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These were the top 10 stockbrokers on the NSE in 2018


Despite the Nigerian Stock Exchange (NSE) closing in the red in 2018, the top 10 stockbrokers in terms of volume and value still have cause to smile. They accounted for 46.9% (95.1 billion shares) of the total volume traded and 67.8% (N1.6 trillion) of total value traded last year.

Top 5 Stockbrokers by Volume 

Stanbic IBTC Stockbrokers

Stanbic IBTC Stockbrokers Limited traded the largest amount of shares in 2018 amounting to 17 billion shares, or 8.38% of total volume traded on the Exchange.

United Capital Stockbrokers

United Capital Stockbrokers was next with 14.6 billion shares or 7.21% of total volume traded.

CSL Stockbrokers

CSL Stockbrokers Limited takes third place with 14.2 billion shares or 7.04% of the total volume traded.

Cardinal Stone Securities

Cardinal Stone Securities Limited comes 4th with 10.8 billion shares or 5.34% of total volume traded.

Rencap Securities

Rencap Securities Nigeria Limited takes the 5th spot with 9.1 billion shares or 4.51% of total volume traded.

Top 5 stockbrokers by value 

Stanbic IBTC Stockbrokers

Stanbic IBTC Stockbrokers again took the top spot with N466 billion or 19.38% of value traded last year.

Rencap Securities

Rencap Securities Limited moves up this time with N290 billion or 12.07% of value traded.

Coronation Research

CSL Securities

CSL Securities Limited also takes the third place with N238 billion worth of shares traded.

Coronation Research

EFCP Limited

EFCP Limited takes the fourth place with N218 billion or 9.09% of total value traded.


FBNQuest Securities rounds up the top 5 with N123 billion or 5.14% of total value traded on the NSE.

2017 flashback 

2018 may have been a much more competitive year for the top 10 stockbrokers, as they collectively occupied a smaller slice of the entire market.

The top 10 stockbrokers in 2017 accounted for 53.2% (or 107 billion shares) of volume and 75.23% (or N1.9 trillion) of total value traded in 2017.

The top three stockbrokers by volume in 2018 were same as 2017. United Capital Securities Limited, however, dropped from first place in 2017 to second place in 2018.

In terms of value, Stanbic IBTC Stockbrokers Limited, CSL Stockbrokers Limited, and Rencap Securities Nigeria Limited maintained their top three positions back to back.

Meristem Stockbrokers Limited which took the second position in 2017, dropped out from the top 10 by value in 2018.


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