CardinalStone Securities Limited and nine brokerage firms facilitated transactions valued at N1.969 trillion on the Nigerian Exchange (NGX) in 2023.
This was contained in the Broker Performance Report for December 31, 2023, the total value transaction by the 10 houses translated to 54.78 per cent of the cumulative trade executed on the Exchange from January to December.
In volume terms, the top ten brokerage firms conducted transactions totalling 137.354 billion shares between them, accounting for 50.40 per cent of the entire trade executed on the exchange in that period.
CardinalStone Securities topped the ranking with a transaction value of N440.546 billion, a 12.26 per cent of total value. Stanbic IBTC Stockbroker traded at N294.184 billion, representing 8.19 per cent of total transaction value, while APT Securities & Funds traded at an estimated value of N281.750 billion.
EFG Hermes Nigeria facilitated transactions worth N170.148 billion, while Meristem Stockbrokers transacted shares valued at N168.193 billion in 12 months.
Others are; United Capital Securities, FBN Quest Securities, Cordros Securities, Chapel Hill Denham Securities and Apel Asset facilitated deals valued at N157.619 billion, N135.724 billion, N126.280 billion, N102.155 billion and N92.136 billion respectively.
Meanwhile, investors in Nigerian equities rallied net capital gains of about N13.003 trillion in the year 2023, as market capitalisation for the period gained to N40.918 trillion from N27.915 trillion. Also, the key performance indicator of the NGX, the All-Share Index (ASI) went up by 45.90 per cent to close the year 2023 at 74,773.77 points from 51,251.06 points at which it opened trading for the year.
Reviewing the equities market for 2023, Cordros Capital Limited stated that, “despite historical trends during previous election years that showed subdued market performances, the local bourse has displayed an upward trajectory, defying concerns about the impact of elections.
“Peculiarly, the buck in the trend was majorly influenced by investors’ positive reaction to the announcement of critical policy changes by the new administration, specifically the removal of implicit energy subsidies and unification of all official exchange rate windows.
“We highlight that most of the gains recorded, augmenting the bullish proceedings from upbeat corporate earnings, strong demand for blue-chip companies, strong share price performances in BUA Food and Geregu Power, and market action on Transnational Corporation driven by major shareholding acquisition and thereafter consolidation of stake holding by the major shareholder, Heirs Holding Limited.”
The CEO of Sofunix Investment and Communications Limited, Sola Oni said that the performance of NGX in 2023 was commendable in view of the headwinds that characterised the operating environment.
Oni noted that, indigenous investors are becoming more active in the market since foreign Portfolio investors with hot money are largely adopting a wait-and-see attitude.
On the outlook, Oni said market performance will be bright, saying “but it is contingent on the ability of the President Bola Tinubu Administration to address the macro economic issues, leverage the capital market to finance the economy and put it on a strong footing.”
