Leading stockbrokers Stanbic IBTC Stockbrokers Limited, Cardinalstone Securities Limited, United Capital Securities Limited, and APT Securities and Funds have collectively traded N2.53 trillion worth of equities on the Nigerian Exchange (NGX) from January to October 2024, representing 55.08% of the total market transactions.
The NGX Broker Performance Report identified Stanbic IBTC as the top performer, handling trades worth N577.8 billion (12.59% of total transactions), followed by Cardinalstone Securities with N519.8 billion (11.33%), United Capital Securities with N306.9 billion (6.69%), and APT Securities with N219.8 billion (4.79%).
The value of stocks traded saw a year-on-year (YoY) growth of N919 billion, marking a 57% increase from N1.61 trillion in the corresponding period in 2023. Other active players included Cordros Securities Limited, EFG Hermes Nigeria Limited, Meristem Stockbrokers Limited, CSL Stockbrokers Limited, FBN Quest Securities Limited, and Chapel Hill Denham Securities Limited, all of which contributed notably to the market’s trading volume.
Market Volume and Index Performance
In terms of volume, the top 10 brokers accounted for 95 billion units of stocks, representing 41.83% of the total volume exchanged. Cardinalstone Securities led with 19.31 billion units (8.51%), followed by Stanbic IBTC Stockbrokers with 13.03 billion units (5.74%), alongside significant contributions from Morgan Capital, APT Securities, and Greenwich Trust Limited.
The NGX All-Share Index (ASI) ended October at 97,651.23 points, with market capitalisation closing at N59.17 trillion, up from N56.64 trillion at the start of the month. This gain, bolstered by new listings, reflects a continued bullish trend and sustained investor interest, even as market returns slightly eased to +30.60% from +31.81% in September.
Analysts remain optimistic about the Nigerian equities market, noting the strong performance of brokerage firms and high trading volumes as indicators of sustained growth and increasing local and international investor confidence.
