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10 stockbroking firms traded N1.7trillion shares in 2014

By BusinessNews Staff on January 13, 2015

Ten stock-broking firms accounted for N1.791 trillion worth of equities traded on the Nigerian stock market in 2014, data obtained from the Nigerian Stock Exchange (NSE) have shown.

Although the overall market performance will be made public by the NSE chief executive officer (CEO), Mr. Oscar Onyema, this week, the trading statistics by stock-broking houses between January 2 and December 31, 2014 showed that 10 stockbroking firms accounted for 120.366 billion shares worth N1.791 billion. In terms of value, the stock-broking firms accounted for 66.5 per cent and 55.48 per cent in volume terms.

A breakdown of the performance in value terms shows that Stanbic IBTC Stockbroking Limited led with N472.415 billion or 17.5 per cent. CSL Stockbrokers Limited followed with transactions worth N262.988 billion or 9.7 per cent, while Rencap Securities Limited, traded equities worth N246.98 billion or 9.2 per cent.

Chapel Hill Denham Management Limited accounted for N223.849 billion or 8.3 per cent, while Meristem Securities Limited traded shares valued N156.210 billion or 5.8 per cent. FBN Capital Limited recorded N123.160 billion or 4.5 per cent.
Cordros Capital Limited accounted for N109.101 billion or 4.1 per cent, just Cardinal Stone Securities Limited recorded N73.754 billion or 2.7 per cent. The other two firms among the top 10 included BGL Securities Limited, N65.791 billion or 2.4 per cent and Africa Alliance Stockbrokers Limited, N56.516 billion or 2.1 per cent.

In volume terms, Stanbic IBTC Stockbrokers maintained the lead, recording 24.781 billion shares which represented 11.42 per cent. FBN Capital traded 17.786 billion shares or 8.2 per cent, while CSL Stockbrokers traded 15.339 billion shares or 7.1 per cent.

Chapel Hill Denham Management accounted for 14.849 billion shares or 6.8 per cent just as Rencap Securities Limited traded 12.252 billion shares or 5.5 per cent. BGL Securities Limited and Cardinal Stone Securities Limited recorded 12.075 billion shares or 5.5 per cent and 8.465 billion shares or 3.9 per cent respectively.
Cordros Capital, which occupied the seventh position in terms of value, was placed eight in volume terms. The firm accounted for 6.539 billion shares 3.01 per cent of the equities traded.

Readings Investment traded 4.493 billion shares or 2.1 per cent, while Meristem Securities Limited accounted for 3.783 billion shares or 1.7 per cent.

The Nigerian equities market ended 2014 negatively with the NSE All-Share Index falling by 16.1 per cent compared with a growth of 47.2 per cent in 2013.

Market operators had attributed the poor performance of the market in 2014 to tight political outlook, monetary policy regulatory uncertainties, declining oil prices, weakening local investors’ confidence, and pressure on the naira.

Analysts at Meristem Securities Limited had said, the situation in the country seems to be heightened by the tightening political tensions as we approach the general elections in pressure on naira.

“The unending insurgency perpetrated by the Boko Haram in the north east compounds the situation. Foreign/institutional investors are weary of the outlook; hence, capital flight is on the rise,” they said.

[ThisDay]

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