The leading 10` stockbroking firms in the Nigerian stock market made a whopping N19.209 billion in the first half of the year 2024.
This is according to a report by news media, Nairametrics on Wednesday. It said the stockbroking companies raked in the staggering amount of money due to increased volume and value of trade in the NGX which in turn boosted brokerage revenue.
“This represents a significant increase from the same period in 2023 when the top 10 brokers earned N10.789 billion in commissions,” Nairametrics wrote.
It added that this was also facilitated by the exchange of 56.672 billion shares, with a total value of N1.423 trillion, during the period under review.
The report stated that this figure represents 54.43% of the total value recorded between the opening two quarters of this year (January 1, 2024 and June 28, 2024).
“The 56.672 billion shares accounted for 44.02% of the total volume transacted during the review period. These findings were published in the monthly broker performance report released by the Nigerian Exchange (NGX),” the report read.
“Among the stockbroking firms in Nigeria, Stanbic IBTC Stockbrokers, Cardinal Stone Securities and Apt Securities emerged as the top performers, collectively accounting for N727.078 billion in value and representing 50.42% of the total value of transactions conducted in the first half of the year.
“Stanbic IBTC Stockbrokers Limited had the highest position in the ranking, with a transaction value of N280.606 billion, which accounts for 10.73% of the overall transaction value.
“Cardinal Stone Securities followed closely with shares valued at N276.674 billion, representing 10.54% of the total transaction value. Additionally, Apt Securities & Funds recorded an estimated value of N170.798 billion in trades accounting for 6.53%.”
United Capital comes next with N148.355 billion, while EFG Hermes transacted shares worth N127.938 billion during the opening six months of 2024.
Other firms in the top ten are Cordros Securities, Meristem Stockbrokers, CSL Stockbrokers, Chapel Hill Denham and Apel Asset, which brokered deals worth N101.485 billion, N88.853 billion, N82.069 billion, N75.921 billion, and N71.275 billion respectively.
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