Top stockbrokers trade over N50bn in August

The top 10 best-performing stock brokerage firms for the month of August traded a total of 4.99 billion units of shares valued at N50.73bn.

According to the broker performance report, released by the Nigerian Exchange Group (NGX), the value of shares traded represents a 6.38% increase compared to N47.69bn recorded in the previous month, but a 6.5% decline compared to N54.26bn recorded in June 2021.

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On a year-on-year basis, it declined by 11.71% compared to N57.46bn recorded in the corresponding period of 2020.

According to the report, Stanbic IBTC Stockbrokers led the list by value of shares traded with N15.77bn, while Morgan Capital Securities with 998.91 million shares traded led the elite list for the month by volume.

The top 10 performing stockbroking firms in August traded a total of N50.73bn worth of shares, accounting for 55.53% of the total value of shares traded in the month.

Stanbic IBTC Stockbrokers Ltd led the list, having traded in stocks worth N15.77bn. This represents 17.27% of the entire value of shares traded on the floor of the exchange in August 2021. It also leads in terms of year-to-date volume with N136.45bn.

Rencap Securities Ltd with a total value of N6.79bn worth of shares traded in the month stands in second position, accounting for 7.44% of the total shares traded at the exchange. The firm however, occupies the third position, in terms of year-to-date performance with N77.98bn worth of shares.

EFG Hermes NIG Ltd traded stocks worth N5.66bn and accounted for 6.19% of the total value of shares traded in the period. It has traded N51.18bn worth of shares year-to-date.

Cardinalstone Securities accounted for 5.19% of the value of shares recorded in the period with N4.74bn worth of shares traded. Year-to-date trade stands at N81.34bn in second place.

APT Securities and Funds traded in stocks worth N3.45bn within the period, accounting for 3.77% of the total value of stocks traded in the review month.

The stock market is beginning to pick up momentum from the downturn it recorded in the first half of the year, as the All-share index grew by 1.74% in the month, reducing the year-to-date decline to -2.61% as of 31st August.