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Stanbic, CSL, Rencap, Cordros dominate trading at Stock Market

By BusinessNews Staff on June 5, 2014

Stanbic IBTC Stockbrokers Limited, CSL Stockbrokers Limited, Recap Securities (Nigeria) Limited and Cordros Capital Limited dominated the transaction table in value terms at the Nigerian Stock Exchange (NSE) in the month of May. Stanbic IBTC led the overall table with transactions worth N30.1 billion or 15.11 per cent. CSL Stockbrokers followed with N27.465 billion or 13.8 per cent. Rencap Securities sold N22.301 billion or 11.2 per cent while Cordros Capital accounted for N22 billion or 11 per cent. FBN Securities Limited occupied the fifth position, transacting N10.6 billion or 5.3 per cent.

Greenwich Trust Limited sold N8.627 billion worth of shares which is about 4.3 per cent of the value of transactions for the month. African Alliance Stockbrokers Limited accounted for N6.584 billion or 3.3 per cent, just as Meristem Securities Limited accounted for N6.12 billion or 3.0 per cent.

Others among the top 10 broking firms include: Investment One Stockbrokers International Limited, N5.348 billion (2.6 per cent) and Chapel Hill Denham Management Limited, N4.271 billion or 2.15 per cent. In all the top 10 brokers accounted for N143.464 billion or 72.1 per cent of the total value of transactions recorded in the month of May.

In volume terms, Stanbic IBTC maintained the number one spot, accounting for 1.581 billion shares of 10.48 per cent of trading volume. CSL Stockbrokers traded 1.336 billion shares or 8.8 per cent. Marina Securities Stockbroking Services Limited sold 894 million shares or 5.9 per cent to occupy the third position, while Rencap accounted for 829 million shares or 5.9 per cent. Cordros Capital sold 692.905 million shares or 4.5 per cent, just as BGL Securities Limited traded 513.541 million shares or 3.4 per cent. FBN Securities Limited accounted for 501 million shares (3.32 per cent); SFC Securities Limited 440 million shares (2.91 per cent); Capital Express Securities Limited, 429.304 million shares (2.84 per cent) and Cashcraft Asset Management Limited, 406.373 million shares (2.69 per cent). The 10 broking firms accounted for 7.687 billion shares or 50.92 per cent of the transactions for the month.

The market recorded a growth of 7.75 per cent in May, the best monthly performance so far. By the end of May, the market had recorded a year-to-date growth of 0.35 per cent compared to decline recorded before then.

The Executive Director, Business Development, NSE, Mr. Haruna Jalo-Waziri last week said the return of domestic investors was partially responsible for the positive momentum in the market.

According to him, the stock market has shown sign of improved confidence in the exchange, noting that local investors participation in our market outweighs foreign participation.

Some market dealers had said the days ahead would be positive as more investors scramble for undervalued stocks with strong full year results.

“We expect that positive momentum will commence towards the first half of next week as investors might seek to capitalise on undervalued stocks particularly the banking stocks. Overall, we expect market breath to stay relatively positive within the period,” a dealer said.

[This Day]

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