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Top 10 Stockbrokers trade N391.9 billion in Q1 2020 despite bearish market

Despite bearish market, the top ten stockbroking firms in Nigeria traded a total of N391.9 billion worth of shares between January and March 2020.

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Nigerian stock exchange (NSE), Making the best out of the Nigerian Stock Market during COVID-19 , Dangote, Tier-1 banks lead the bulls to close Nigerian stock market green

The Nigeria Stock Exchange (NSE) endured a very bearish performance in the first quarter of 2020. The All-Share Index slumped by 20.6% during the first three months of the year, having moved from 26,842.07 basis points to 21,300.47 points as of March 31st, 2020. The equities cap also dipped by over N3 trillion due to bearish trades.

Despite the bearish market, the top ten stockbroking firms in Nigeria traded a total of N391.9 billion worth of shares between January and March 2020. This is according to the quarterly Broker Performance Report which was recently released by the Nigerian Stock Exchange (NSE).

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The report also shows that the top ten stockbroking firms accounted for 47.6% (23.6 billion shares) of the total volume of stocks traded on the NSE, and 62.45% (N391.86 billion) of the total value of traded shares in the first quarter of 2020.

[READ: Top 10 stockbroking firms on the NSE as of August 2019]

Here are the top ten stockbrokers by value

  • Stanbic IBTC Stockbroker Ltd was on top of the list with dealings on stocks valued at N93.25 billion, accounting for 14.86% of the total value of shares traded during the period.
  • EFG Hermes Nig. Ltd followed with transactions worth N78.28 billion. This represents 12.48% of the total value of shares traded.
  • Rencap Securities Nigeria Ltd took the third spot on the list with stock transactions worth N58.34 billion. This represents a 9.3% contribution to the total value of shares traded in the first quarter.
  • CSl Stockbrokers, whose transactions in the period were totaled at N38.41 billion, stood in the fourth position having accounted for 5.8% of the total value.
  • Cardinal Stone Securities transacted in shares valued at N26.53 billion, thereby representing a 4.23% of the total traded shares during the period under review.
  • Other stockbroking firms that contributed to the N391.9 billion include Tellimer Capital Limited (N24.37 billion), Chapel Hill Denham Securities (N24.02 billion), ARM Securities (N17.72 billion), Cordros Securities (N16.75 billion), and Meristem Stockbrokers Limited (16.17 billion).

Top 10 Stockbrokers by volume of shares traded

  • EFG Hermes Nig. Ltd stood on top of the list, having traded some 4.22 billion units of shares, thereby accounting for 8.51% of the total shares traded in the period under review.
  • Cardinal Stone Securities followed with trades of 3.32 billion units of shares, which represents 6.7% of the total units traded in the first quarter of the year.
  • Stanbic IBTC Stockbrokers recorded total trades of 3.09 billion shares, accounting for 6.24% of the total units traded.

[READ: Top 10 stockbroking firms trade N1.35 trillion on stocks in 2019]

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  • Rencap Securities Nigeria Ltd traded 2.94 billion units of shares to stand in the fourth position, accounting for 5.93% of the total.
  • CSL Stockbrokers traded 2.24 billion units of shares which represents 4.52% of the total units traded between January and March 2020.
  • Other stockbrokers that made the list include; Morgan Capital Securities (1.96 billion shares), Coronation Securities (1.54 billion shares), Chapel Hill Denham Securities (1.49 billion shares), Mainstreet Bank Securities (1.45 billion shares) and Meristem Stockbrokers rounded off the list with trades in 1.34 billion units of shares.

1 Comment

1 Comment

  1. Docjuli

    April 4, 2020 at 6:12 am

    In the top ten stockbrokers by value list, I guess it should be CSL and not CSI

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Economy & Politics

CBN reacts to videos, pictures of new N2,000 and N5,000 in circulation

The videos and pictures of the purported circulation of the N2,000 and N5,000 banknotes as false, a piece of fake news that is being pushed out to the members of the public and asked them to disregard the falsehood.

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The Central Bank of Nigeria (CBN) has reacted to the circulated videos and pictures that claimed it had introduced N2,000 and N5,000 banknotes to members of the public.

The apex bank in a statement described the videos and pictures of the purported circulation of the N2,000 and N5,000 banknotes as false and a piece of fake news that is being pushed out to the members of the public and asked them to disregard the falsehood.

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Going further, they asked the members of the public to report to law enforcement agencies if they found anyone in possession of such banknotes.

This was disclosed by the Central Bank of Nigeria in a tweet post on its official twitter handle on Sunday, May 31, 2020.

The CBN stated, ‘’Videos and pictures of purported circulation of N2,000 and N5,000 banknotes are false and fake. Members of the public are advised to disregard such falsehood and to report anyone found in possession of such banknotes to the law enforcement agencies’’.

