Nigerian Stocks Surge ₦2.27 Trillion Despite Low Trading Volume

On September 18, Nigerian stocks gained ₦2.27 trillion in market value, raising equity market capitalisation from ₦159.89 trillion to ₦162.16 trillion. The All-Share Index advanced by 1.42% to reach 249,804.56 points, as reported by Nairametrics.

Despite this increase in market value, trading volume fell significantly, with approximately 526 million shares traded, a decrease of 52.18% from the previous session. The number of deals also dropped by 18.11% to 44,239.

Notably, MTN Nigeria's share price rose by 9.20% to ₦890, while Wema Bank saw a 9.03% increase to ₦32. Overall, 36 securities advanced and 22 declined, contributing to the market's uplift despite losses in other areas.

The rise in market capitalisation indicates a price increase of outstanding shares, which does not necessarily reflect an increase in trading activity or portfolio values.