Chinenye Anyanwu, managing director and CEO of Dependable Securities Limited, a Nigerian boutique brokerage focused on small and mid-caps, lauded the Nigerian stock market’s recent rally, which came roughly a month after Bloomberg anointed it the “world’s worst market”, after it had fallen 37% YTD, the steepest quarterly decline in more than a decade and the worst of 89 benchmark indexes tracked (significantly underperforming its emerging/frontier markets peers).  Sub-Saharan Africa’s second-biggest share index closed Thursday at 25,294.10, and despite a nearly 2% drop on Friday, is still up substantially from the year low figure of 19,814.92 recorded mid April.

“In the first place, we should not have had the kind of meltdown we had because there was nothing fundamentally wrong with the market. The fundamentals of the quoted companies are strong and so people merely reacted because of what was happening in the advanced countries,” Anyanwu argued.

Yet volumes