Stanbic IBTC Stockbrokers, nine other firms trade N848.4bn shares In Q3 2024

A total of 10 stockbroking firms in the Nigerian stock market traded N848.424 billion worth of shares from July to September 2024.

Data obtained from the Nigerian Exchange (NGX) on Broker Performance Report for third quarter (Q3) showed this translates to 57.63 per cent of the cumulative trade executed on the exchange in third quarter (Q3).

In volume terms, the top ten brokerage firms conducted transactions totalling 37.291 billion shares between them, accounting for 46.92 per cent of the entire trade executed on the exchange in that period.

Specifically, Stanbic IBTC Stockbrokers led in value terms trading N264.899 billion, which is 17.99 per cent. United Capital Securities followed with N145.680 billion or 9.90 per cent, while Cardinalstone Securities recorded N140.877 billion or 9.57 per cent.

Investment One Stockbrokers and Cordros Securities facilitated N54.842 billion (3.73 per cent) and N46.929 billion (3.19 per cent) respectively.

FBN Quest Securities traded N46.006 billion, while Meristem Stockbrokers accounted for N40.999 billion or 2.78 per cent. Others are; CSL Stockbrokers, APT Securities & Funds and Chapel Hill Denham Securities traded shares worth N40.681 billion, N33.820 billion and N33.690 billion, respectively.

In an effort to stimulate demand and engender competition in the stock broking community, the management of the Nigerian Exchange had in September 2011 introduced ranking of brokers by transaction value and volume.

The stock market recorded a decline of 1.5 per cent in Q3. Meanwhile, year-to-date growth of equities as at September 30, 2024 increased by 31.81 per cent.

The main stock index, which opened the quarter at 100,057.49 basis points, had dropped to 98,558.79 at the end of September. However, for the year-to-date, All-Share Index rose by 31.81 per cent from 74,773.77 points on December 29, 2023 to 98,558.79 points on September 30, 2024.