC said firms again reported a marked increase in new orders, supported by improved customer demand, better pricing and new product launches.

It added that output and employment also rose modestly during the month. The organisation said higher domestic refining capacity, particularly improved fuel supply from the Dangote Petroleum Refinery, should further support energy availability and reduce some of the pressures associated with petroleum imports.

“Higher domestic refining capacity, including improved fuel supply from the Dangote refinery, should continue to support energy availability and reduce some import-related pressures,” OPEC stated.

The Dangote refinery, with a nameplate capacity of 650,000 barrels per day, has become a major source of locally refined petroleum products as its operations have expanded.

The refinery’s increased supply of petrol and other refined products has also reduced some of the country’s reliance on imported petroleum products, in line with the impact highlighted by OPEC.

On inflation, OPEC said pressures had begun to soften, with headline inflation standing at 15.9 per cent year-on-year in both June and May. “The July PMI pointed to softening input costs, despite higher fuel and raw material costs,” the organisation stated.

The report said the moderation in input costs was an indication that some cost pressures facing businesses had begun to ease, although higher fuel and raw material costs remained a challenge.

OPEC said Nigeria’s near-term outlook remained positive, with oil production, reform progress, infrastructure investment and stronger business activity providing support.

“Overall, Nigeria’s near-term outlook remains positive, supported by oil production, progress on reforms, infrastructure investment, and stronger business activity,” it stated.

The organisation’s assessment comes as increased oil production continues to strengthen Nigeria’s fiscal position and foreign exchange inflows, while reforms and infrastructure investment support activity outside the petroleum sector.

The non-oil economy’s contribution remains significant, with agriculture, manufacturing, construction, trade, finance and insurance identified as the major drivers of activity.

Meanwhile, the July PMI data indicated that private-sector businesses continued to expand despite the moderation in the pace of growth. Firms reported increased new orders as customer demand improved, while better pricing and new product launches also supported activity.

Output and employment recorded modest increases, pointing to continued expansion in business activity. OPEC said the combination of improved macroeconomic stability, steady oil production and continued reform momentum had strengthened Nigeria’s economic outlook.

With domestic refining capacity also increasing, the organisation expects improved fuel availability to support energy supply while easing some import-related pressures.

The organisation maintained that the country’s near-term prospects remained favourable, supported by higher oil output, reforms, infrastructure investment and stronger private-sector activity.

 

 

Guinea Insurance Plc has successfully completed its recapitalisation exercise, with its capital position now above the ₦15 billion minimum capital requirement for non-life insurers, following the conclusion of the verification process by the National Insurance Commission (NAICOM).

 

 

The successful completion marks a defining moment in the Company’s transformation and positions Guinea Insurance with the financial strength, underwriting capacity and strategic platform to compete more aggressively, pursue larger opportunities and play a leading role in Nigeria’s insurance market.

 

For Guinea Insurance, recapitalisation is not the destination. It is the platform for growth. The Company is now focused on converting its enhanced capital position into greater underwriting capacity, stronger customer propositions, improved service delivery, strategic partnerships and sustainable market growth.

 

 

Commenting on the development, the Managing Director/Chief Executive Officer, Mr. Ademola Abidogun, said:
“Recapitalisation has given Guinea Insurance the strength to think bigger, compete harder and pursue opportunities with greater confidence. We have strengthened our capital; now we are focused on strengthening our position in the market.”
He added:

 

“Nigeria is a market of enormous opportunities, and Guinea Insurance intends to be at the forefront of capturing those opportunities. Whether it is supporting major corporates, SMEs, institutions or individuals, we are ready to provide the capacity, expertise and confidence that businesses need to grow.”

 

The completion of the recapitalisation also reinforces Guinea Insurance’s ambition to become a more competitive, innovative and customer-focused insurer, with increased capacity to participate in larger risks, develop relevant insurance solutions and deepen its relationships across the insurance value chain.

 

The Company will build on this stronger foundation through disciplined underwriting, technology and innovation, operational excellence, robust risk management and a relentless focus on customer experience. It will also pursue strategic opportunities that expand its market reach and create sustainable value for shareholders and other stakeholders.

 

 

According to the Company, the objective is clear: to turn capital strength into market strength. Guinea Insurance expressed its appreciation to its shareholders, investors, policyholders, brokers, employees, business partners, regulators and other stakeholders whose confidence and support contributed to the successful completion of the recapitalisation exercise.

 

 

As Guinea Insurance enters its next phase, the Company is looking beyond compliance and capital adequacy. It is preparing to compete for bigger opportunities, serve more customers, support more businesses and deliver greater value across the Nigerian economy.