With a total trading value of over N1.9 trillion at the end of 2023, Nigeria’s top stockbrokers had a year filled with both possibilities and problems related to the economy.
The Nigerian Exchange (NGX) announced a 45.9% year-to-date gain, capping an advantageous year for investors.
Stockbrokers stand to benefit greatly from the year-end returns that were reported, mostly from growth in market capitalization and number of shares moved. Commissions from stock market trades are paid to brokers.
The top ten stockbrokers handled more than 54.78% of all deals on the market, which is estimated to be worth N3.59 trillion.
In a field full of competitors, United Capital Securities Limited stood out as the volume leader by completing more than 30 billion deals, or 11.32% of the total market volume.
United Capital Securities is now positioned as the preferred broker for investors that prioritize making a large number of transactions.
On the other hand, Cardinalstone Securities Limited ranked highest regarding transaction value.
With a transaction value that exceeded N440 billion, CSSL accounted for 12.26% of the entire trading value in the market.
In the end, Cardinalstone emerged as the broker with the biggest profit in 2023. According to Nairametrics, the company’s commission income from stock market deal execution was at least N4.5 billion throughout the year.
Top Ten Stockbrokers by Value of Trade
As the financial year draws to a close, we’ve seen remarkable performances in Nigeria’s trading landscape. Here’s an ascending order listicle of the top brokers by trade value for 2023:
- Apel Asset Limited – BRD
Value: ₦92,135,887,917.00
Market Share: 2.56%
Starting our list is Apel Asset Limited, with just over N92 billion in trades, carving out a 2.56% share of the market value.
- Chapel Hill Denham Securities Ltd – BRD
Value: ₦102,154,935,597.79
Market Share: 2.84%
Chapel Hill Denham shows a strong performance, surpassing the N100 billion mark.
- Cordros Securities Limited – BRD
Value: ₦126,280,239,576.01
Market Share: 3.51%
Cordros Securities claims the 8th spot, showcasing a solid foothold in the market with a 3.51% value share.
- FBN Quest Securities Limited
Value: ₦135,724,195,507.72
Market Share: 3.78%
With a strategic push into higher-value trades, FBN Quest takes the 7th position.
- United Capital Securities Limited
Value: ₦157,619,289,314.11
Market Share: 4.39%
United Capital, the leader by volume, still makes a significant mark in value traded, landing in the 6th spot.
- Meristem Stockbrokers Limited
Value: ₦168,192,540,531.75
Market Share: 4.68%
Mid-table, Meristem Stockbrokers demonstrates a balanced approach, holding just under 4.7% of the market by value.
- EFG Hermes NIG Limited
Value: ₦170,148,283,994.77
Market Share: 4.73%
EFG Hermes edges into the 4th position, with a trade value just over N170 billion.
- APT Securities and Funds – BRD
Value: ₦281,750,086,716.57
Market Share: 7.84%
APT Securities leaps ahead, securing a commendable 7.84% slice of the market’s value.
- Stanbic IBTC Stockbrokers Limited
Value: ₦294,184,259,973.87
Market Share: 8.29%
Just shy of the top, Stanbic IBTC impresses with nearly N294 billion in trades.
- Cardinalstone Securities Limited
Value: ₦440,545,734,410.87
Market Share: 12.26%
Leading the pack, Cardinalstone Securities Limited dominates with over N440 billion in trade value, accounting for a substantial 12.26% of the market. A clear indicator of their prowess in executing high-value transactions in 2023.
See the link to the source for the ranking.
