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Top 10 Nigerian stockbroking firms in Q3 2022

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Cardinalstone Securities maintained the top spot on the list of Nigerian stockbroking firms with the highest volume of stocks brokered in the third quarter of 2022, having traded in a total of 1.84 billion units of stocks between July and September 2022. 

On the other hand, Stanbic IBTC Stockbrokers took over the top position in terms of the value of stocks brokered at N42.59 billion, accounting for 13.6% of the total traded stocks in the Nigerian equities market. This is according to the quarterly broker performance report for Q3 2022. 

The Nigerian stock market closed on a bearish note in the third quarter of the year as the All-Share index shed 5.39% in the review period, contrary to the stellar performance recorded in the first half of the year. The All-Share index was dubbed one of the best-performing indices in the global market in H1 2022 after printing a return of 21.31%. However, the bearish third quarter saw the year-to-date returns moderate to 14.77%. 

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The stock market also lost over N1.48 trillion in market capitalization in the period under review, owing to sell sentiments amidst inflationary pressure and hikes in interest rates in the country and other economies of the world. 

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In the period under review, a total of 24.61 billion shares were traded in the local bourse valued at N312.96 billion, a major decline compared to 108.55 billion units of shares traded in the previous quarter at N972.92 billion. 

According to the report, the top 10 stockbroking firms accounted for 47.71% (11.74 billion) of the total volume of stocks traded, while in terms of value, they accounted for 54.85% (N171.66 billion) of the total. 

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Top stockbrokers by value 

The top 10 performing stockbroking firms in Q3 2022 traded a total of N171.66 billion worth of shares, accounting for 54.85% of the total value of shares traded in the review period. 

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  • Stanbic IBTC Stockbrokers Limited led the list, having traded in stocks worth N42.59 billion. This represents 13.61% of the total value of shares traded at the exchange. This is lower compared to the N55.52 billion recorded in the previous quarter, but was enough to overtake Cardinalstone in the first position. 
  • Cardinalstone Securities Limited, ranked second on the list with a total of N22.55 billion worth of shares traded in Q3 2022, accounting for 7.21% of the total shares traded at the exchange. This is significantly lower than the N457.49 billion recorded in the second quarter of the year. 
  • EFG Hermes Limited accounted for 7.15% of the total value of shares traded in the period at N22.38 billion. The value of traded stocks by EFG Hermes declined on a quarter-on-quarter basis from N33.62 billion, however, moved up the ladder from 5th position to third. 
  • CSL Stockbrokers Limited followed in the fourth position with a total trade of N19.49 billion, representing 6.23% of the total worth of stocks that exchanged hands in the market in the period under review. CSL Stockbrokers also moved up from the 6th position last quarter to stand in fourth place in Q3 2022. 
  • FBN Quest Securities stands in the fifth position with the total value of traded shares at N18.46 billion, which represents 5.9% of the total shares traded in the Nigerian equities market. This is also lower than the N21.78 billion recorded in the previous quarter, but moved upward from the 8th position. 
  • Others include; Cordros Securities Limited (N16.91 billion), Investment One Stockbrokers (N9.35 billion), Meristem Stockbrokers (N9.29 billion), Apel Asset Limited (N5.39 billion), and WSTC Securities (N5.24 billion). 
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Stockbrokers by volume 

 

The top ten stockbroking firms for the period under review traded in 11.74 billion units of shares, accounting for 47.71% of the total stocks that exchanged hands between July and September 2022. 

 

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  • CardinalStone Securities maintained the top spot, having traded in 1.84 billion units of shares, accounting for 7.47% of the total volume of shares traded in the review period. The firm had brokered the trade of 65.14 billion units of shares in the previous quarter. 
  • Parthian Securities followed closely with a total of 1.56 billion units of traded shares, representing 6.35% of the total trades in the market. It is worth noting that Parthian Securities did not make the elite list in the previous quarter. 
  • Stanbic IBTC Stockbrokers accounted for 5.75% of the total volume having traded a total of 1.42 billion units of shares to stand in third position. Stanbic IBTC moved up the ranking from 8th position in the previous quarter to third in the review period. 
  • Norrenberger Securities Limited brokered the trade of 1.31 billion units of shares in the third quarter of the year to stand in fourth position, accounting for 5.31% of the total volume traded in the equities market. The firm also did not make it to the list in the previous period. 
  • Cordros Securities Limited facilitated the trade of 1.2 billion units of shares between July and September 2022, representing 4.88% of the total traded stocks in the bourse. Cordros Securities moved up the ranking from 10th position in Q2 2022 to fifth in the period under review. 
  • Other include; Morgan Capital (1.04 billion), FBN Quest (999.2 million), Meristem Stockbrokers (973.6 million), EFG Hermes (772.7 million), and Apt Securities and Funds (634.5 million). 

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