NGX gains N78bn as MRS, Wapic lead

The Nigerian Exchange Limited (NGX) recorded a significant gain of N78 billion in market capitalization as investors showed increased interest in equities, with MRS Oil Nigeria Plc and Wapic Insurance Plc emerging as the top gainers. This performance reflects renewed market optimism driven by positive sentiments across various sectors. 

MRS Oil led the charge with an impressive price increase, buoyed by strong investor confidence following the company's recent financial performance and strategic growth initiatives. Wapic Insurance also saw substantial gains, supported by expectations of improved earnings and business expansion in the insurance sector. 

The All-Share Index (ASI) rose accordingly, closing higher as blue-chip stocks in banking, industrial goods, and consumer goods also contributed to the market's upward trajectory. Analysts attribute the market's positive performance to increasing investor participation and favorable economic indicators, including improved corporate earnings reports and sustained policy reforms aimed at stimulating economic growth. 

As the NGX continues to attract both local and foreign investors, market watchers remain optimistic about further gains, particularly if the current macroeconomic environment remains supportive of investment activities.