Izuchukwu Okoye
On September 30, 2024, the Nigerian Exchange Group (NGX) released a report showcasing the top-performing stockbrokers in Nigeria for the third quarter of 2024, ranking them based on both the volume and value of trades executed on their platforms.
The top ten stockbrokers on the list collectively accounted for 46.92% of the total trading volume on the NGX. More notably, they commanded 57.63% of the total transaction value during the quarter.
The report reveals that these ten firms facilitated 37.2 billion shares in trades and contributed a remarkable N848.4 billion to the quarter-to-date total, underscoring their significant role in the Nigerian equities market.
For this analysis, value was considered a more accurate measure of performance than volume. While volume tracks the number of shares traded, value considers the price of those shares, providing a more comprehensive picture of a stockbroker’s size, client base, and overall business performance.
Based on the value of shares transacted, here are the Top 10 Stockbrokers in Nigeria for the quarter-to-date (QTD) period as of September 30, 2024:
Top 10 Stockbrokers by Value of Transactions QTD as of September 30, 2024
CHAPEL HILL DENHAM SECURITIES LTD – BRD
Chapel Hill Denham ranks 10th on the list, having transacted shares worth N33.6 billion in Q3 2024. This performance accounts for 2.29% of the total transaction value executed by stockbrokers in Nigeria during the period.
Apt Securities and Funds – BRD
Apt Securities and Funds take the 9th position, with a total transaction value of N33.8 billion for the third quarter of 2024. This represents 2.30% of the total transaction value across Nigerian stockbrokers.
CSL Stockbrokers Limited
CSL Stockbrokers holds the 8th spot, recording N40.6 billion in total stock transactions QTD as of September 30, 2024. This amount contributes 2.76% to the overall trading volume among Nigerian stockbrokers during the period.
Meristem Stockbrokers Limited
Ranked 7th, Meristem Stockbrokers achieved N40.9 billion in transactions for Q3 2024, accounting for 2.78% of the total value of transactions completed by Nigerian stockbrokers.
FBN Quest Securities Limited
FBN Quest Securities stands in 6th place, having transacted N46 billion worth of shares in the third quarter of 2024. This represents 3.13% of the total value traded by stockbrokers in Nigeria during the period.
Cordros Securities Limited – BRD
Cordros Securities ranks 5th, with a total of N46.9 billion in stock transactions for Q3 2024. This contributes 3.19% to the total transaction value across all Nigerian stockbrokers during the quarter.
Investment One Stockbrokers INTL LTD – BRD
Investment One Stockbrokers holds the 4th spot, facilitating N54.8 billion in trades during the third quarter of 2024. This represents 3.73% of the overall transaction value across Nigerian stockbrokers.
Cardinalstone Securities Limited
Cardinalstone Securities ranks 3rd with N140.8 billion in transactions for Q3 2024. This figure accounts for 9.57% of the total trading value across Nigerian stockbrokers during the quarter.
United Capital Securities Limited
United Capital Securities ranks as the second-highest performing broker, with a substantial N145.6 billion in transactions. This represents 9.90% of the total transaction value of all Nigerian stockbrokers for the quarter.
Stanbic IBTC Stockbrokers Limited
At the top of the list, Stanbic IBTC Stockbrokers leads the market with the highest transaction value in Q3 2024.
The firm recorded an impressive N264.8 billion in transactions, representing 17.99% of the total transaction value across Nigerian stockbrokers.
Additionally, Stanbic IBTC ranks 3rd in terms of trading volume, with 4.2 billion shares exchanged during the quarter, accounting for 5.38% of the total volume recorded.
These rankings not only reflect the dominance of these top stockbrokers by transaction value but also highlight their significant influence in Nigeria’s financial markets.
