10 Brokers Dominate NGX with ₦524 Billion Trades in Just Two Months!
The Nigerian stock market kicked off the year with a bang as 10 leading stockbroking firms drove an astonishing ₦524.1 billion in trades between January 2 and February 29, 2024. This accounts for 51.39% of total transactions on the Nigerian Exchange Limited (NGX) during the period, reinforcing their dominance in the market.
The Top 10 Brokers by Trade Value
According to the NGX Broker Performance Report, these firms led the charge:
1️⃣ CardinalStone Securities – ₦103.86bn (10.19%)
2️⃣ APT Securities and Funds – ₦94.28bn (9.24%)
3️⃣ Stanbic IBTC Stockbrokers – ₦67.38bn (6.61%)
4️⃣ Meristem Stockbrokers – ₦44.73bn (4.39%)
5️⃣ Cordros Securities – ₦44.04bn (4.32%)
6️⃣ EFG Hermes Nigeria – ₦42.85bn (4.20%)
7️⃣ United Capital Securities – ₦37.71bn (3.70%)
8️⃣ Morgan Capital Securities – ₦37.42bn (3.67%)
9️⃣ Apel Asset Limited – ₦29.30bn (2.87%)
Readings Investments Limited – ₦22.53bn (2.21%)
These firms played a major role in shaping the market’s trajectory within the first two months of 2024.
Leaders in Trade Volume – Who Moved the Most Shares?
In terms of total shares traded, Morgan Capital Securities Limited took the lead with a whopping 4.8 billion units, making up 8.56% of the market. Others in the top ranking include:
• CardinalStone Securities – 4.38 billion units (7.81%)
• APT Securities and Funds – 3.03 billion units (5.40%)
• Meristem Stockbrokers – 2.81 billion units (5.00%)
• United Capital Securities – 2.07 billion units (3.70%)
• Stanbic IBTC Stockbrokers – 1.87 billion units (3.33%)
• Cordros Securities – 1.15 billion units (2.06%)
• Readings Investments Limited – 1.09 billion units (1.95%)
• Apel Asset Limited – 1.09 billion units (1.94%)
• EFG Hermes Nigeria – 1.02 billion units (1.82%)
Together, the top 10 stockbroking firms accounted for 41.58% of the total trade volume on NGX within the period, solidifying their influence on the market.
What This Means for the Market
With over half of the market’s trade value controlled by these top players, investor confidence remains high, and liquidity in the market is strong. Analysts predict that this aggressive trading activity could set the stage for further market rallies in the coming months.
Are these top brokers setting the pace for a bullish year ahead? Let’s hear your thoughts!
The Nigerian stock market kicked off the year with a bang as 10 leading stockbroking firms drove an astonishing ₦524.1 billion in trades between January 2 and February 29, 2024. This accounts for 51.39% of total transactions on the Nigerian Exchange Limited (NGX) during the period, reinforcing their dominance in the market.
The Top 10 Brokers by Trade Value
According to the NGX Broker Performance Report, these firms led the charge:
1️⃣ CardinalStone Securities – ₦103.86bn (10.19%)
2️⃣ APT Securities and Funds – ₦94.28bn (9.24%)
3️⃣ Stanbic IBTC Stockbrokers – ₦67.38bn (6.61%)
4️⃣ Meristem Stockbrokers – ₦44.73bn (4.39%)
5️⃣ Cordros Securities – ₦44.04bn (4.32%)
6️⃣ EFG Hermes Nigeria – ₦42.85bn (4.20%)
7️⃣ United Capital Securities – ₦37.71bn (3.70%)
8️⃣ Morgan Capital Securities – ₦37.42bn (3.67%)
9️⃣ Apel Asset Limited – ₦29.30bn (2.87%)
Readings Investments Limited – ₦22.53bn (2.21%)
These firms played a major role in shaping the market’s trajectory within the first two months of 2024.
Leaders in Trade Volume – Who Moved the Most Shares?
In terms of total shares traded, Morgan Capital Securities Limited took the lead with a whopping 4.8 billion units, making up 8.56% of the market. Others in the top ranking include:
• CardinalStone Securities – 4.38 billion units (7.81%)
• APT Securities and Funds – 3.03 billion units (5.40%)
• Meristem Stockbrokers – 2.81 billion units (5.00%)
• United Capital Securities – 2.07 billion units (3.70%)
• Stanbic IBTC Stockbrokers – 1.87 billion units (3.33%)
• Cordros Securities – 1.15 billion units (2.06%)
• Readings Investments Limited – 1.09 billion units (1.95%)
• Apel Asset Limited – 1.09 billion units (1.94%)
• EFG Hermes Nigeria – 1.02 billion units (1.82%)
Together, the top 10 stockbroking firms accounted for 41.58% of the total trade volume on NGX within the period, solidifying their influence on the market.
What This Means for the Market
With over half of the market’s trade value controlled by these top players, investor confidence remains high, and liquidity in the market is strong. Analysts predict that this aggressive trading activity could set the stage for further market rallies in the coming months.
Are these top brokers setting the pace for a bullish year ahead? Let’s hear your thoughts!