Meristem Stockbrokers Records N339bn Transactions On NSE, Ranks Second After Stanbic IBTC
Meristem Stockbrokers Limited, a subsidiary of Meristem Securities Limited has ranked second by value of equities transactions on the Nigerian Stock Exchange (NSE) out of the top 10 stockbrokers for the year 2017.
Stockrokers’ performance ranking for year released by the NSE showed that Meristem Stockbrokers Limited facilitated the trading of 6.978 billion shares worth N338.611 billion on the Nigerian bourse, indicating 13.3 per cent of the transactions.
However, Stanbic IBTC Stockbrokers Limited, a subsidiary of Stanbic IBTC Holdings, which is a member of the Standard Bank Group of South Africa, occupied the first position with N403.491 billion being the value of 15.375 billion shares handled by the firm, which is 15.8 per cent of the value of shares traded last year.
But some market analysts said the performance of Meristem Stockbrokers was highly commendable given the fact it is a wholly indigenous firm without the backing of any banking group foreign affiliation.
CSL Stockbrokers Limited, which is subsidiary of FCMB Holdings, closed the year in the third position occupied, trading N312.789 billion, being the worth of 12.871 billion shares and 12.3 per cent.
Rencap Securities Limited, a subsidiary of Renaissance Capital Group, facilitated N2334.624 billion that was staked on 9.696 billion shares, while Cordros Securities Limited traded N218.409 billion invested in 7 .321 billion shares.
FBN Quest Securities Limited, a subsidiary of First Bank Group, occupied the sixth position, facilitating the investment of N89.159 billion committed to 5.662 billion shares.
A.R.M Securities Limited transacted N84.668 billion that was staked on 5.806 billion shares. In the same vein, EFCP Limited accounted for N84.392 billion .
United Capital Securities Limited recorded N81.960 billion, staked on 30.392 billion shares to place ninth, while Chapel Hill Denham Securities Limited occupied the 10 th position with N66.877 billion.
According to the ranking, the 10 top stockroking firms accounted for N1.915 trillion being 75.23 per cent of the year’s transactions in value terms, while in volume terms, they accounted for N107.042 billion or 53.2 per cent.
Source: THISDAY
