Cardinalstone Emerges Most Active Stockbroker for October

By Dipo Olowookere

In the month of October 2020, Cardinalstone Securities Limited was the most active stockbroker on the Nigerian Stock Exchange (NSE) by volume of trades.

This was because the company helped investors to trade 1.6 billion shares in the month, accounting for 9.09 per cent of the 9.0 billion stocks transacted by the top 10 brokerage companies on the NSE last month, which accounted for 49.91 per cent of the total trading volume.

Business Post reports that EFG Hermes Nigeria exchanged 1.2 billion units to account for 6.86 per cent, APEL Asset traded 950.1 million equities to contribute 5.29 per cent, RenCap Securities transacted 943.0 million shares to account for 5.26 per cent, while Meristem Stockbrokers exchange 882.0 million stocks to contribute 4.92 per cent.

Furthermore, in the same month, Morgan Capital transacted 881.4 million shares (4.91 per cent), Stanbic IBTC Stockbrokers exchanged 748.4 million stocks (4.17 per cent), Chapel Hill Denham Securities traded 676.8 million equities (3.77) per cent, Investment One Stockbrokers traded 576.7 million shares (3.21 per cent), while CSL Stockbrokers exchanged 436.2 million stocks (2.43 per cent).

In terms of the value of stocks transacted by investors through brokerage firms last month, RenCap Securities was the most active, trading N27.7 billion shares and contributed 11.29 per cent to the N137.0 billion stocks traded in the month by 10 stockbrokers, who accounted for 55.86 per cent to the total turnover.

EFG Hermes Nigeria exchanged N21.1 billion equities to account for 8.62 per cent, ABSA Securities traded 16.5 billion stocks to contribute 6.73 per cent, Cardinalstone Securities traded N16.2 billion shares to contribute 6.60 per cent, while Stanbic IBTC Stockbrokers transacted N12.9 billion to account for 5.24 per cent.

In addition, Investment One Stockbrokers traded N10.1 billion shares to account for 4.13 per cent, FBN Quest Securities transacted N9.4 billion stocks to contribute 3.81 per cent, Cordros Securities exchanged N8.9 billion equities to account for 3.63 per cent, Chapel Hill Denham Securities traded N7.2 billion stocks to contribute 2.95 per cent, while United Capital Securities transacted 7.0 billion shares to account for 2.86 per cent.