Trading Volume Drops 81.8% Despite Market Cap Crossing N160trn

The Nigerian Exchange (NGX) recorded an 81.8 per cent plunge in trading volume even as the bourse’s market capitalisation climbed past the N160 trillion mark.

The All-Share Index (ASI) gained 707.34 points, or 0.29 per cent, to close at 247,699.78 points. Market capitalisation increased by N1.041 trillion to end at N160.600 trillion, supported by the listing of 8.09 billion new ordinary shares of Dangote Sugar Refinery on the Nigerian Exchange.

Price appreciation in selected large and mid-cap names drove the advance. Aradel Holdings, MTN Nigeria Communications, Zichis Agro Allied Industries, International Breweries and Ellah Lakes were among the stocks that recorded gains.

United Capital Plc said the market could sustain its upward trajectory this week as investors position ahead of FTSE Russell’s September 21, 2026 Frontier Market inclusion.

The broker noted that large-cap stocks, particularly MTN Nigeria, Dangote Cement and tier-one banks, could attract increased demand, while stocks with strong earnings, attractive valuations and consistent dividends should remain in focus.

Despite the index gain, market breadth was negative. Losers outnumbered gainers 43 to 12. Zichis Agro Allied Industries led the gainers’ chart with a 9.97 per cent rise to N18.20 per share, followed by Aradel Holdings, up 5.38 per cent to N1,570, and Secure Electronic Technology, which rose 4.29 per cent to 73 kobo.

Omatek Ventures and Caverton Offshore Support Group topped the losers’ list, each down 10 per cent to close at N1.53 and N4.05 respectively. Critical Minerals Financing Corporation fell 9.85 per cent to N2.38 per share.

Sectoral performance was mixed. The Oil & Gas index rose 2.2 per cent, while the Insurance index declined 1.2 per cent, the Banking index fell 0.7 per cent, and the Consumer Goods index depreciated 0.1 per cent. The Industrial Goods index closed flat.

Trading activity contracted markedly. Total volume traded dropped 81.8 per cent to 407.85 million units from 2.24 billion units, while transaction value decreased 62.9 per cent to N27.25 billion from N73.41 billion. However, deal count advanced 22.5 per cent to 52,322 from 42,709, indicating more executed trades despite lower volume and value.

The mixed performance across key activity indicators suggests cautious participation, even as the benchmark index moved closer to the 248,000 level and market capitalisation settled above N160 trillion.