Stock analysis revealed that Stanbic, Rencap and Vetiva led 11 stockbrokers to close transactions worth N1.25trillion on the Nigerian Stock Exchange (NSE) in 2013.
The transactions represent 60 percent of the total value that the market turned out in the entire year.
Observers say this performance shows how the market is controlled by these elite players whose portfolio of clients range from local to international investors.
From January to December 2013, about N1.25 trillion worth of transaction were done at the Nigerian Stock Exchange (NSE) by Stanbic IBTC Stockbrokers Limited, Rencap Securities (Nigeria) Limited, FBN Securities Limited, and Partnership Securities Limited.
Other dealing member firms whose deals contributed to this value are CSL Stockbrokers Limited, BGL Securities Limited, Cordros Capital Limited, Chapelhill Denham Management Limited, Vetiva Capital Management Limited, and Meristem Securities Limited.
All these stockbrokers were responsible for about 60.26 percent of the total value of deals done at the Nigerian bourse between January 2, 2013 and December 31, 2013. Interestingly, majority of these stockbroking firms service mostly foreign investors, who till date have majority control on the Nigerian equities market.