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.
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10. Ellah Lakes (53.09%)
Ellah Lakes Plc takes the 10th spot with a month-to-date return of 53.09%. The stock began August trading at N9.21 per share and surged to a record high of N17.65 on the 13th, its strongest closing level to date.
However, the rally quickly gave way to a pullback, with the following session opening a slide that stretched to the end of the month. Even so, trading remained active, with over 440 million shares changing hands in August.
Mid-month, the company’s CEO unveiled plans to expand its oil palm plantations by 1,500 hectares, while allocating 100 hectares to animal husbandry, a strategic move that likely caught investors’ attention.
Ellah Lakes had already stunned the market in June with a 135% return, its best month ever, and August, now its second-best month, pushed its year-to-date performance to over 346%.
9. Universal Insurance (53.85%)
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%.
8. Linkage Assurance (55.17%)
Linkage Assurance Plc comes in 8th with a 55.17% performance in August. The stock started the month at N1.45 and powered past the N2.00 mark, ending at N2.25.
A mid-August surge saw it print a high of N2.72, riding the bullish wave that swept through insurance stocks likely in response to the NIIRA Insurance Act.
Although momentum cooled in the second half, it still held on to solid gains by month-end.
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- In its H1 2025 financials, Linkage reported insurance revenue of N12.5 billion, up from N10.7 billion in the same period last year.
- Premiums received climbed to N15.9 billion, while claims paid stood at N2.8 billion.
With August’s rally, the stock’s year-to-date performance now stands at 128.81%.
7. Coronation Insurance (56.71%)
Coronation Insurance Plc secures the 7th spot with a 56.71% gain in August. Starting at N2.31, it climbed to a mid-month high of N4.47 before pulling back as the sector cooled.
By August 21st, it had pulled back to N2.96, but late-month buying helped it recover, closing at N3.62.
- Financially, Coronation Insurance had a strong first half of 2025, reporting insurance revenue of N32.9 billion, up sharply from N21.3 billion in the prior year.
- Premiums rose to N26 billion from N18.8 billion, while gross claims surged to N5.4 billion, compared to N2.2 billion last year.
With much of the gains coming in August, the stock now stands at a year-to-date return of 60.9%.
6. NCR (Nigeria) Plc (59.31%)
NCR Nigeria Plc takes 6th place with a 59.31% gain for August. The fintech company began the month at N7.25, crossed into double digits, and ended at N11.55.
Its performance was marked by five standout bullish sessions, scattered across flat trading days.
- Investors likely found new confidence after the company released its H1 2025 results on July 28th, reporting a N44.6 million pre-tax profit, a remarkable turnaround from a N1.4 billion loss in H1 2024.
- That financial rebound likely boosted market sentiment.
With this surge, NCR’s shares have now delivered a 131% year-to-date gain.
5. Regency Alliance (63.75%)
Regency Alliance Insurance Plc occupies the 5th position with a 63.75% month-to-date gain.
The stock opened August at N0.8, and by the 13th it had nearly doubled to N1.67, likely driven by the insurance sector rally sparked by the NIIRA Act.
However, just like its peers, it later retraced some gains, hitting N1.22 on August 21st before closing the month stronger at N1.31.
- Looking ahead, Regency is projecting a Q3 2025 pre-tax profit of N1.06 billion on expected revenue of N5.8 billion, a forecast that could fuel further investor optimism.
So far in 2025, the stock has advanced 74.67%.
4. Guinea Insurance (65.12%)
Guinea Insurance Plc holds 4th place with a 65.12% August performance. Starting at N0.86, it smashed through the N1.00 barrier, eventually closing the month at N1.42.
Early August trading was particularly intense, with bullish investors driving the price to a peak of N1.77 before a late pullback dragged it lower.
- For the half-year ended June 2025, the company posted insurance revenue of N1.4 billion, compared to N1.2 billion in 2024.
- Premiums received rose to N1.6 billion, a 32% YoY increase, while gross claims climbed to N405.2 million, up from N235.7 million.
With August’s strong showing, Guinea Insurance has now achieved a year-to-date gain of 75.31%.
3. Veritas Kapital Assurance (65.35%)
Veritas Kapital Assurance Plc takes the 3rd spot with a 65.35% performance in August. Starting at N1.27, it soared as high as N2.79 by mid-month, before easing into a close of N2.10.
The rally was largely driven by heightened investor spark in insurance stocks, fueled by the NIIRA Act.
- In its H1 2025 report, Veritas showed insurance revenue of N12.5 billion, up from N9.9 billion a year earlier.
- Premiums rose to N13 billion (+9.84%), while claims stood at N1.04 billion.
With August erasing earlier losses, the stock now boasts a 54.4% year-to-date performance.
2. AIICO Insurance (91.47%)
AIICO Insurance Plc claims 2nd place with a stellar 91.47% gain in August. The stock started at N2.11 and rocketed to a high of N4.65 by August 13th before easing to a month-end close of N4.04.
Its rally reflected the broader insurance sector momentum tied to the NIIRA Act’s rollout.
- The company’s H1 2025 results showed insurance revenue up 34% to N65.4 billion, premiums rising 8.17% to N94 billion, and claims climbing modestly to N43.3 billion from N42.5 billion.
With this performance, AIICO’s shares are now up an impressive 182.5% year-to-date.
1. Mutual Benefits Assurance (114.29%)
Mutual Benefits Assurance Plc sits at the very top with an impressive 114.29% month-to-date return.
The stock began August at N1.82, smashing through the N2.00 and N3.00 barriers before touching a high of N4.45 on the 25th.
A late pullback brought it just under N4.00, with the stock closing the month at N3.90 at a market volume of 838 million.
- The company’s H1 2025 earnings painted a strong growth picture: insurance revenue surged 44.58% to N41.1 billion, premiums advanced 38.09% to N47.2 billion, while claims nearly doubled to N22 billion.
With its August rally, Mutual Benefits now commands a 539.3% year-to-date performance.
