NGX All-Share Index rises as equities gain; Linkage Assurance tops gainers

Business, Markets & Finance

LAGOS, Nigeria (NPA) — The Nigerian Exchange (NGX) recorded a marginal gain on Wednesday, with the benchmark All-Share Index (ASI) rising by 0.04 per cent to close at 244,912.24 points, as renewed investor interest in selected stocks lifted the equities market.

The market performance also pushed the Equity Market Capitalisation higher to ₦158.33 trillion, according to the NGX Daily Market Snapshot released on Wednesday.

Despite the positive performance in equities, the fixed income and Exchange Traded Products (ETPs) segments closed lower during the trading session.

The Fixed Income Market Capitalisation declined by 0.05 per cent to ₦56.70 trillion, while the ETPs Market Capitalisation slipped by 0.16 per cent to ₦67.89 billion.

Market activity showed investors maintaining cautious optimism, with buying interest concentrated in selected insurance and consumer goods stocks.

Linkage Assurance Plc emerged as the day’s best-performing stock, appreciating by 9.94 per cent to close at ₦1.77 per share.

It was followed by AVA Plc, which gained 9.55 per cent to settle at ₦10.90, while FGI Plc advanced 7.69 per cent to close at ₦2.80 per share.

Also, among the top gainers were McNichols Plc, which appreciated by 7.34 per cent to ₦5.85, and Coronation Plc, which rose 5.51 per cent to close at ₦2.49 per share.

According to market analysts, the modest appreciation in the equities market reflected renewed investor confidence in selected counters, particularly within the insurance and consumer goods sectors.

They, however, noted that investors in the fixed income market remained cautious, contributing to the slight decline recorded in that segment.

The mixed performance across the various asset classes underscores the cautious sentiment among investors as they continue to monitor market fundamentals and emerging economic developments.