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Markets

Top Stockbroking firms in Nigeria trade shares worth N357 billion in Q1 2021

The top-performing stockbroking firms in the NSE traded about 30.15 billion units of shares valued at N357.48 billion in Q1 2021.

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The Nigerian Stock market ended the first quarter of 2021 bearish as the All-Share Index dipped by 3.04% from 40,270.42 points recorded as of December 31st, 2020 to close at 39,045.13 points at the end of Q1 2021.

Meanwhile, the top-performing stockbroking firms in the Nigerian Stock Exchange, traded about 30.16 billion units of shares with a value of N357.48 billion, accounting for 52.63% of the total value of shares traded in the period.

This is according to the Broker performance Report, released by the Nigerian Stock Exchange for the first quarter of 2021.

According to the report, Cardinalstone Securities led the list of stockbroking firms by volume of shares while Stanbic IBTC Stockbrokers traded the highest in monetary terms for the period under review.

READ: Top 10 Stockbroking firms trade shares worth N112.84 billion in January 2021

Stockbrokers by value

The top ten Stockbrokers were responsible for 52.63% of the total amount of shares traded in Q1 2021, trading a total of N357.48 billion worth of shares.

  • Stanbic IBTC Stockbroker retains the top position in this category, having traded in stocks worth N88.2 billion between January and March 2021, representing 12.99% of the total value of shares traded during this period.
  • Cardinalstone Securities stood at second on the list with trades in stocks valued at N47.36 billion, accounting for 6.97% of the total value of shares traded in the first quarter of the year.
  • ABSA Securities Nigeria followed closely with its total trades valued at N41.53 billion in the period under review. This represents 6.12% of the total value recorded in the Stock Exchange market.
  • Rencap Securities also traded in stocks worth N35.81 billion, to stand fourth on the list as it accounted for 5.27% of the recorded trades in monetary terms.
  • EFG Hermes traded a sum of N31.1 billion worth of stocks, which accounted for 4.58% of the total value for the period.
  • Others include; ESTC Securities (N26.4 billion), Meristem Stockbrokers (24.35 billion), FBN Quest Securities (N24.05 billion), Apel Asset Limited (20.56 billion), and Cordros Securities (18.11 billion).

READ: House of Reps summon Emefiele, NNPC GMD over unremitted N3.24 trillion

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Stockbrokers by volume

The top ten stockbroking firms for the period under review traded in 30.16 billion units of shares, accounting for 47.92% of the total traded stocks.

  • Cardinalstone Securities Limited tops the list of stockbroking firms in terms of volume of shares traded as it recorded trades in 5.13 billion units of shares, representing 8.15% of the total volume traded in the bourse for the period.
  • Morgan Capital Securities followed, having traded in 4.05 billion shares, accounting for 6.43% of the total volume of shares traded between January and March 2021.
  • Stanbic IBTC Stockbrokers, which is a regular on the list traded in 3.79 billion units of shares in the first quarter of the year. This represents 6.03% of the total recorded.
  • Meristem Stockbrokers Limited stands fourth on the list with trades in 3.56 billion units of shares between January and March 2021, accounting for 5.65% of the total volume recorded.
  • Atlass Portfolios Limited traded in a total of 3.46 billion units of shares accounting for 5.5% of the total volume recorded in the period under review.
  • Others on the list include; GTI Securities (2.97 billion), Light House Asset Management (2.16 billion), Greenwich Trust Limited (1.87 billion), WSTC Securities (1.62 billion), and Inter State Securities (1.55 billion).

READ: Capital market operators call for the suspension of recapitalisation plans 

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What you should know

  • The bearish trend recorded in the stock market during the first quarter of the year can be attributed to rising yields in government securities, profit-taking by investors, reallocation of investment portfolios, and the general downturn in the country’s economy.
  • Notably, according to the NBS, Nigeria’s inflation surged to a record high of 17.33, unemployment at 33.3% while food inflation (21.79%) galloped to its highest in 15 years.

