Cardinal Stone Securities, Apt Securities, and Stanbic IBTC are among top stock brokers who earned big commissions from trading in the Nigerian stock market as ten brokers raked in about N24.102 billion in commissions collectively in the first eleven months of 2023.
Brokers often charge as high as 1.35 per cent in commissions on trades although some charge lower depending on the size of transactions. However, this accounts for a growth of 21.86 per cent over the commissions earned in the corresponding period of 2022 with a value of N1.465 trillion.
Collectively the three brokers raked in N909.205 billion as commission in value and representing 50.93 per cent of the total value of transactions conducted in the period.
CardinalStone Securities secured the highest position in the ranking, with a transaction value of N415.083 billion, which accounts for 12.77 per cent of the overall transaction value.
Stanbic IBTC Stockbroker followed closely with shares valued at N259.003 billion, representing 7.97 per cent of the total transaction value while Apt Securities & Funds recorded an estimated value of N235.119 billion in trades accounting for 7.24 per cent.
Meristem Stockbrokers facilitated transactions worth N160.019 billion, while EFG Hermes transacted shares valued at N152.558 billion during the 11 months.
Others are United Capital, FBN Quest Securities, Cordros Securities, Apel Asset, and Morgan Capital which facilitated deals valued at N151.584 billion, N129.143 billion, N117.985 billion, N86.298 billion, and N78.546 billion respectively.
Equities trading on the Nigerian Exchange Limited (NGX) ended November on an upbeat note, buoyed by a surge in investor confidence toward listed corporations.
About 4 billion ordinary shares of Mecure Industries limited, a pharmaceutical and nutraceutical manufacturing company at N2.96 per share was listed on the NGX growth board.
This addition pumped N11.84 billion into the Exchange’s market capitalization, injecting fresh liquidity into the Nigerian capital market and opening new avenues for wealth generation.
This wave of optimism was reflected in the buying patterns, driving the All-Share Index to conclude November at 71,365.25 index points. This marks a robust 3.08 per cent increase from the previous month.
Cardinal Stone, Stanbic IBTC, lead as brokers raked in N24.102bn as commission
