Ten leading stock broking firms dominated the Nigerian equities market, with transactions amounting to a staggering N1.877 trillion in the first eight months of 2024, the latest Broker Performance Report released by the Nigerian Exchange Limited (NGX), has shown.
Among these key players, CardinalStone Securities Limited emerged as the frontrunner, executing trades worth N359.184 billion, which accounted for 10.30 percent of the total market value during the review period.
Close on its heels, Stanbic IBTC Stockbrokers Limited recorded trades valued at N320.223 billion, securing 9.18 percent of the market share.
United Capital Securities Limited also made a significant impact, with equities transactions totaling N282.553 billion, representing 8.10 percent of the overall market activity on the Lagos Bourse.
APT Securities and Funds followed suit with trades worth N188.161 billion, contributing 5.39 per cent to the total value, while EFG Hermes Nigeria Limited reported N150 billion in trades, making up 4.30 per cent of the market.
The remaining firms in this elite group include Cordros Securities Limited, which traded N126.682 billion in equities, accounting for 3.63 per cent; Meristem Stockbrokers Limited with N120.270 billion or 3.45 per cent; CSL Stockbrokers Limited with N117.701 billion or 3.37 per cent; FBN Quest Securities Limited with N108.524 billion or 3.11 per cent; and Chapel Hill Denham Securities Limited, which recorded trades valued at N104.548 billion, representing three per cent of the total market transactions.
Collectively, these top ten brokers were responsible for an impressive 53.83 per cent of the total equities value traded on the NGX between January 1 and August 30, 2024, underscoring their significant influence on the Nigerian financial market.
Meanwhile, the Nigerian equities market could not sustain last week’s bullish momentum as profit-taking activities in DANGSUGAR (-5.5%), ZENITHBANK (-2.0%) and WAPCO (-3.5%) triggered a 0.2% w/w decline in the All-Share Index to 96,433.53 points.
Consequently, the Year-to-date return moderated to +29.0 per cent. Activity levels also remained subdued, with total trading volume and value falling by 23.7 per cent week-on-week and 3.3 per cent week-on-week, respectively.
The Insurance (-4.5%), Consumer Goods (-1.2%), industrial Goods (-0.2%) and Banking (-0.1%) indices settled lower, while the Oil and Gas (+1.5%) index advanced driven by activities on the shares of Oando.