International Energy Insurance Plc emerged as the worst-performing stock on the Nigerian Exchange Limited (NGX) on week ended 28 August 2026, as its share price dropped 26.61 percent following the supplementary listing of additional shares on the exchange.
The insurance company's shares plunged from ₦3.87 at the start of the week to ₦2.84 at the close of trade on Friday, marking a loss of ₦1.03 per share.
International Energy Insurance's shares declined in the same week that the NGX listed an additional 8.075 billion ordinary shares of the company. The shares, valued at 50 kobo each, arose from the company's public offer of 5.468 billion ordinary shares at ₦3.20 per share.
The additional shares were listed on the Daily Official List of the NGX on Monday, August 24, 2026. Following the supplementary listing, the insurance company's total issued and fully paid-up shares jumped substantially from 1.284 billion to 9.360 billion ordinary shares. The NGX said the additional shares were admitted following the company's public offer.
International Energy Insurance's 26.61 percent fall placed it ahead of Fidson Healthcare Plc, which fell 17.69 percent, and Caverton Offshore Support Group Plc, which declined 15.15 percent.
Zichis Agro Allied Industries Plc and Austin Laz & Company Plc also recorded substantial losses of 14.71 percent and 11.97 percent respectively.
Other major decliners included Ava Capital Plc, Veritas Kapital Assurance Plc, Livestock Feeds Plc, TotalEnergies Marketing Nigeria Plc and Ikeja Hotel Plc, which fell by 10.96 percent, 10.77 percent, and 10 percent, respectively.
The sharp decline in International Energy Insurance came despite a rebound in the broader equities market. The NGX All-Share Index gained 0.81 percent during the week to close at 241,298.47 points, while market capitalization climbed 0.84 percent to ₦155.826 trillion.
The performance underscores the divergent movement between the broader market and individual equities, with International Energy Insurance witnessing price decline in a week in which its additional shares were made available on the exchange.