Nairametrics Research team tracks, collates, maintains and manages a rich database of macro-economic and micro-economic data from Nigeria and Africa. Our analysts share some of the data collated on Nairametrics, using formats such as docs, tables and charts etc. The team also publishes research based analysis as articles on a regular basis.

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Cryptocurrency

Dogecoin up 168%, more valuable than Polkadot, Cardano

The fast-rising crypto at the time of writing traded at $0.359439 with a daily trading volume of $63.5 billion.

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Dogecoin (DOGE), once again, shocked traders, investors and many crypto analysts by gaining over 200% to flip Cardano and Polkadot, becoming the sixth most valuable crypto asset by market value.

The fast-rising crypto at the time of writing traded at $0.359439 with a daily trading volume of $63.5 billion.

Dogecoin is up 167.95% for the day on the FTX exchange. The dog meme crypto is now the 6th most valuable crypto with a market value of $46.4 billion.

READ: Bitcoin miners are consistently earning $50 million daily

Recent data from Coinmarketcap reveal it has a circulating supply of 129,210,007,256 DOGE coins and the maximum supply is not available.

Market pundits argue that the credence of the world’s leading billionaires might have given the fast-rising crypto enough support amid the recent price correction ongoing in the flagship crypto market. These two individuals are Elon Musk and Mark Cuban.

A leading crypto social analytic firm revealed the altcoin has the highest number of activities in the past 18 hours and social mentions of over 410, 0000, thereby making it the most popular crypto on social media.

READ: Crypto market surges above $2 trillion, as Bitcoin stages a huge comeback above $60,500

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Dividends

SEC accuse CMOs of frustrating e-dividend mandate process

The DG of SEC revealed that 4.01 million accounts still have incomplete KYC information as of April 8 despite the government’s efforts.

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Unclaimed dividends: SEC wades in, reduces processing time to 1 week for beneficiaries

The Securities and Exchange Commission (SEC) has faulted the activities of some Capital Market Operators (CMOs) which frustrates the e-dividend mandate process, leading to a rise in unclaimed dividends in the capital market.

This is as the unclaimed dividends in the capital market were estimated to have risen to over N200 billion.

According to a report from the News Agency of Nigeria (NAN), this disclosure was made by the Director-General of SEC, Lamido Yuguda, while speaking at the 2021 first post-Capital Market Committee (CMC) virtual news conference.

READ: Why SEC should support democratization of sale of foreign securities

What the Director-General of SEC is saying

Yuguda, in his statement, said that the commission was aware that some CMOs were frustrating the e-dividend mandate process.

He said, “We implore all stakeholders to comply with all directives of the Commission in this regard, as defaulters would be sanctioned appropriately. We have observed that the growth in the number of mandated accounts has been on the decline for some time.

The capital market community has directed its e-Dividend Committee to engage with the Committee of Heads of Banking Operations to encourage better cooperation from banks as we tackle the challenges of unclaimed dividends.’’

READ: Shareholders move against FG’s establishment of unclaimed dividend trust fund

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The SEC boss reminded all CMOs that the commission’s directive on the update of investors’ Know Your Customer information was still in effect noting that the level of compliance had been low in spite of several engagements by the commission.

Yuguda revealed that 4.01 million accounts still have incomplete KYC information as of April 8 despite the government’s efforts.

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He said, “Despite several engagements, we realised that as of April 8, there were still 4,012,311 accounts with incomplete KYC information. This exercise is critical to deepening the participation of retail investors and we direct all CMOs to accord it the highest level of priority.’’

READ: SEC adjusts operations, introduces e-filing, other measures

In case you missed it

  • SEC had earlier urged all Capital Market Operators (CMOs) to update their investors’ Know Your Customer information due to the low level of compliance.
  • The CMOs were also warned by SEC to stop providing any form of support to unregistered entities operating unlawfully in the country within the capital market as that would not be condoned.

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