Key Highlights
- APT Securities and Fund -BRD led the list of top stockbroking firms in Nigeria by value, while APEL Assets Limited led by volume in February 2023.
- The 10 top stockbrokers are responsible for 67.90% of the total value and 69.04% of the total volume between 1/2/23 and 28/2/23.
- These 10 stockbroking firms brokered a total of 8.592 billion units of shares valued at N128.637 billion between 1/2/23 and 28/2/23
APT Securities and Fund -BRD, Cardinal Stone Limited and Stanbic IBTC Stockbrokers Limited led the list of top-performing stockbroking firms in Nigeria in February 2023.
This is according to the annual broker performance report for February 2023, released by the Nigerian Exchange Group (NGX).
The All-Share Index of the NGX, which is used to track the performance of the equities market closed at 55,806.26 on February 28, 2023, points, representing an 8.89% gain year-to-date as of February 28, 2023, compared to the 51,251.06 points recorded at the start of the year.
It is worth adding that the NGXASI February 2023 8.89% YtD gain recorded by the Nigerian equities market was lower than the 10.95% recorded in the same period of 2022.
Nairametrics presents a ranking of the top 10 best-performing stockbroking firms in the country based on the volume of shares brokered and the value for February 2023.
Top stockbrokers by value
The top 10 performing stockbroking firms in February 2023 traded a total of N128.637 billion worth of shares, accounting for 67.90% of the total value of shares traded in February 2022.
This is 5.52% lower than the N136.150 billion worth of shares traded in January 2023.
- APT Securities and Fund – BRD led the list, having traded in stocks worth N35.562 billion. This represents 18.77% of the entire value of shares traded on the floor of the exchange in February 2022. However, in January, it traded in stocks worth N52.531 billion, representing a 32.30% drop
- Cardinal Stone Securities Limited with a total value of N25.272 billion worth of shares traded in February 2023, stands in the second position, accounting for 13.34% of the total shares traded at the exchange. The company retained the second position, which it recorded in January 2023. But unlike APT Securities, the total value traded was up 0.72% compared to January 2023.
- Stanbic IBTC Stockbrokers Limited traded stocks worth N19.246 billion. This represents 10.16% of the entire shares traded at the exchange in February 2023. In January 2023, the firm was ranked 6th with N8.127 billion worth of stocks traded.
- PAC Securities Limited was fourth on the list, having traded in stocks worth N12.584 billion, and accounting for 6.64% of the total shares traded on the floor of the exchange.
- EFG Hermes Nigeria Limited traded in stocks worth N8.548 billion representing 4.51% of the entire value of shares traded at the exchange. This represents a 20.41% decline when compared to the value of N10.739 worth of stock traded in January 2023.
- Others on the list include CORDROS Securities Limited– BRD with N7.842 billion, CSL Stockbrokers Limited (N5.415 billion), Stonex Financial Nigeria Limited (N5.223 billion), Chapel Hill Denham Securities Limited (N4.490 billion) and Rencap Securities Nigeria Limited (N4.456 billion).
Top Stockbrokers by volume
The top 10 performing stockbrokers by volume, traded in 8,592 billion units of shares in February 2023, representing 69.04% of the total shares traded in the stock market. This implies that the unit of shares traded increased by 3.291 billion units or 62.08% m/m in February 2023.
- APEL Asset Limited – BRD tops the list with 5.739 billion units of shares, which represents 46.12% of the total volume traded in the period under review.
- Second on the list is Cardinal Stone Securities Limited with trades in 737.994 million units of shares, accounting for 5.93% of the total shares traded in the stock market.
- APT Securities and Fund – BRD followed 513.006 million units of shares, representing 4.12% of the entire shares traded in the stock market.
- Morgan Capital Securities traded 390.805 million units of shares to stand in fourth position and accounted for 3.14% of the total volume.
- Stanbic IBTC Stockbrokers Limited accounted for 2.91% having brokered the trade of 362.194 units of shares to stand in the fifth position.
- Others on the list include Meristem Stockbrokers Limited (279.144 million for 2.24% of the total volume), EFG Hermes Nigeria Limited, (160.136 million, representing 1.29% of the total volume), Chapel Hill Denham Securities Limited –BRD (146.139 million), CSL Stockbrokers Limited (132.840 million), and PAC Securities Limited (130.120 million)
What you need to know
- The All-Share Index of the Nigerian stock market grew by 4.82%, in February, following the 3.88% increase recorded in January.
- Last year (2022) Nigerian stocks braced against all odds facing the global markets to post a double-digit 19.98% YtD return.
- The total turnover of trades improved by 27% from N916 billion in 2021 to N116 trillion in 2022.
- Equity capitalization rose by 25.20% to N27.92 trillion in 2022 from N22.29 trillion in 2021.
- The uptick in the market was attributable to the listing of BUA Foods and GEREGU The two stocks was among the top 20 most traded stocks and accounted for 6.14% and 1.45% respectively of the total turnover in 2022.
- Market participation was heavily skewed to domestic investors in 2022. Looking ahead, Global investors rank the FX convergence of the naira in 2023 as a major policy shift that could incentivise investment flows.
- In the month under review, a total of 72 stocks gained out of which 36 posted double-digit gains. Notable gainers include TRIPPLEG, NNFM, MRS, JOHNHOLT, GEREGU and CONOIL all of which recorded over 50% YtD gains as of February 28 2023.
