Stanbic IBTC Stockbrokers, 9 other dominate market with 58.22% trades
A total 10 out of 220 active stockbroking firms on the Nigerian Stock Exchange (NSE) were responsible for N360 billion or 58.22 per cent value of transactions in six months on the Exchange, according to the NSE’s stockbrokers’ performance report. The transactions took place between January 1 and June 30, 2016.
According to the NSE performance report that was made available to Business247, top on the list of the ten top stockbrokers in the review period include Stanbic IBTC Stockbrokers Limited which traded N75 billion or 12.15 per cent while Rencap Securities (Nig) Limited traded N67.6 billion or 10.92 per cent worth of equities in six months of 2016.
CSL Stockbrokers Limited came third after trading N57 billion or 9.23 per cent in the period under review.
The fourth place was occupied by EFCP Limited after trading N44.99 billion or 7.27 per cent while FBN Securities Limited traded N31.5 billion or 5.10 per cent value in the nation’s equities market for six months.
Others on the list of NSE’s 10-top stockbrokers for six months under review include Greenwich Trust Limited N26.5 billion or 4.29 per cent, Cardinalstone Securities Limited N16 billion or 2.59 per cent and African Alliance Stockbrokers Limited with N14.6 billion or 2.37 per cent.
Chapel Hill Denham Securities Limited and Investment One Stockbrokers Intl Limited did transactions valued at N13.6 billion or 2.20 per cent and N12.9 billion or 2.10 per cent respectively.
In terms of volume traded, top 10 stockbrokers traded 74.3 billion or 60.45 per cent worth of transaction in six months of 2016.
Greenwich Trust Limited that was ranked 6th in top value traded came top with a total volume of 27 billion or 21.83 per cent, followed by Capital Assets Limited that transacts 8.4 billion or 6.78 per cent volume of transaction in the equities market.
Global Asset Management-Nig Limited 7.9 billion or 6.42 per cent; Vetiva Capital Management Limited 7billion or 5.65 per cent; CSL Stockbrokers Limited 6.2 billion or 5.06 per cent and Stanbic IBTC Stockbrokers Limited that top value traded in six months contributed 5.65 billion or 4.56 per cent volume.
Rencap Securities (Nig) Limited and Apel Asset Limited traded 4.1 billion or 3.35 per cent and 3 billion or 2.42 per cent in terms of volume respectively.
The other two include Morgan Capital Securities Limited 2.75 billion or 2.22 per cent while EFCP Limited 2.65 billion or 2.14 per cent volume of transaction traded in the equities market.
Business247’s investigation reveals that the transactions were from inflow of Foreign Portfolio Investors (FPIs), local institutional investors and equity exposure in mutual funds.
Their major clients are foreign portfolio investors while a few of them have significant equity exposure through their Collective Investment Schemes (CIS) through which they access trading volumes and values weekly.
Before now, analysts have noted that these companies have some of the most diversified portfolio of clients which others envy.
The activities of these big stockbroking firms have made the equities market tilt towards oligopoly- a market dominated by few buyers and sellers who create room for a sort of imperfect competition, in order to accrue greater revenue and market share.
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