Economy
Qualinvest Capital Emerges Most Active Stockbroker in June, Q2 2019
By Dipo Olowookere
A wholly-owned subsidiary of Wema Bank Plc, Qualinvest Capital Limited, has topped the best performing stockbroking companies in the month of June 2019 and second quarter of 2019, Business Post is reporting.
Last month, the company transacted the highest volume of shares in the country, contributing 48.62 percent to the 81.37 percent the top 10 firms added to the total volume of equities traded on the floor of the Nigerian Stock Exchange (NSE). The company traded 10.6 billion shares in the period under review.
Taking the second position was Stanbic IBTC Stockbrokers Ltd, which traded 2.1 billion units or 9.55 percent, while the third was EFG Hermes Nigeria Ltd, which sold 1.4 billion equities or 6.34 percent.
Occupying the fourth spot was APT Securities and Funds, which exchanged 1 billion shares or 4.67 percent, while the fifth was Rencap Securities Nigeria Ltd, transacting 693.4 million shares or 3.19 percent.
CSL Stockbrokers Ltd traded 640.6 million or 2.94 percent, Chapel Hill Denham Securities Ltd exchanged 394.6 million units or 1.81 percent, Quantum Zenith Securities and Investment Ltd transacted 341.7 million or 1.57 percent, Cardinalstone Securities Ltd sold 299.9 million shares or 1.38 percent, while Tellimer Capital Ltd traded 284.1 million equities or 1.31 percent.
In all, these 10 brokerage firms transacted a total of 17.7 billion shares in the month of June 2019.
On the value side, it was Stanbic IBTC Stockbrokers that claimed the top spot, recording transactions worth N87.6 billion or 29.67 percent of the trades last month.
APT Securities and Funds followed with N64 billion transactions or 21.69 percent, EFG Hermes recorded N30.1 billion trades or 10.18 percent, Rencap exchanged stocks valued at N24 billion or 8.14 percent, while CSL Stockbrokers sold equities worth N12.1 billion or 4.10 percent.
Tellimer Capital traded equities worth N6.9 billion or 2.32 percent, Chapel Hill Denham Securities sold shares valued at N6.8 billion or 2.29 percent, Qualinvest Capital exchanged stocks worth N6.7 billion or 2.28 percent, Quantum Zenith Securities and Investment sold shares valued at N6.6 billion or 2.22 percent, with Cordros Securities Ltd transacting N4.2 billion equities or 1.43 percent.
Business Post reports that from June 1 to 28, 2019, shares valued at N249 billion were transacted by these 10 companies and they contributed 84.33 percent of the total trades on the NSE.
In the second quarter of this year, Qualinvest Capital topped the best performing stockbrokers’ table, with 10.7 billion shares traded by the firm, contributing 20.85 percent to the total volume of trades.
Stanbic IBTC Stockbrokers sold 4.6 billion shares or 9.06 percent, Greenwich Trust executed 3.2 billion equities or 6.28 percent, Cardinalstone Securities exchanged 2.7 billion stocks or 5.24 percent, while EFG Hermes transacted 2.3 billion equities or 4.59 percent.
Rencap Securities transacted 2.2 billion shares or 4.34 percent of the total volume in Q2 2019, CSL Stockbrokers traded 1.9 billion shares or 3.76 percent, Morgan Capital Securities sold 1.8 billion equities or 3.61 percent, APT Securities traded 1.4 billion stocks or 2.79 percent, while Chapel Hill Denham transacted 1.3 billion or 2.66 percent.
In the period under consideration, the above companies traded a total of 32.3 billion shares, contributing 63.18 percent of the total volume of shares sold at the NSE.
In value terms, Stanbic IBTC Stockbrokers claimed the number one spot, trading stocks worth N148.2 billion or 22.39 percent of the total value of shares sold on the NSE from April 1, 2019 to June 28, 2019.
APT Securities and Funds occupied the second spot with N68.7 billion or 10.38 percent, while Rencap Securities claimed the third position for the N64.9 billion shares or 9.81 percent it recorded.
Coronation Securities sold N51.6 billion equities or 7.80 percent, EFG Hermes traded N43.7 billion stocks or 6.60 percent, CSL Stockbrokers transacted N37.6 billion shares or 5.68 percent, Chapel Hill Denham exchanged N25 billion shares or 3.77 percent, Tellimer Capital sold N19.2 billion equities or 2.90 percent, Cardinalstone Securities traded N18.8 billion shares or 2.84 percent, while FBN Quest Securities transacted N17.4 billion equities or 2.63 percent.
In all, the total value of stocks transacted by investors through these stockbrokers was N495 billion, contributing 74.80 percent of the total value of trades in Q2 2019.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange extended its stay in the south for the fourth consecutive session after it shed 1.18 per cent on Friday, March 13.
The unlisted securities market recorded a loss despite closing without a price decliner, and ending with two price gainers led by Geo Fluids Plc, which gained 1o Kobo to sell at N3.10 per share compared with the previous day’s N3.00 per share. Industrial and General Insurance (IGI) Plc appreciated during the session by 2 Kobo to trade at 54 Kobo per unit versus Thursday’s closing price of 52 Kobo per unit.
When the market closed for the day, the market capitalisation lost N29.83 billion to close at N2.489 trillion compared with the N2.519 trillion it finished a day earlier, and the NASD Unlisted Security Index (NSI) crashed by 49.84 points to 4,160.46 points from 4,210.31 points.
