Top stockbroking firms in Nigeria trade N59.8 billion worth of stocks in July 2022

Stanbic IBTC, FBN Quest, EFG Hermes led the list of top-performing stockbroking firms in the month of July 2022, jointly accounting for 31.6% of the total value of shares traded in the Nigerian Exchange in the review month.

This is according to the Broker performance Report, released by the Nigerian Stock Exchange for the month of July 2022.

On the other hand, Norrenberger Securities, FBN Quest, and Stanbic IBTC led in terms of volume of shares traded in the week, contributing an aggregate of 29.98% to the total units of shares traded in the review month.

The top 10 stockbroking firms in the month of July brokered the trade of shares worth N59.79 billion, representing 57.7% of the total. Meanwhile, the value of shares traded by the top firms is 39.43% lower than the N98.73 billion worth of shares brokered in the previous month.

The Nigerian stock market recorded a 2.79% decline in the month of July 2022, as the All-Share Index dropped to 50,370.25 index points, largely driven by bearish sentiment in the local equities market. In the same vein, the total market capitalization declined by N777 billion in the review month to stand at N27.16 trillion from N27.94 trillion recorded as of the beginning of the month.

Stockbrokers by value

The top ten Stockbrokers were responsible for 57.7% of the total value of shares traded in July 2022, trading in N59.8 billion worth of shares in the review month.

• Stanbic IBTC Stockbrokers Limited took over the top position, having traded in stocks with a total value of N16.77 billion, accounting for 16.19% of the total shares traded in the exchange.

• FBN Quest Securities Limited, with a total value of N9.80 billion worth of shares traded in the month under review stands in second position. This represents 9.46% of the entire value of shares traded on the floor of the exchange.

• EFG Hermes Nigeria Limited accounted for 5.95% of the value of shares recorded in the period with N6.16 billion worth of shares traded.

• CSL Stockbrokers Limited traded stocks worth N5.41 billion. This represents 5.22% of the entire shares traded at the exchange.

• Cardinalstone Securities Limited, having lost the first position held in the previous month, came fifth on the list in July 2022, facilitating the trade of shares worth N4.23 billion, representing 4.08% of the total for the month.

Others on the list include Chapel Hill Denham Securities with N4.11 billion (3.96%), Investment One Stockbrokers with N3.92 billion (3.79%), Norrenberger Securities with N3.67 billion (3.54%), Imperial Asset Manager Limited with N3.19 billion (3.08%), and Stonex Financial Nig. Limited with N2.54 billion (2.45%).

Top stockbrokers by volume

The top-performing stockbrokers by volume, traded in 4.16 billion units of shares in the month of July 2022, representing 53.12% of the total shares traded in the stock market in the review period.

• Norrenberger Securities Limited topped the list with 1.29 billion units of shares, which represents 16.42% of the total volume traded in the period under review.

• FBN Quest Securities Limited followed, having traded in 606.18 million shares, accounting for 7.74% of the total volume of shares traded in July 2022.

• Third on the list is Stanbic IBTC Stockbrokers Limited with trades in 502.9 million units of shares, accounting for 6.42% of the total shares traded in the stock market in the month under review.

• Cardinalstone Securities Limited traded in 386.5 million shares in the review month. This represents 4.93% of the total recorded.

• Morgan Capital Securities Limited accounted for 4.09% of the total volume, having traded a total of 320.45 million units of shares to stand in the fifth position.

Others on the list include EFG Hermes (320.3 million), Atlass Portfolios Limited (219.98 million), Meristem Stockbrokers Limited (204.94 million), APT Securities and Funds (170.95 million), and Parthian Securities (143.44 million).