The Nigerian Exchange Group (NGX) recently released a report highlighting the top-performing stockbrokers in Nigeria based on their transaction volume and value. The report, released on July 31, 2024, showcased the ten most active brokers who collectively accounted for a significant portion of the market’s activity.
Dominant Market Share
These ten stockbrokers, representing a mere 10% of the total number of licensed brokers in Nigeria, controlled a substantial portion of the market. They were responsible for facilitating 42.7% of all trades by volume and a staggering 55.2% of all trades by value. This dominance underscores their influence on the Nigerian capital market.
Transaction Volume and Value
The top 10 brokers facilitated transactions involving approximately 66.9 billion shares year-to-date (YTD). In terms of monetary value, they collectively accounted for N1.72 trillion in traded value.
While volume can be a useful metric, it’s often more informative to consider the value of transactions. Value takes into account the price of shares traded, providing a clearer picture of the scale of the stockbroker, the types of clients they serve, and their overall business performance.
Top 10 Stockbrokers by Value of Transactions
Based on the value of shares transacted, here are the top 10 stockbrokers in Nigeria YTD as of July 31, 2024:
- CardinalStone Securities Limited
- Stanbic IBTC Stockbrokers Limited
- United Capital Securities Limited
- APT Securities and Funds Limited
- EFG Hermes Nigeria Limited
- Cordros Securities Limited
- Meristem Stockbrokers Limited
- CSL Stockbrokers Limited
- FBN Quest Securities Limited
- Chapel Hill Denham Securities Ltd.
Key Performance Indicators
To provide a more comprehensive understanding, the report also highlighted the market share of each broker based on the value of transactions. Here’s a breakdown:
- CardinalStone Securities Limited: 10.27%
- Stanbic IBTC Stockbrokers Limited: 9.82%
- United Capital Securities Limited: 8.91%
- APT Securities and Funds Limited: 5.76%
- EFG Hermes Nigeria Limited: 4.48%
- Cordros Securities Limited: 3.65%
- Meristem Stockbrokers Limited: 3.38%
- CSL Stockbrokers Limited: 3.31%
- FBN Quest Securities Limited: 3.06%
- Chapel Hill Denham Securities Ltd.: 2.98%
Conclusion
The report offers valuable insights into the performance of Nigerian stockbrokers. It highlights the dominant players in the market and their significant contributions to the overall trading activity. These top 10 brokers have demonstrated their expertise and market influence, making them key players in the Nigerian capital market.
