Ten leading brokerage firms accounted for transactions worth N3.138 trillion on the Nigerian Exchange (NGX) in 2024, representing 54.97% of the total value of trades executed on the exchange throughout the year. This was revealed in the annual broker performance report recently released by NGX Limited.
In volume terms, these top firms facilitated the exchange of 118.954 billion shares, accounting for 42.75% of the total shares traded on the exchange from January to December 2024. Despite economic headwinds, including rising inflation and interest rate hikes, analysts noted that investor confidence remained strong, driving increased trading activity.
Performance Highlights of Top Brokerage Firms
CardinalStone Securities led the pack with a transaction value of N696.03 billion, equivalent to 12.19% of the total trades. Stanbic IBTC Stockbrokers followed with N642.819 billion (11.26%), while United Capital Securities recorded N341.060 billion (5.98%).
Other notable performers included:
- APT Securities & Funds: N286.526 billion
- Cordros Securities: N283.007 billion
- EFG Hermes: N190.048 billion
- FBN Quest Securities: N189.941 billion
- Meristem Stockbrokers: N188.153 billion
- CSL Stockbrokers: N175.429 billion
- Apel Asset: N144.765 billion
Strong Market Gains in 2024
Investors enjoyed net capital gains of approximately N21.845 trillion in 2024, as market capitalisation surged from N40.918 trillion at the beginning of the year to N62.763 trillion by December 31. The NGX All-Share Index (ASI) rose by an impressive 37.72%, closing at 102,926.40 points, up from 74,773.77 points at the start of the year.
Leadership Reflections
At the NGX Closing Gong ceremony, the CEO of NGX, Jude Chiemeka, represented by Abimbola Babalola, lauded the robust secondary market activity, attributing it to the efforts of trading license holders and favorable macroeconomic policies by the Central Bank of Nigeria (CBN) and the Federal Ministry of Finance.
Temi Popoola, Group Managing Director/CEO of Nigerian Exchange Group, highlighted the market’s resilience and innovation, emphasizing the role of blue-chip companies and strategic new listings in driving growth. “Inflationary pressures have made equities an attractive hedge, and our market has consistently offered valuable opportunities for investors,” Popoola stated.
The strong performance underscores the NGX’s pivotal role in Nigeria’s financial landscape, despite challenging economic conditions.
