10 Brokers Trade N1.025trn Worth Of Shares In 4 Months

Ten stockbrokers on the Nigerian Exchange traded about N1.025 trillion worth of shares from January to April, 2024.

This was contained in the Broker Performance Report from January 1, 2024 to April 30, 2024 on the Nigerian Exchange (NGX). The total value transaction by the 10 houses translated to 54.11 per cent of the cumulative trade executed on the Exchange from January to April.

Leading the ten stockbrokers with the highest value was Cardinalstone Securities, which traded shares worth N197.535 billion, representing 10.43 per cent. Stanbic IBTC Stockbrokers Limited followed with transactions valued at N185.330 billion, 9.79 per cent of total traded value of the NGX, while United Capital Securities Limited recorded N126.716 billion worth of transactions in four months.

Others stockbrokers with high value of trade include APT Securities and Funds (N110.306 billion); EFG Hermes Nigeria (N96.784 billion); Meristem Stockbrokers (N73.650 billion); Cordros Securities (N73.143 billion); Chapel Hill Denham Securities (N57.149 billion); APEL Asset (N53.635 billion); and Morgan Capital Securities (N50.605 billion)

On the volume table, Cardinalstone Securities maintained its top spot as it saw over 467.02 million units of shares go through table which is about 13.38 per cent, Stanbic IBTC stockbrokers also stood at the number two spot on the volume chart with 233.64 million units of shares (6.69 per cent).

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In volume terms, the top ten brokerage firms conducted transactions totalling 38.605 billion shares between them, accounting for 43.50 per cent of the entire trade executed on the exchange in that period.

Meanwhile, investors in Nigerian equities rallied net capital gains of about N14.635 trillion in the first four months of 2024, as market capitalisation stood at N55.553 trillion on April 30, 2024 from N40.918 trillion closed on December 29, 2023. Also, the key performance indicator of the NGX, the All-Share Index (ASI) went up by 31.36 per cent to close the month of April at 98,225.63 points from 74,773.77 points at which it opened trading for the year.

Responding to market performance, the vice president, Highcap Securities Limited, Mr. David Adnori stated that investors are trading based on sentiment.

Adnori, however, was optimistic that the stock may maintain its positive momentum in the second quarter of 2024, on the backdrop of banking sector recapitalisation and expected 2023 corporate earnings by most especially the banks and first quarter result and accounts for March 31, 2024.

Amid a hike in the Monetary Policy Rate, capital market experts stated that its impact has created sentiment trading among investors who see the fixed-income market as an alternative investment opportunity to hedge against double-digit inflation.

The CEO, Wyoming Capital and Partners, Tajudeen Olayinka, said the equities market is now in a repricing mode because of interest rate hike and continued issuances of one-year Treasury bills, saying “we may be witnessing a shift to the fixed income market in the second quarter of 2024.”

Also, the chief operating officer of InvestData Consulting Limited, Mr. Ambrose Omordion said “the stock market action continues to range, remaining in its distribution phase and a bottom reversal chart pattern that signals recovery and uptrend. Although, we see the government and its economic team trying to return the nation’s economy to the path of recovery, even with the continued mismatch of policies and implementation style that reflects a disconnection between the fiscal and monetary perspectives.”