New Telegraph

EFG, Stanbic IBTC, others trade N906bn shares

Ten leading stockbroking firms in the Nigerian capital market ended the last 10 months of the year 2020 with an exchange of 63.236 billion shares worth N906.315 billion.

 

Available statistics to New Telegraph showed that the 10 stockbrokers were responsible for 57.29 per cent of the total value between 02/01/2020 and 31/10/2020.

 

Also, the stockbrokers are responsible for 47.35 per cent of the total volume during the period under review.

 

Analysis of the transactions revealed that EFG Hermes Nigeria Limited dominated with 1089 per cent or N172.231 billion exchanged in 9.620 billion shares. Stanbic IBTC Stockbrokers Limited followed with a record of N169.747 billion or 10.73 per cent exchanged in 6.927 billion shares.

 

Rencap Securities Limited accounted for N143.496 billion or 9.07 per cent invested in 6,446 billion shares. Cardinal Stone Limited traded N90.531 billion or 5.72 per cent in 11,466 million    shares, while CSL Stockbrokers Limited accounted for N83.216 billion or 5.26 per cent exchanged in 5,251 billion shares.

 

Cordros Capital traded N55.510 billion or 3.51 per cent. Chapel Hill Denham Management Limited traded N50.783 billion or 3.21 per cent in 3,506 billion shares while FBNQuest Limited exchanged N50.160 billion or 3.17 per cent in 3.199 billion shares. Meristem Stockbrokers Limited staked shares worth N46.485 billion or 2.94 per cent while Stonex Financial Nigeria Limited traded N44.150 billion or 2.79 per cent.

 

The National Coordinator, Independent Shareholders Association of Nigeria (ISAN), Dr Anthony Omojola, recently called for the consolidation o  f   255 stockbroking houses in the country.

 

Omojola, who spoke in a virtual interview, noted that only about 10 of the stockbroking firms dominate the market.

 

According to him, their own recapitalisation should see some mergers that will bring the number to a manageable size and help to improve the performance of the capital market sector of the economy

 

Omojola said that going forward there is every likelihood that that the nation would witness some growth in the areas of Medium and Small scale Enterprises because of some palliatives and tax incentives extended to them in this year’s budget.

 

On the group’s expectations for the year 2020, he said: “We are concerned with the purchasing power of the people in terms of goods and services which has been seriously affected by the value of Naira which is a reality of increase in tariffs, rates and other government policies that have negative effects on the people.

 

‘’We urge the government to do more to lessen the burden in the business operating environments in the country, so that more profits can be made by individuals, entrepreneurs and companies. Further efforts should be made in de congesting the Lagos Ports with a view of lowering products costs which will have a salutary effect on our level of inflation which is on the rise.
‘’Nigeria requires huge in

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