By Goddy Egene
Top 10 leading stockbroking firms facilitated trading of 6.594 billion shares worth N56.230 billion in May, accounting for 55.21 per cent of total value traded in the month.
Statistics obtained by THISDAY at the weekend showed that Rencap Securities (Nig) Limited led in value terms, trading N16.236 billion, representing 15.94 per cent. Stanbic IBTC Stockbrokers Limited followed with N9.443 billion, indicating 9.2 per cent, while EFCP Limited facilitated N6.092 billion or 5.9 per cent, while CSL Stockbrokers Limited accounted for N5.251 billion or 5.2 per cent. Cardinal Stone Securities Limited traded N4.335 billion, representing 4.2 per cent, just as Cordros Capital Limited traded N3.534 billion or 3.5 per cent.
Investment One Stockbrokers International Limited occupied the seventh position with N3.458 billion or 3.4 per cent. FBN Securities Limited facilitated N3.063 billion, while Securities African Financial Limited traded N2.819 billion. Morgan Capital Securities Limited accounted for 1.996 billion.
In volume terms, CSL Stockbrokers Limited led with 1.029 billion shares, followed by Rencap Securities with 975.859 million shares. Morgan Capital Securities Limited accounted for 760.171 million shares. EFCP Limited recorded 673.260 million shares, just as Stanbic IBTC Stockbrokers Limited traded 644.355 million shares. Cardinal Stone Securities Limited and Global Asset Management Limited accounted for 643.536 million and 609.871 million shares respectively. Cordros Capital Limited, FBN Securities Limited and Investment One Stockbrokers traded 439.963 million shares, 409.465 million shares and 408.220 million shares in that order.
The NSE had introduced the ranking of stock broking houses trading to stimulate competition in 2011. The exchange has also introduced similar initiatives ensure better performance of dealing members. The NSE launched the brokers oversight and supervision system also known as X-BOSS late last year in order to redefine and automate the level of compliance and market regulation experience between it and the dealing member firms.
The system will help automate the regulatory and oversight function of the NSE over its dealing members thus helping it to achieve regulatory efficiency as well as the exchange’s commitment to implementing global best practice, which will lead to improve transparency and drive operational excellence in the Nigerian capital market.
Head, Broker Dealer Regulation Department of NSE, Mr. Olufemi Shobanjo had said the X-Boss would bring about automation of key regulatory functions with notification capabilities such as monitoring of capital and liquidity; development of a central information repository of dealing members and approved persons; controlled access to information on dealing members based on access rights granted and enhanced regulation based on global best practice.