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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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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.

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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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Appointments

MRS Oil announces resignation of its MD, appoints an acting MD

The disclosure was made in a notification by the oil marketing giant.

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MRS Oil Nigeria Plc reschedules board meeting, closed period

Oil marketing giant, MRS Oil Nigeria Plc, has announced the resignation of its Managing Director, Mrs Priscilla Thorpe-Monclus with effect from August 5, 2020, and the subsequent appointment of Mr Marco Storari as the Managing Director in an acting capacity.

The oil firm also announced the resignation of one of its directors, Mr Christopher Okorie, also with effect from August 5, 2020.

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The disclosure was made in a notification by the oil marketing giant, which was sent to the Nigerian Stock Exchange (NSE) on August 7, 2020, and signed by its Company Secretary O.M. Jafojo.

The statement from MRS Oil Nigeria Plc reads:

At the Board Meeting of August 5, 2020, the Board of Directors of MRS Oil Nigeria Plc, considered and approved the resignation of Mrs Priscilla Thorpe-Monclus as Managing Director and Director of the Company, and the resignation of Mr Christopher Okorie as Director of the Company, effective August 5, 2020.

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“The Board of Directors also considered and approved the appointment of Mr Marco Storari as Director and Managing Director (Acting) of the Company.’

According to the statement, Mrs Thorpe-Monclus, during her tenure as the Managing Director, showed great commitment and dedication in her drive for the new MRS Brand, which resulted in the unveiling of three new retail outlets in Lagos, one in Owerri, two in Kano and two new outlets in Abuja. It also resulted in an overall business turnaround for the oil company.

The board commended the efforts of Mrs Thorpe-Monclus and Mr Okorie to the growth of the company and wished them the best in their future endeavours.

Mr Marco Storari, on the other hand, is a seasoned leader with more than 3 decades’ experience in the management, shipping, trading and terminal operations in the industry. He has held various high-level positions where he recorded business successes in companies in Italy, Monaco and Nigeria.

He was, until his appointment as Acting Managing Directors, the Group Executive Director, Storage and Terminal for MRS Holdings Limited. He has been a driving force in the transformation of the MRS Group over the last 10 years.

The Board of Directors of MRS has expressed its confidence in the ability of Storari to bring to bear his wealth of experience in the industry, to improve business efficiency.

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MRS Oil Nigeria Plc is a fully integrated and efficient downstream player, with leading positions in the Nigerian Oil Industry. The oil firm, with its head office in Nigeria’s commercial capital, Lagos, previously traded under the name Texaco Nigeria Plc. It has 3 business units namely sale of petroleum products at retail outlets, sale of aviation fuel, and blending of lubricants.

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Ogun State initiates tax relief scheme to cushion effects of COVID-19

Governor Abiodun urged taxpayers in the state to make use of the relief packages.

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Coronavirus: Ogun State bans cinemas, night clubs, restaurants, other businesses from operating, COVID 19: Ogun State launches digital classes for students

The Ogun State Government has announced that its Internal Revenue Service would launch tax relief packages to cushion the economic effects of the COVID-19 pandemic on taxpayers in the state.

This was announced by the State Governor, Prince Dapo Abiodun, on Saturday morning through a statement that was issued via his official Twitter handle.

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Governor Abiodun urged taxpayers in the state to make use of the relief packages which include a 6 month extension of the 2019 income tax returns deadline for self-employed residents from March 31, 2020 to September 30, 2020.

He also granted an “8-month extension of filling of 2019 annual PAYE returns by PAYE operators/tax agents from January 31, 2020 to September 30, as well as complete waiver of interest and penalty for late filling for the extension period.”

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Other packages include a total waiver of interest and penalties for late remittances of PAYE for the extended period, and a waiver for late payment of Personal Income Tax, which would run from January 1, 2020 to December 31.

Finally, the state granted a waiver on weekly tax payments by operators of betting and pool businesses from April 1 to June 30, 2020.

The Governor said that the state’s Tax Audit Reconciliation Committee (TARC) would run its operations through video conferencing to “continue ensuring ease of doing business while maintaining physical distancing.

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COVID-19: World Bank approves $114 million response funds for Nigeria

FG is expected to provide grants from the CoPREP to the 36 states and the FCT.

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World Bank approves $2.2 billion loan for Nigeria

The World Bank has approved the sum of $114 million to assist Nigeria in its fight against the coronavirus pandemic.

The fund is to help Nigeria prevent, identify and respond to the dangers associated with the coronavirus disease with special focus on the various states and the Federal Capital Territory.

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This was disclosed in a statement from the bank on Friday, August 7, 2020.

According to the statement, the funds come in the form of $100 million credit facility from the International Development Association (IDA) and $14 million grant from the Pandemic Emergency Financing Facility.

It also states that the Federal Government is expected to provide grants from the COVID-19 Preparedness and Response Project (CoPREP) to the 36 states and the Federal Capital Territory.

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The World Bank Director for Nigeria, Shubham Chaudhuri, in a statement on Friday, said, “Nigeria has ramped up its efforts to contain the Covid-19 outbreak, but more needs to be done at the states level, which are at the front line of the response.”

He disclosed that the project would provide the states with the much needed direct technical and fiscal support in order to strengthen their position in the fight against the pandemic.

The World Bank Chief also pointed out that the project would finance federal procurements of medical equipment, laboratory tests and medicines to be distributed to the states based on their needs.

According to the World Bank, CoPREP would finance further support to all the 36 states and the FCT through the NCDC to implement the COVID-19 Incident Action Plan.

Nigeria has recorded about 45,687 confirmed cases of the coronavirus disease with 936 fatalities and 32,637 people discharged as at August 7, 2020. Some serious concerns have been raised about the country’s testing capacity, which though has improved is still regarded as inadequate.

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