IN the year 2024, 10 stockbroking firms traded N3.14 trillion, representing 54.97 percent of the total value of stocks traded on the Nigerian Exchange Limited (NGX).
This is according to the NGX broker performance report from January 1, 2024 to December 31, 2024 which shows records of value of stock traded by the top 10 dealing member firms.
CardinalStone Securities Limited, Stanbic IBTC Stockbrokers Limited, and United Capital Securities Limited and other seven stockbroking firms traded N3.137 trillion stocks in twelve months to December 31, 2024.
The other firms were APT Securities and Funds, Cordros Securities Limited, EFG Hermes Nigeria Limited, FBN Quest Securities Limited, Meristem Stockbrokers Limited, CSL Stockbrokers Limited and Apel Asset Limited.
According to the report, Cardinalstone Securities Limited traded equities worth N696.029 billion or 12.19 percent of the total value of stocks traded on the NGX in the same period. Stanbic IBTC Stockbrokers Limited was responsible for equities trading valued at N642.818 billion or 11.26 percent of the total trade in one year; while United Capital Securities Limited traded stocks worth N341.060 billion or 5.98 percent.
Other firms that controlled large chunk of stock deals include APT Securities and Funds which traded equities worth N286.526 billion or 5.02 percent of the total value of stocks traded on the NGX in 2024; Cordros Securities Limited (N283.007 billion or 4.96 percent); EFG Hermes Nigeria Limited (N190.048 billion or 3.33 percent); and FBN Quest Securities Limited (N189.941 billion or 3.33 percent).
Recalled that at the Closing Gong Ceremony marking the end of 2024 trading activities, Jude Chiemeka, Chief Executive Officer, NGX, who was represented by Abimbola Babalola, Head of Trading and Products, noted, “The year 2024 witnessed significant activity in the secondary market, a testament to the efforts of our trading license holders.
“Complementary macroeconomic fundamentals were instrumental, and we appreciate the impactful policymaking by the CBN and the Federal Ministry of Finance. We also commend the Securities and Exchange Commission for its effective oversight, especially during the smooth banking recapitalisation process,” he said .
NGX All Share Index (ASI) closed 2024 with an impressive annual growth of 37.65 percent. This impressive return outperformed peer returns across global and continental markets.
The record positive marked a remarkable turnaround, breaking away from the poor performance of the 2015–2019 period to thrive in the 2020s.
Analysts believed that the surge in market activity in 2024 reflected growing investor confidence in the Nigerian equities market, underpinned by monetary policy adjustments aimed at economic stabilisation, enhanced FX liquidity that mitigated repatriation risks, and the subsequent relative stability of the Naira.
“Additionally, the resilience of corporate performance across key sectors, despite prevailing economic challenges, further bolstered sentiment, with some companies delivering robust earnings growth and operational efficiencies. Furthermore, attractive market valuations provided compelling entry opportunities for both foreign and domestic participants.” an analyst noted.
READ ALSO: Securities dealers seek upward review of stockbroking fees
