Emmanuel Ochayi
In an unexpected turn of events, ten stockbroking firms in Nigeria have seen their fortunes surge as they collectively raked in a staggering N18.486 billion in commissions during the first eight months of 2023.
This remarkable feat comes on the heels of a flurry of activity in the Nigerian stock market, with the exchange of 105.611 billion shares valued at N1.369 trillion.
Join our WhatsApp ChannelThis unexpected surge in stockbroking fortunes showcases the resilience and adaptability of Nigeria’s financial sector, highlighting the potential for prosperity even in the face of economic challenges.
This impressive commission haul represents a substantial 56.38% of the total value transacted in the market between January 1, 2023, and August 31, 2023, signaling a major windfall for the brokerage industry.
The sheer scale of this achievement has been documented in the monthly broker performance report released by the Nigerian Exchange (NGX).
Leading the charge among the nation’s stockbroking firms are Cardinal Stone Securities, Apt Securities, and Stanbic IBTC, who collectively accounted for a whopping N684.616 billion in trading value.
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These top performers represent an astonishing 50% share of the N9.242 billion in commissions generated during this period.
CardinalStone Securities has emerged as the undisputed champion, boasting a transaction value of N315.560 billion, a remarkable 12.99% of the overall market activity.
Apt Securities & Funds closely followed with shares valued at N197.868 billion, constituting 8.15% of the total transaction value. Meanwhile, Stanbic IBTC Stockbroker secured an impressive N171.188 billion in trades, making up 7.05% of the total.
Other notable players in this financial spectacle include Meristem Stockbrokers, United Capital, FBN Quest Securities, EFG Hermes, Cordros Securities, Regency Asset Management, and Apel Asset.
Together, they facilitated transactions worth billions of Naira, solidifying their positions in the ever-competitive world of Nigerian stockbroking.
