The Nigerian stock market ended August on a mildly positive note, posting a 0.31% gain despite late selloffs in some heavyweight stocks.
Tracked by the All-Share Index, the market opened at 139,863.5 points and gained over 5,000 in the first two weeks, climbing past 146,000 on the back of July’s strong momentum.
That early rally, however, gave way to weaker sentiment in the third week as oil and gas majors and some mid-cap stocks slipped, setting the stage for deeper losses.
By the fourth week, losses in big cement and other large caps dragged the index down over 3,500 points. With a further 708 points lost in the final week, much of August’s early gains were erased.
Despite the market’s muted close, several penny and mid-cap stocks, mainly in the insurance sector and a few from other industries, posted strong gains.
Although their performance could not fully offset the declines caused by select heavyweights, they still delivered impressive returns for investors who held them.
Here are August’s top performers.
Universal Insurance Plc ranks 9th with a 53.85% month-to-date gain. The stock began August at N0.78, broke through the N1.00 threshold, and closed the month at N1.20.
During the period, more than 2 billion shares were exchanged, reflecting strong investor interest.
- Bullish momentum carried the stock to a peak of N1.46 in mid-August, likely supported by a sector-wide rally following the implementation of the Nigerian Insurance Industry Reform Act (NIIRA).
The new law raised capital requirements, strengthened risk-based supervision, expanded product offerings, and promoted digital adoption, factors that likely fueled the surge of investor interest in insurance stocks.
Although Universal Insurance eased from its mid-month high, it still ended August at N1.20, firmly preserving its gains. The company’s shares now stand at a year-to-date return of 81.8%.
