A Review of the Nigerian Energy Industry

10 stockbroking firms net N15.20bn transaction in one week

NSE01 September 2014, Lagos – Out of the 321 stockbroking firms operating in the Nigerian capital market accounted for N15.203 billion of total transactions value carried out in the market for the week ended August 22, 2014, data from the Nigerian Stock Exchange, NSE, has shown. 

According to the data obtained by Vanguard, their contribution represented 61.59 percent of total value traded within the period.

Breakdown of their individual contributions indicate that Rencap Securities (Nig.) Limited pooled the highest transaction, posting N4.74 billion total transaction or 19.20 percent of value traded in the market.

CSL Stockbrokers followed with N2.880 billion or 11.67 percent; Stanbic IBTC Stockbrokers was the next with N2.131 billion transactions, which represents 8.64 percent of the total value traded in the week, while FBN Securities and Partnership Securities accounted for N1.74 billion or 7.06 percent and N768.501 million or 3.11 percent of the total value respectively.

Others were Chapel Hill Denham Mgt. Limited, which posted N750.715 million or 3.04 percent of the transaction value; Vetiva Capital Mgt. Ltd with N724.199 million emerged seventh on the list; Cardinalstone Securities Limited pooled N538.336 million, while Marina Securities Stockbroking Serv Ltd and Cordos Capital emerged ninth and 10th in the list, accounting for N485.364 million or 1.97 percent and N441.048 million or 1.79 percent transaction value respectively.

On the other hand, the top 10 dealing member firms also accounted for 48.57 percent or 1.001 million units of the total volume traded within the same period with CSL Stockbrokers topping other with 196.670 million units or 9.54 percent of the total volume traded within the week.

Renacp Securities placed second with 136.769 million units or 6.64 percent of the total volume; Stanbic IBTC Stockbrokers followed with 118.867 million units; FBN Securities accounted for 117.865 million shares; CardinalStone Securities accounted for 102.586 million units, while Resort Securities & Trust accounted for 86.868 million units.

The duo of Vetiva capital and Chapel Hill Denham were responsible for 142.63 million units traded within the week, while Marina Securities Stockbroking Services and Meristem Securities Limited were the last on the top 10 dealing firms in volume terms with 51.046 million units and 48.051 million units respectively.

However, there is a general feeling in the market that most of the stockbroking firms listed by the NSE as top 10 either value or volume terms are the ones that have foreign affiliates and are favoured by foreign and institutional investors.

– Vanguard

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