In the first eight months of 2024, the Nigerian equities market saw transactions worth a staggering N1.877 trillion, dominated by ten leading stock broking firms. According to the latest Broker Performance Report released by the Nigerian Exchange Limited (NGX), these firms displayed significant influence and accounted for 53.83 percent of the total equities value traded on the NGX during the review period.
CardinalStone Securities Limited emerged as the frontrunner among these key players, executing trades worth N359.184 billion, making up 10.30 percent of the total market value. Close behind, Stanbic IBTC Stockbrokers Limited recorded trades valued at N320.223 billion, securing 9.18 percent of the market share.
United Capital Securities Limited also made a significant impact, with equities transactions totaling N282.553 billion, representing 8.10 percent of the overall market activity on the Lagos Bourse. APT Securities and Funds followed suit with trades worth N188.161 billion, contributing 5.39 percent to the total value.
EFG Hermes Nigeria Limited reported N150 billion in trades, making up 4.30 percent of the market. The remaining firms in this elite group include Cordros Securities Limited, which traded N126.682 billion in equities, accounting for 3.63 percent; Meristem Stockbrokers Limited with N120.270 billion or 3.45 percent; CSL Stockbrokers Limited with N117.701 billion or 3.37 percent; FBN Quest Securities Limited with N108.524 billion or 3.11 percent; and Chapel Hill Denham Securities Limited, which recorded trades valued at N104.548 billion, representing three percent of the total market transactions.
The latest report also highlighted that the Nigerian equities market could not sustain its bullish momentum from the previous week. Profit-taking activities in DANGSUGAR (-5.5%), ZENITHBANK (-2.0%), and WAPCO (-3.5%) triggered a 0.2% week-on-week decline in the All-Share Index to 96,433.53 points. As a result, the Year-to-date return moderated to +29.0 percent.
The Insurance (-4.5%), Consumer Goods (-1.2%), Industrial Goods (-0.2%), and Banking (-0.1%) indices settled lower, while the Oil and Gas (+1.5%) index advanced driven by activities on the shares of Oando. Activity levels remained subdued, with total trading volume and value falling by 23.7 percent and 3.3 percent week-on-week, respectively.
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