Cardinalstone Securities, FBN Quest, and Stanbic IBTC topped the list of stockbroking firms in Nigeria with the highest value of brokered deals in October, jointly accounting for 32.91% of the total value of deals transacted in the equities market in the review month.
This is according to the monthly broker performance report released by the Nigerian Exchange (NGX).
According to the report, the top 10 stockbroking firms accounted for 73.24% (N80.89 billion) of the total value of stocks traded in the local bourse in October 2022. In terms of volume, the elite ten accounted for 49.13% (2.73 billion) of the total volume of stocks brokered in the review month.
The Nigerian Bourse (NGX) was bearish in October amidst high sell-offs, driving down the broad market by 1,060 basis points. The All-share Index (ASI) depreciated by 10.6% to close the month at 43,839.08 points from 49,024.16 points recorded as of the end of September 2022.
The recent downtrend in the local equities market has seen the year-to-date return fall to 2.6% from the over 20% rally in the first half of the year.
Top stockbrokers by value
The top 10 performing stockbroking firms in October 2022 traded a total of N80.89 billion worth of shares, accounting for 73.24% of the total value of shares traded in the review period.
- Cardinalstone Securities Limited led the list with a total of N13.0 billion worth of shares traded. This represents 11.79% of the total value of shares traded at the exchange. This is higher than N6.9 billion recorded in the previous month which pushed Cardinalstone from the third spot in September 2022 to the first position in October 2022.
- FBN Quest Securities Limited followed closely, having traded in stocks worth N12.9 billion, accounting for 11.68% of the total value of shares traded. FBN Quest Securities Limited stood in the tenth position in the previous month, with stocks traded worth N1.6 billion.
- Stanbic IBTC Stockbrokers Limited accounted for 9.44% of the total value of shares traded in October 2022, having traded stocks worth N10.4 billion. This is lower compared to the N11.8 billion recorded in the previous month, thus moving down the list from the first position to the third spot in the month under review.
- CSL Stockbrokers Limited stands in the fourth position with a total of N9.80 billion worth of shares traded in October 2022, accounting for 8.87% of the total shares traded at the exchange and higher than the N7.6 billion recorded in September 2022. Despite the increase, CSL Stockbroker dropped from the second to the fourth spot.
- EFG Hermes Limited followed in the fifth position having traded in stocks worth N9.79 billion, accounting for 8.87% of the total value of shares traded in the period under review. The value of traded stocks by EFG Hermes improved on a month-on-month basis from N5.9 billion.
- Meristem Stockbrokers came in at number six having traded N8.9 billion worth of stocks.
- Investment One Stockbrokers traded N6.3 billion worth of stocks.
- APT Securities traded N5.2 billion worth of stocks.
- Parthian Securities Limited traded N3.0 billion worth of shares.
- Cordros Securities Limited traded N1.4 billion worth of shares.
Stockbrokers by volume
The top ten stockbroking firms for the period under review traded in 2.73 billion units of shares, accounting for 49.13% of the total stocks that exchanged hands in October 2022.
- Cordros Securities Limited took the top spot, having traded in 556.1 million units of shares, accounting for 10.0% of the total volume of shares traded in the review period. It is worth noting that Cordros Securities did not make the top 10 list in the previous month.
- CardinalStone Securities maintained the second position, with a total of 522.7 million units of traded shares. This accounts for 9.41% of the total volume of shares traded. The firm had brokered the trade of 578.8 million units of shares in the previous month.
- Morgan Capital Securities Limited stood in third place, accounting for 4.86% of the total volume of shares brokered, having traded in a sum of 269.6 million units of shares. This is lower than the 300.9 million units recorded in the previous month.
- Stanbic IBTC Stockbrokers followed closely in the fourth spot with a total of 268 million units of traded shares, representing 4.82% of the total trades in the market. Stanbic IBTC maintained the same position in the previous month, having brokered a total of 399.9 million units of shares.
- Core Stockbrokers Limited brokered the trade of 267.6 million units of shares in October 2022 to stand in the fifth position, accounting for 4.82% of the total volume traded in the equities market. The firm was also not on the list in the previous month.
- CSL Stockbrokers brokered the trade of 225.1 million units of shares.
- EFG Hermes brokered the trade of 206.6 million units of shares.
- Meristem Stockbrokers brokered the trade of 174.4 million units of shares.
- Apel Asset Limited brokered the trade of 127.6 million units of shares.
- Readings Investments Limited brokered the trade of 110.5 million units of shares.
