Stanbic IBTC Stockbrokers is Biggest Brokerage Firm in May 2019

By Dipo Olowookere

Data obtained by Business Post from the Nigerian Stock Exchange (NSE) at the weekend has shown that in the month of May 2019, Stanbic IBTC Stockbrokers retained the number spot on the top 10 brokers by volume table.

The company, according to the NSE, contributed 11.37 percent to the total volume of trades carried out during the month, with a turnover of 1.379 billion.

Business Post gathered that the top brokers last month contributed 51.07 percent to the total volume of trades, accounting for 6.195 billion units of shares bought and sold on the floor of the stock exchange.

On the second spot was Recap Securities, which traded 777.545 million shares or 6.41 percent of the total volume in the month under review.

On the third position was Morgan Capital, which transacted 729.208 million units for investors or 6.01 percent of the total traded volume.

For the fourth position, CSL Stockbrokers traded 626.279 million shares or 5.16 percent, while Apel Asset exchanged 552.335 million equities or 4.55 percent.

Coronation Securities traded 452.257 million shares or 3.73 percent of the total volume, Readings Investments had 446.971 million equities or 3.68 percent, EFG Hermes accounted for 421.984 million shares or 3.48 percent, Cardinalstone recorded 414.202 million units or 3.41 percent, while Fortress Capital traded 395.639 million equities or 3.26 percent.

In terms of value of the transactions carried out by the brokerage companies in the month of May 2019, Coronation Securities came first with 22.24 percent or N48.905 billion.

Stanbic IBTC Stockbrokers came second with 16.81 percent or N36.951 billion, while the third position was occupied by Rencap Securities, which printed 11.29 percent or N24.820 billion.

CSL Stockbrokers took the fourth position with 5.52 percent or N12.140 billion, while the fifth spot was picked by Chapel Hill Denham with 3.63 percent or N7.988 billion.

FBN Quest recorded 2.92 percent of the total value of trades or N6.426 billion, Cardinalstone had 2.68 percent or N5.890 billion, Cordros Securities managed 2.67 percent or N5.872 billion, EFG Hermes got 2.53 percent or N5.562 billion of the pie, while Meristem Stockbrokers struggled with 1.84 percent or N4.038 billion.

Business Post reports that in the month of May 2019, the top 10 stockbrokers were responsible for 72.14 percent of the total value between the first day of the month and the last trading day of the fifth month of the year.