Market activity improved yesterday, as the volume of transactions rose 179.5 per cent to 10.4 million units from 3.7 million units, but the value of trades declined by 68.4 per cent to N29.9 million from N95.0 million, while the number of deals weakened by 11.5 per cent to 46 deals from 52 deals.
Central Securities Clearing Systems (CSCS) Plc remained the most active stock by value on a year-to-date basis with 38.4 million units worth N2.4 billion, Okitipupa Plc followed with 6.4 million units traded at N1.1 billion, and FrieslandCampina Wamco Nigeria Plc transacted 6.3 million units for N584.3 million.
Resourcery Plc ended the trading session as the most traded stock by volume on a year-to-date basis with 1.1 billion units valued at N415.6 million, trailed by Geo-Fluids Plc with 130.8 million units valued at N504.5 million, and CSCS Plc with 38.4 million units worth N2.4 billion.
By Adedapo Adesanya
The Naira continued to claw back some gains against the Dollar in the different segments of the foreign exchange (FX) market, as its value was strengthened on Friday.
In the black market, it gained N10 against the United States Dollar yesterday to close at N1,400/$1 compared with the preceding day’s rate of N1,410/$1, and at the GTBank forex counter, it chalked up N6 to close at N1,385/$1, in contrast to the N1,391/$1 it was traded a day earlier.
Similarly, in the Nigerian Autonomous Foreign Exchange Market (NAFEX), it appreciated against the greenback during the session by N5.28 or 0.38 per cent to quote at N1,366.23/$1 versus Thursday’s closing price of N1,371.51/$1.
It also improved its value against the Pound Sterling in the official market on Friday by N21.81 to settle at N1,812.99/£1 compared with the previous day’s N1,834.80/£1, and gained N13.86 against the Euro to sell at N1,568.03/€1 versus N1,581.89/€1.
Pressure eased further on the FX market as the Central Bank of Nigeria (CBN) continued interventionist operations this week, selling Dollars to banks to boost liquidity after a $500 million boost last week.
This was complemented by inflows from foreign investors, exporters and non-bank corporates, among others, while Nigeria’s gross external reserves remained above $50 billion, the highest since 2009.
The Governor of the apex bank, Mr Yemi Cardoso, also eased fears of a Naira devaluation, saying the country’s financial system has been strengthened by reforms.
Regardless, external pressure looms as the US Dollar strengthened globally due to its war with Iran, now ongoing for three weeks.
Meanwhile, the cryptocurrency market was largely down as traders and investors continue to align with current realities.
The market is adapting to the conflict in real time. Early in the war, every headline produced an outsized reaction because nobody could price the tail risk. Now, traders have a framework where strikes happen, oil spikes and bitcoin dips only to recover again.
Cardano (ADA) depreciated by 3.8 per cent to $0.2623, Dogecoin (DOGE) lost 1.7 per cent to finish at $0.0948, Ripple (XRP) slumped 1.5 per cent to $1.39, Solana (SOL) dropped 1.4 per cent to sell for $87.33, Binance Coin (BNB) went down by 1.3 per cent to $653.58, Bitcoin (BTC) declined by 1.1 per cent to $70,670.63, and Ethereum (ETH) decreased by 0.9 per cent to $2,078.78.
However, TRON (TRX) appreciated by 1.7 per cent to $0.2941, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 apiece.
By Adedapo Adesanya
The price of the major crude oil grade, Brent crude oil, closed above $100 on Friday for the second consecutive session, as the Iran war heads toward its third week, with oil tanker traffic through the Strait of Hormuz still effectively at a standstill.
It gained 2.67 per cent or $2.68 during the trading day to close at $103.14 per barrel, while the US West Texas Intermediate (WTI) crude oil grade appreciated by 3.11 per cent or $2.98 to settle at $98.71 per barrel.
Brent futures were up about 10 per cent for the week following the 27 per cent rise seen last week, which marked the biggest weekly gain in oil prices since the COVID-19 pandemic in 2020. WTI futures, which saw their best week since 1983 last week, ended the week more than 8 per cent higher.
US President Donald Trump said American forces launched a major bombing raid on Iran’s strategic Kharg Island, targeting military facilities on the key Persian Gulf outpost while warning Iran that its vital oil infrastructure could be destroyed if shipping in the Strait of Hormuz is disrupted.
The terminal accounts for roughly 90 per cent of Iranian crude shipments, loading millions of barrels per day onto tankers bound largely for Asian markets.
The US and Israel’s strikes in the conflict have largely targeted Iranian military and nuclear infrastructure. Oil facilities elsewhere in Iran have been hit, but Kharg’s massive storage tanks, jetties, and pipelines had remained untouched until the latest strike.
Iran’s new supreme leader, Mojtaba Khamenei, vowed to keep fighting in a message delivered via state television.
There have been a number of attacks on foreign ships in or near the Strait, feeding into concerns that a prolonged war could translate to a global economic shock.
Prices are rising despite the US and its allies rolling out some measures to keep a lid on energy costs.
The International Energy Agency (IEA) has agreed to release 400 million stockpiled barrels, the largest such action in history.
The US has issued a 30-day waiver for India to purchase sanctioned oil from Russia. President Donald Trump is considering loosening rules under the Jones Act that require American ships to transport goods between domestic ports, including oil and gas, in an effort to lower costs.
Traders are continuing to monitor developments in the Middle East.
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