The sum of N19.09 billion is the total amount earned from commissions by the ten leading stockbrokers in the Nigerian stock market during the first half of year 2024, 9am news nigeria reports
This marks an a steep increase from the same period in the previous year when the sum of N10.7 billion was earned by the stockbrokers in the top ten.
Their earnings were made possible following exchange of 56.7 billion shares with a combined value of N1.4 trillion during the period in focus.
Stanbic IBTC Stockbrokers emerged as the top earner among the list of the best thriving stockbrokers.
Cardinal Stone Securities and Apt Securities followed cumulatively accounting for N727.078 billion in value and representing a figure of 50.42% of the total value of transactions conducted in the opening half of the year.
Stanbic IBTC Stockbrokers Limited with a transaction value of N280.606 billion, accounts for 10.73% of the overall transaction value in the country.
Following closely is Cardinal Stone Securities.
With shares valued at N276.674 billion, it gulped 10.54% of the entire transaction value. Apt Securities & Funds achieved an estimated value of N170.798 billion in trades which represents 6.53% of the total value.
United Capital facilitated transactions is next with a worth of N148.355 billion, and EFG Hermes follows with transacted shares valued at N127.938 billion during the year’s first half.
Others are Cordros Securities with N101.485 billion, Meristem Stockbrokers with N88.853 billion, CSL Stockbrokers with N82.069 billion, Chapel Hill Denham with N75.921 billion, and Apel Asset with N71.275 billion.
9AM News Nigeria learnt that brokers usually charge commissions of between 1.3-2% on trades.
Equities and stock trading on the Nigerian Exchange Limited (NGX) enjoyed a vibrant first half of the year, despite the perilious economic challenges facing the country such as a depreciating naira, high inflation, and national security crisis.
It appears that investor confidence was boosted by Nigeria’s government policies including fuel subsidy removal and floating of the naira.
In this second quarter, a decline has been recorded following the CBN’s plan to declare a new capital base for Nigerian banks.
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