In the first ten months of 2024, Nigerian stockbroking firms have recorded a significant surge in equity trading, with the top 10 firms alone accounting for N2.528 trillion in stock deals. This figure represents a substantial 55.08% of the total trading value on the Nigerian Exchange (NGX) during the period.
The total value of stocks traded from January to October 2024 marks a remarkable year-on-year (YoY) increase of N919 billion, or 57.12%, compared to the N1.609 trillion traded over the same period in 2023.
Leading Stockbrokers Drive Market Activity
According to the NGX Broker Performance Report, Stanbic IBTC Stockbrokers Limited led the pack, executing stock transactions worth N577.808 billion, or 12.59% of the total value. Cardinalstone Securities Limited followed closely, with N519.841 billion (11.33%), while United Capital Securities Limited secured the third spot, handling trades worth N306.947 billion, or 6.69%.
Other notable stockbroking firms in the top ten include:
- APT Securities and Funds: N219.764 billion (4.79%)
- Cordros Securities Limited: N208.015 billion (4.53%)
- EFG Hermes Nigeria Limited: N164.461 billion (3.58%)
- Meristem Stockbrokers Limited: N149.744 billion (3.26%)
- CSL Stockbrokers Limited: N130.561 billion (2.84%)
- FBN Quest Securities Limited: N129.725 billion (2.83%)
- Chapel Hill Denham Securities Limited: N121.345 billion (2.64%)
Together, these top 10 stockbrokers accounted for over half of the total stock value traded on the NGX during the period.
Volume of Trades Also Shows Strong Performance
In terms of trading volume, these same top 10 brokers also dominated, handling 41.83% of the total stock volume on the exchange. The total volume of stocks traded in the first ten months reached 94.957 billion units.
The leading brokers by volume were:
- Cardinalstone Securities Limited: 19.314 billion units (8.51%)
- Stanbic IBTC Stockbrokers Limited: 13.028 billion units (5.74%)
- Morgan Capital Securities Limited: 11.772 billion units (5.19%)
- APT Securities and Funds: 9.144 billion units (4.03%)
- Greenwich Trust Limited: 8.612 billion units (3.79%)
Also notable in trading volumes were Meristem Stockbrokers Limited (8.037 billion units, 3.54%), FBN Quest Securities Limited (6.845 billion units, 3.02%), and United Capital Securities Limited (6.783 billion units, 2.99%).
Strong Market Growth and Performance
The Nigerian stock market has seen strong growth in 2024, with the NGX All-Share Index (ASI) recording a 30.60% return as of October 31, slightly down from 31.81% at the end of September. The market capitalisation rose from N56.635 trillion at the start of October to N59.171 trillion by the end of the month, partly driven by new listings that injected N2.53 trillion into the equities market.
This robust performance underscores the growing interest and confidence in Nigeria’s stock market, with key players in the stockbroking industry continuing to drive market liquidity and activity.