Stanbic IBTC, nine others record N534b share deals in five months

Stanbic IBTC. Photo/nairametrics

 By Helen Oji

No fewer than 10 stockbroking companies traded 39.09 billion shares, worth N537.966 billion, representing or 55.31 per cent of the total shares traded on the Nigerian Stock Exchange (NSE) in the first five months of the year. The broker performance report by NSE for January 1, to May 31, 2019, showed that the top 10 stockbrokers on the bourse traded 68.60 per cent of the total value of shares transacted in the period under review.
Specifically, Stanbic IBTC Stockbrokers Limited recorded transactions worth N134.99 billion, which represent 17.21 per cent of the total value during the period.
RenCap Securities followed with a transactions worth N95.54 billion, representing 12.18 per cent of the total value of transactions, while CSL Stockbrokers pulled transaction worth N59.08 billion.
The NSE report also showed that Coronation Securities sold stocks valued at N52.84 billion, while EFCP Limited’s transaction was valued at N52.7 billion in five months.
Chapel Hill Denham Securities, EFG Hermes, FBN Quest Securities, CardinalStone Securities and Meristem Stockbrokers in that order pulled transactions valued at N34.78 billion, N33.96 billion, N30.44 billion, N28.56 billion and N15.06 billion.
Meanwhile, in terms of the volume of shares sold, Greenwich Trust came tops, with 6.95 billion shares, representing a 9.83 per cent of the total volume of shares sold during the period.
Stanbic IBTC Stockbrokers followed with volume of 6.77 billion shares, while CardinalStone Securities handled 4.19 billion shares.
RenCap Securities pulled 4.08 billion; CSL Stockbrokers transacted 4.06 billion shares, while Chapel Hill Denham Securities also pulled 3.44 billion shares from January to May 2019.
Others are Morgan Capital, FBN Quest Securities, Meristem Stockbrokers and EFG Hermes Nigeria transacted 3.15 billion shares, 2.27 billion shares, 2.16 billion shares and 2.03 billion shares.
A Professor of Finance and Capital Market, Uche Joe Uwaleke, has expressed optimism that the stock market would record significant recovery by the third quarter (Q3) of this year, urging investors to leverage on low prices of stock to boost their portfolio.
The capital market expert, who spoke in an interactive session with journalists in Lagos recently, identified peaceful inauguration and constitution of cabinet as well as release of half-year result as major factors that would spur the expected market rebound.
According to him, the country’s market PE ratio ranks lower than established PE ratio index of other global investment firms, thereby creating more opportunities for growth.