6 September 2017

Nigeria: 10 Stockbroking Firms Trade N1.1 Trillion Shares On NSE in Eight Months

Stanbic IBTC Stockbrokers Limited, Cordros Securities Limited, RenCap Securities Limited, Meristem Stockbrokers Limited and CSL Stockbrokers Limited are the five stockbrokers among the top 10 brokers that accounted for N1.080 trillion traded at the stock market from January to August 2017. Data obtained from the Nigerian Stock Exchange (NSE) showed that the 10 stockbroking firms traded 70.71 per cent of the total value of stocks exchanged in the review period and 46.28 per cent in terms of volume.

Specifically, Stanbic IBTC Stockbrokers led in value terms trading N299.592 billion, which is 19.61 per cent. Cordros Securities Limited followed with N196.645 billion or 12.87 per cent. Recap Securities Nigeria Plc recorded N147.179 billion or 9.63 per cent, while Meristem Stockbrokers Limited and CSL Stockbrokers Limited facilitated N105.004 billion (6.8 per cent) and N81.429 billion (5.33 per cent) respectively.

ARMS Securities Limited traded N58.598 billion, which is 3.84 per cent, while FBN Securities Limited accounted for N52.636 billion or 3.45 per cent. Others among the to 10 are: United Capital Securities Limited-N47.019 billion(3.08 per cent); EFCP Limited-N46.566 billion (3.05 per cent); and Chapel Hill Denham Securities Limited-N45.537 billion (2.98 per cent).

Further analysis of the performance, in volume terms, showed that Stanbic IBTC Stockbrokers maintained the number one spot, trading 9.974 billion shares or 8.26 per cent. Capital Assets Limited accounted for 7.175 billion shares or 5.94 per cent. Rencap Securities Nigeria Limited recorded 6.683 billion shares which is 5.54 per cent, while CSL Stockbrokers Limited and United Capital Securities Limited accounted for 5.882 billion shares or 4.87 per cent and 5.701 billion shares or 4.72 per cent in that order.

Other top brokers are: Meristem Stockbrokers Limited-4.601 billion shares (3.81 per cent); ARM Securities Limited-4.492 billion shares (3.72 per cent); Cardinalstone Securities Limited-3.888 billion shares (3.22 per cent); FBN Securities Limited-3.765 billion shares (3.12 per cent) and Morgan Capital Securities Limited-3.791 billion shares(3.07 per cent).

The high value of trading was boosted by Mobil Oil Nigeria Plc and Dangote Cement that recorded a major transaction in the review period. While Nipco Investment Limited staked about N90 billion on 60 per cent stake in Mobil Oil Nigeria Plc, some foreign investors invested about N86.1 billion for 2.3 per cent stake in Dangote Cement Plc.

This was the third time foreign investors bought into Dangote Cement, where Africa's richest man, Aliko Dangote has a controlling stake.

In 2013, South Africa's Public Investment Corporation (PIC) bought 1.5 per cent for $289.3 million. Similarly, in 2014, Sovereign fund Investment Corp of Dubai (ICD) acquired 1.4 per cent for $300 million.

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