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https://twitter.com/cenbank/status/126713171778308505

It would be recalled that the planned introduction of the new N2,000 and N5,000 banknotes by the CBN under the leadership of the then Governor, Lamido Sanusi, in 2012, had elicited some mixed reactions from some experts.

The Federal Government at that time said that the proposed N5,000 banknotes will not be for mass circulation, but would only be reserved for banks and heavy cash users.

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Business News

UPDATED: CBN revises timelines for resolution of dispense errors, refund complaints

The apex bank said this is in line with its resolve to enhance the quality of service bank customers are given. Nigerian banks are, therefore, required to implement the revisions starting from June 8, 2020.

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The Central Bank of Nigeria, CBN, has revised the timeframes for the resolutions of all botched online transfers, POS transactions, and ATM withdrawals.

According to a brief statement that was posted on its official Twitter handle this evening, the apex bank said this is in line with its resolve to enhance the quality of service bank customers are given. Nigerian banks are, therefore, required to implement the revisions starting from June 8, 2020.

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Below are the revisions

In line with the revisions, any failed ATM transaction that occurs when a customer tries to withdraw from their bank must be reversed instantly. In the event that instant reversal fails due to technical challenges, the money must be manually reversed within a 24-hour period. Note that prior to the revision, the timeframe for such reversal is usually three working days.

Similarly, the resolutions for failed ATM withdrawals occurring when bank customers use their ATM cards on other banks should not exceed 48 hours, the CBN said. Before now, such a resolution would normally take three working days.

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Also, starting from June 8, banks will be required to resolve all disputed/failed online transfers and POS transactions within 72 hours. In other words, resolution for such disputes shall no longer be taking five working days as it used to.

In the meantime, the apex bank advised banks to ensure that all pending failed transactions/complaints are resolved “within two weeks starting June 8, 2020”.

“Meanwhile, key service providers in the Nigerian payments system have also committed to establish an integrated dispute resolution platform for the industry and enhance their payment system infrastructure and processes to reduce incidences of transaction failure,” the statement further disclosed.

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Tech News

Why Nigeria must invest in digital technology – El Rufai

Nigeria needs to look for a way to move from the agrarian and industrial into the services sector, and ICT is a way to do that.

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El-Rufai: How Vodafone recorded its ‘biggest’ investment mistake in Nigeria, FG concludes plan to borrow N2 trillion from Pension Fund, Infrastructure: Tapping into pensions funds - a step in the right direction? 

If Nigeria is to join the richer countries of the world, she must invest aggressively in technology, improve local production, and cut cost of governance.

These were some of the opinions presented by experts during a virtual colloquium tagged Government Unusual: Innovative Economic Solutions to Unlock Mass Prosperity held on Saturday afternoon.

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While making a presentation at the Rauf Aregbesola colloquium, Governor Nasir El Rufai noted that investment in digital technology must become a priority if Africa hoped to join the league of developed countries. He said,

Investing aggressively in digital technology is the only way Africa can preserve its growth and continue to lift people out of poverty. We must invest in the digital because henceforth, every sector of governance and living will depend on the digital.

READ ALSO: FG sets committee to support tech start-ups with affordable internet access amid lockdown

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He added that one of the lessons from the COVID-19 pandemic was the need for Nigeria to embrace technological advancement so that Nigerians could benefit from the numerous opportunities that came with it; and pointed at the recent decision to crash right of way charges as the first way to go.

In agreement with his position, CEO Lotus Capital, Mrs Hajara Adeola, added that investment in technology was the best way to get Nigerian youths to take advantage of global opportunities without migrating to other countries.

Nigeria needs to look for a way to move from the agrarian and industrial into the services sector, and ICT is a way to do that. Our youths are innovative and capable, so if we can train our youths in technology, then we can get homegrown solutions to some of our issues without them having to migrate” she said during the panel discussion.

Infrastructure for business

Unless infrastructural developments are shaped and directed towards business developments, the country will continue to invest in infrastructure which have no benefits.

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“You don’t shape infrastructure as how you think it makes sense. you do it in a way that follows the money because ultimately that is where prosperity comes for everybody,” Chairman of Citibank Nigeria limited, Yemi Cardoso said.

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The global terrain continues to change and Nigeria must develop a framework to align its growth strategy with the changes, identifying and eliminating bottlenecks as we go forward.

The colloquium, which was held online (via zoom), had over 700 participants across several countries, and was also streamed live on Youtube.

Panelists at the colloquium were Mallam Nasir El-Rufai, Governor, Kaduna State; Sen. Abubakar Bagudu, Governor, Kebbi State; Mrs. Hajara Adeola, CEO, Lotus Capital Limited; Mr. Bismarck Rewane, CEO, Financial Derivatives; Dr. Joe Abah, Country Director, Development Alternatives Incorporated (DAI); Dr. Yemi Cardoso, Chairman, Citibank Nigeria, and Boason Omofaye, the Moderator.

Dr Yemi Kale, Statistician General of the federation and CEO of the National Bureau of Statistics (NBS) was also present.

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