According to the report released by the Nigerian Exchange Group (NGX), ten stockbrokers accounted for 55.2% of the total traded volume on the NGX. 

This is a 42.7% volume value, representing a significant 55.2% of the total value of all trades executed by Nigerian stockbrokers.

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The report shows that the ten companies have transactions involving approximately 66.9B shares year-to-date (YTD). In monetary value, these companies contributed N1.72T in traded value YTD, currently worth over $1B at the CBN rate of N1598.6/$1 today.

Top 10 Stockbrokers by Value of Transactions 

CardinalStone Securities Limited

CardinalStone Securities tops the list. CardinalStone has traded N319.18B ($199.6M), representing 10.27% of the total value traded by Nigerian brokers from Jan 1 to July 31, 2024 (YTD). 

CardinalStone also ranks number 1 in terms of volume, with 13.9B shares exchanged YTD, accounting for 8.92% of the total volume recorded.

Stanbic IBTC Stockbrokers Limited

Climbing to the second highest-performing broker on the list at a value of N305.10B ($190.7M). Stanbic IBTC accounts for 9.82% of the total value of transactions carried out by Nigerian stockbrokers YTD.

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United Capital Securities Limited 

Claiming the 3rd position with transaction value of N276.85B ($173.1M). The broker’s trading value represents 8.91% of the total value of transactions by Nigerian brokers.

APT Securities and Funds Limited

APT Securities ranks 4th, with a transaction value of N179.11B ($112M), making up 5.76% out of the total value of transactions obtained from Nigerian stockbrokers.

EFG Hermes Nigeria Limited

EFG Hermes ranks 5th, based on the value of N139.33B ($87.1M) worth of transactions traded. The stockbroker accounts for 4.48% of the total value traded by all Nigerian stockbrokers.

Cordros Securities Limited

Cordros Securities Limited is 6th on the list with transactions valued at N113.36B ($70.8M). The broker contributed 3.65% to the total trading value of all stockbrokers YTD.

Meristem Stockbrokers Limited

Meristem Stockbrokers steals the 7th position with a trading value of N104.90B ($65M). This constitutes about 3.38% of the total value of transactions executed by Nigerian stockbrokers YTD.

CSL Stockbrokers Limited

CSL Stockbrokers Limited is in the 8th position, recording trades worth N102.96B ($63.8M). This accounts for 3.31% of the total value traded by stockbrokers in Nigeria.

FBN Quest Securities Limited

FBN Quest Securities is in the 9th position, with a total traded value of N95B ($59.4M) in stock.

This represents 3.06% of the value traded by Nigerian stockbrokers within the same time period. 

Chapel Hill Denham Securities Ltd.

Chapel Hill Denham ranks last on the 10 company list, transacting shares worth N92.51B ($57.8M) in value. The firm contributed 2.98% to the total value of trades executed by stockbrokers in Nigeria.

NOTE: For the purpose of this analysis, value is considered a more accurate metric than volume.