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The top 10 stockbroking firms in the Nigerian stock market made an impressive N19.209 billion in the first half of 2024 due to increased trading volume and value on the NGX, boosting brokerage revenue.
This is a significant jump from the N10.789 billion earned by the top 10 brokers in the same period in 2023.
Despite concerns like rising inflation and interest rate hikes, investor confidence remained high, leading to increased buying activity.
During this period, a total of 56.672 billion shares were exchanged, with a value of N1.423 trillion, accounting for 54.43% of the total value recorded in the first half of 2024.
The findings were published in the monthly broker performance report released by the Nigerian Exchange (NGX).
Stanbic IBTC Stockbrokers, Cardinal Stone Securities, and Apt Securities emerged as the top performers, collectively representing 50.42% of the total value of transactions conducted in the first half of the year.
Stanbic IBTC Stockbrokers Limited secured the highest position with a transaction value of N280.606 billion, followed by Cardinal Stone Securities with N276.674 billion, and Apt Securities & Funds with N170.798 billion in trades.
United Capital facilitated transactions worth N148.3 billion.
