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Stanbic IBTC, 9 Others Trade N138bn Shares In January



Stanbic IBTC Stockbrokers Limited, EFG Hermes Nigeria and eight other stockbroking houses traded N138.087 billion shares in the first month of the year 2020.

This was made known on the Broker Performance Report for January released by the Nigerian Stock Exchange (NSE).

The Report showed that the 10 stockbrokers were responsible for 58.83 per cent of the total value between January 2, 2020 and January 31, 2020. Also, the stockbrokers were liable for 49.15 per cent of the total volume during the period under review. Analysis of the transactions revealed that Stanbic IBTC Stockbrokers Limited dominated, trading shares valued at N35.764 billion or 17.81 per cent.

EFG Hermes Nigeria transacted N20.691 billion, while Rencap Securities pulled shares valued at N18.495 billion. Chapel Hill Denham Securities accounted for N12.535 billion or 5.34 per cent, CSL Stockbrokers traded N11.820 billion or 5.04 per cent, while Cardinal Stone Securities accounted for N9.426 billion or 4.02 per cent.

Others are Tellimer Capital, Imperial Asset Managers, Meristem Stockbrokers and Coronation Securities traded N8.120 billion, N7.767 billion, N7.06 billion and N6.408 billion, respectively.

Reviewing stock market activities in January, the basic indicators of the Nigerian Stock Exchange (NSE), All-Share Index gained 7.46 per cent to close on January 31, 2020 at 28,843.53 basis points, from 26,842.07 points at which it opened for the year.

Market capitalisation for the period rose by N1.899 trillion or 14.65 per cent to close at N14.857 trillion as at January 31, 2020 from N12.958 trillion. The increase witnessed in the market capitalisation can be attributed to the listing BUA Cement, adding N1.3 trillion.

Speaking on the market performance for January, the chief operating officer, InvestData Limited, Ambrose Omordion attributed the growth to activities of investors who anticipate higher dividend yields, saying that local institutional investors and fund managers are taking advantage of the two consecutive years of decline to reposition their portfolios for the New Year expectations. He stated that investors were optimistic that the current economic recovery would likely to continue, thereby resulting in enhanced dividend yields higher than the prevailing money market rates.

Omordion added that the listing of BUA Cement of 33.86 billion ordinary shares at N35 per share contributed to the growth of the stock market in January, noting further that the rise in oil price in the global market due to the conflict between the United States of America and Iran contributed to the stock market trend.