The Nigerian stock market closed August with a modest 0.31% gain. Not spectacular, but considering the late-month selloffs that dragged some heavyweight stocks, many investors still found plenty of reasons to smile.
Tracked by the All-Share Index, the market kicked off at 139,863.5 points, sprinted past 146,000 in the first two weeks, only to lose steam as oil, gas, and cement giants stumbled. By the final week, the index had shed over 4,000 points, erasing much of the early momentum.
But here’s the interesting part—while big caps were nursing wounds, penny and mid-cap names, especially in the insurance space, came alive. For investors who had the patience to hold or the guts to buy early, the returns were nothing short of remarkable.
So, let’s walk through the top 10 gainers of August 2025.
10. Ellah Lakes (53.09%)
Agribusiness isn’t usually where you expect fireworks, but Ellah Lakes Plc has been full of surprises lately.
- Began August at ₦9.21
- Hit a record high of ₦17.65 by August 13
- Closed the month lower after a sharp pullback
The company’s CEO revealed plans mid-month to expand oil palm plantations by 1,500 hectares and allocate another 100 hectares for livestock. That bit of forward-looking strategy, combined with its strong June rally, helped Ellah Lakes deliver a 346% year-to-date performance.
It wasn’t all smooth sailing—volatility was the keyword—but over 440 million shares traded in August tells you one thing: investors are paying attention.
9. Universal Insurance (53.85%)
Universal Insurance Plc rode the insurance wave beautifully.
- Started the month at ₦0.78
- Broke the ₦1.00 barrier
- Closed August at ₦1.20
Trading activity was strong—2 billion shares exchanged hands—as investors positioned around the new Nigerian Insurance Industry Reform Act (NIIRA). The law raised capital requirements, expanded product lines, and encouraged digital adoption, all of which injected fresh optimism into the sector.
Year-to-date, Universal sits on a solid 81.8% gain
8. Linkage Assurance (55.17%)
Linkage Assurance Plc wasn’t content with just riding the wave—it carved its own lane.
- Started at ₦1.45
- Surged past ₦2.00, peaking at ₦2.72 mid-month
- Settled at ₦2.25
The rally was underpinned by strong H1 2025 numbers:
- Insurance revenue: ₦12.5 billion (vs ₦10.7 billion in H1 2024)
- Premiums: ₦15.9 billion
- Claims: ₦2.8 billion
With those fundamentals, Linkage’s 128.81% year-to-date performance doesn’t feel accidental.
7. Coronation Insurance (56.71%)
Coronation Insurance Plc delivered one of August’s most volatile but rewarding rides.
- Opened at ₦2.31
- Rocketed to ₦4.47 before sliding back
- Closed at ₦3.62
H1 2025 results boosted sentiment:
- Insurance revenue: ₦32.9 billion (vs ₦21.3 billion last year)
- Premiums: ₦26 billion
- Gross claims: ₦5.4 billion
Investors who timed this right walked away with a 56.71% August return and a 60.9% year-to-date gain.
6. NCR (Nigeria) Plc (59.31%)
Not all the action was in insurance. NCR Nigeria Plc, the fintech and tech infrastructure provider, reminded the market it’s still in play.
- Started at ₦7.25
- Crossed into double digits
- Closed at ₦11.55
Investors rewarded NCR after its H1 2025 turnaround:
- Pre-tax profit: ₦44.6 million
- A huge swing from a ₦1.4 billion loss in H1 2024
That kind of reversal explains why the stock is up 131% year-to-date.
5. Regency Alliance (63.75%)
Regency Alliance Insurance Plc turned heads with a nearly 64% jump in August.
- Started at ₦0.80
- Climbed to ₦1.67 mid-month
- Settled at ₦1.31
The company’s forecast for Q3 2025—₦1.06 billion pre-tax profit on expected ₦5.8 billion revenue—is likely keeping investors bullish. Year-to-date, Regency has advanced 74.67%.
4. Guinea Insurance (65.12%)
Guinea Insurance Plc powered through the psychological ₦1 barrier with conviction.
- Opened at ₦0.86
- Topped out at ₦1.77
- Closed at ₦1.42
H1 2025 highlights:
- Insurance revenue: ₦1.4 billion (vs ₦1.2 billion in 2024)
- Premiums: ₦1.6 billion (+32% YoY)
- Gross claims: ₦405.2 million
Investors who spotted this one early are now enjoying a 75.31% year-to-date return.
3. Veritas Kapital Assurance (65.35%)
Veritas Kapital’s August rally was another NIIRA-fueled run.
- Began at ₦1.27
- Exploded to ₦2.79 mid-month
- Closed at ₦2.10
H1 2025 results added credibility:
- Insurance revenue: ₦12.5 billion (up from ₦9.9 billion)
- Premiums: ₦13 billion
- Claims: ₦1.04 billion
The stock’s now at a 54.4% year-to-date gain, with August providing the bulk of the turnaround.
2. AIICO Insurance (91.47%)
AIICO Insurance Plc nearly doubled in August alone—an astounding 91.47% surge.
- Started at ₦2.11
- Rallied to ₦4.65 mid-August
- Closed strong at ₦4.04
Its H1 2025 performance helped cement confidence:
- Insurance revenue: ₦65.4 billion (+34%)
- Premiums: ₦94 billion (+8.17%)
- Claims: ₦43.3 billion
That puts AIICO at 182.5% year-to-date.
1. Mutual Benefits Assurance (114.29%)
Mutual Benefits Assurance Plc stole the show—no contest.
- Opened at ₦1.82
- Ripped past ₦2, then ₦3, then ₦4.45** by August 25
- Closed at ₦3.90, with 838 million shares traded
The financials explain the frenzy:
- Insurance revenue: ₦41.1 billion (+44.58%)
- Premiums: ₦47.2 billion (+38.09%)
- Claims: ₦22 billion, nearly double last year
Year-to-date? A staggering 539.3% return.
Wrapping It Up
August might have looked “muted” at first glance, but dig a little deeper and the story changes. While cement and oil weighed down the index, the insurance sector roared to life, helped along by regulatory reform and improving fundamentals.
For traders and analysts, the lesson’s clear: don’t just watch the giants. Sometimes, the real fireworks are in the mid-caps and penny stocks—the ones most people dismiss as background noise until they suddenly aren’t. And you know what? September might just have a few more surprises waiting in the wings.
