NSE: 10 firms record N1.37trn equities in 9 months

No fewer than 10 firms listed on The Nigerian Stock Exchange (NSE) traded N1.37 trillion values of equities in nine months, ended September 28, 2018.

The firms include Stanbic IBTC Stockbrokers Limited; Rencap Securities (Nig) Limited; CSL Stockbrokers Limited; EFCP Limited; FBN Securities Limited and Chapel Hill Denham Securities Limited.

Others are Cordros Securities Ltd; United Capital Securities Limited; Cardinalstone Securities Limited and Meristem Stockbrokers Ltd.

The Daily Times checks revealed that the 10 firms recorded a 68.38 per cent total value of equities transaction traded on The Bourse in nine months starting from January 2 to September 28 in the year under preview.

The breakdown of the 10 broking firms showed that Stanbic IBTC Stockbrokers Limited led the chart recording N394.96 billion or 19.66 per cent.

Rencap Securities (Nig) Limited followed with N253.5 billion or 12.62 per cent while CSL Stockbrokers Limited occupied the third spot with N204.04 billion or 10.16 per cent.

EFCP Limited closed the nine months as the fourth top broking firm, recording for N182.5 billion or 9.08 per cent, just as FBN Securities Limited traded N98.32 billion or 4.89 per cent to absorb the fifth position.

Chapel Hill Denham Securities Limited traded N66.6 billion or 3.31 per cent to be the sixth best broking firm, while Cordros Securities Ltd held the seventh position with N50.3 billion or 2.50 per cent.

United Capital Securities Limited accounted for N48.97 billion (2.44 per cent), just as Cardinalstone Securities Limited reported 2.20 per cent and Meristem Stockbrokers Ltd recorded 1.52 per cent traded equities valued at N21.7 billion and N21.1 billion to hold the ninth and 10th positions respectively.

According to our correspondent’s findings, firms’ transactions in equities were from an inflow of Foreign Portfolio Investors (FPIs), local institutional investors and equity exposure in mutual funds.

Their primary clients are foreign portfolio investors, while a few of them have significant equities exposure through their collective Investment Schemes (CIS) or mutual funds through which they access trading volumes weekly.

Before now, analysts have noted that these companies have some of the most diversified portfolios of clients which others envy. Over 200 active stockbroking firms are operating in the NSE.

Analysts disclosed that in addition to being the most significant trading houses for FPIs, they also play big among the local institutional and high net-worth investors.