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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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Closed Period, Investors' demand for Nigerian stocks climb, as portfolio investment gains N223.4 billion

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).

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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Companies

Multiverse forecasts N39.5 million profit in Q1 2021

The management of Multiverse Plc has projected a revenue of N76 million and a profit of N39.5 million in Q1 2021.

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Multiverse Mining and Exploration Plc has projected that in the first quarter of 2021, the mining and exploration company will generate N76 million in revenue, and post a profit of N39.5 million.

These projections were made by the company in a recent earnings forecast issued by the Management, and signed by the Corporate Secretaries of the company.

Key highlights of the earnings forecast for Q1 2021

  • Total revenue is projected at N76 million.
  • Turnover from agency sale is projected at N1 million.
  • Agency cost is s projected at N850 thousand.
  • Total expenses are projected at N7.8 million.
  • Operating Profit is projected at N67.3 million.
  • EBIT (Earnings Before Interest and Taxation) is projected at N67.3 million.
  • Interest Expense is projected at N27.8 million.
  • Profit after tax is projected at N39.5 million.

Key assumptions made to support the earnings forecast and projection of the company

The earnings forecast was made on the ground that there won’t be any significant change in the economic policies of the Federal Government, while the monetary policies of the CBN would not be altered significantly.

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The company also maintained that there would not be any industrial unrest that would affect its production and sales volume, while the profit of the company would not be pressured by rising costs of inputs, as prices of materials used in production shall be stable in the period under review.

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Companies

GCR affirms Dangote Cement issuer ratings of AA+(NG) and A1+(NG)

Global Credit Ratings has affirmed Dangote Cement issuer ratings of AA+(NG) and A1+(NG).

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Dangote Cement Plc has announced that Global Credit Ratings has affirmed the cement manufacturer a long-term and short-term national scale issuer ratings of AA+ (NG) and A1+(NG) respectively.

According to the press release issued by the company, the rating which maintains a stable outlook on Dangote Cement would expire by November 2021.

In line with this, GCR reviewed existing bonds of the company and assigned the N100bn Series 1 Fixed Rate Bond of Dangote Cement a rating of AA+.

Why this matters

  • The ratings reflect Dangote Cement Plc’s status as Africa’s leading integrated cement manufacturer with a group-wide installed capacity of 45.6 million metric tonnes per annum across ten countries.
  • The stable outlook which was maintained by GCR reflects the extensive distribution network, significant scale economies and position as the largest corporations on the Nigerian Stock Exchange, with sound access to capital.
  • It is important to note that a rebound is expected within 18-24 months, on the back of strong base domestic demand.

What they are saying

Michel Puchercos, Chief Executive Officer, said:

  • Dangote Cement has shown great resilience in 2020 despite the COVID-19 pandemic and a challenging environment. The Group continues to report strong cash generation while maintaining strong financial discipline. As Africa’s leading cement producer, we are committed to maximizing shareholder value creation.”

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Coronavirus

Governor Sanwo-Olu says 24,000 students yet to resume in public schools

24,000 students in public schools are yet to return back after the reopening of schools, according to Governor Sanwo-Olu.

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The Lagos State Governor, Babajide Sanwo-Olu, has revealed that about 24,000 students in public schools are yet to come back after the reopening of schools following last year’s lockdown necessitated by the first wave of Covid-19 across the country.

This is as the governor said that resumption of school activities Monday, January 20, 2021, was a difficult decision to make in light of the second wave of Covid-19.

This disclosure was made by the governor while peaking during a press conference on Covid-19 update at the Lagos House, Ikeja on Tuesday.

Sanwo-Olu assured that it was the best decision for the children’s safety and long-term development, especially the most vulnerable ones.

What the Lagos State Governor is saying

Sanwo-Olu in his statement said, “Last year after the first lockdown and kids have to come back to school, we are still looking for about 24,000 of them that have not come back to school. So, there is a challenge if you keep them out for that long and their parents or guardians now turn them to other things instead of ensuring that they have time to come back for learning even if it is twice or thrice a week.

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“At least they have been registered since the beginning of a session and they can be monitored. If not, they will just be roaming the streets and become endangered. We have seen incidents of child abuse and all unprintable things that are being done to these children. So, we believe to a large extent that schools sometimes happen to be the safe haven for them. We have done the roster in which we ensure they keep social distance and we are monitoring,” he said.

What you should know

  • It can be recalled that public and private schools below the tertiary level in Lagos State, On Monday, January 18, 2021, reopened for academic activities despite opposition from some stakeholders due to the second wave of coronavirus pandemic in the state.
  • Following the surge in the number of infections in the state, which is the epicentre of the disease in the country, there were complaints about the state of preparedness of the schools, especially the public ones, in adhering to the strict Covid-19 protocols and guidelines.

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