CardinalStone Securities Limited has again proven its dominance by emerging as the number one stockbroker by volume and value on the Nigerian Exchange (NGX) for 2024.
This remarkable feat marks the third consecutive year the firm has topped the NGX’s league tables, reinforcing its position as an industry leader committed to delivering excellence, innovation, and client-focused solutions.
According to the latest Broker Performance Report, the top 10 stockbrokers by both value and volume have significantly influenced the market dynamics between January 1, 2024, and December 31, 2024.
These brokers are responsible for almost 55 percent of the total market value, illustrating their presence in the Nigerian Exchange (NGX) landscape.
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Cardinalstone Securities Leads the Charge
At the forefront of the stockbroking landscape is Cardinalstone Securities Limited, which has emerged as the top broker by value in 2024. With a value of N696.03 billion, Cardinalstone commands an impressive 12.19 percent of the total market value.
In second place is Stanbic IBTC Stockbrokers Limited, which secured N642.82 billion, or 11.26 percent, of the market value. Stanbic IBTC has long been one of the key players in the Nigerian capital market, and its strong showing in 2024 reaffirms its influential role in the sector.
In third place is United Capital Securities Limited, which contributed N341.06 billion (5.98%) to the overall value. Further down the ranking, APT Securities and Funds secured the fourth spot, with a total value of N286.53 billion, representing 5.02 percent of the market value. The fifth-ranked Cordros Securities Limited also demonstrated significant performance, bringing in N283.01 billion (4.96%) to the table.
Rounding out the top ten brokers by value are EFG Hermes Nigeria Limited, FBN Quest Securities Limited, Meristem Stockbrokers Limited, CSL Stockbrokers Limited, and Apel Asset Limited.
Top Brokers by Volume
While the value metrics offer insights into the high-stakes trading world, the volume rankings shed light on the more frequent and accessible trades taking place across the market.
Cardinalstone Securities again leads the way with a 23.67 billion shares traded, capturing 8.51 percent of the total volume. This suggests that the firm is not only securing high-value trades but also maintaining a high frequency of transactions, making it a versatile leader in the market.
Following closely behind is Stanbic IBTC, with 14.99 billion shares traded, representing 5.39 percent of total volume. Morgan Capital Securities comes in third place with 13.81 billion shares, accounting for 4.96percent of total volume.
Other brokers such as Cordros Securities, APT Securities, and Meristem Stockbrokers also feature prominently in terms of volume.
Read also: Oil & gas tops 2024 best performing sectors in NGX
Commitment to consistency
Michael Nzewi, the group managing director of CardinalStone, expressed his satisfaction with the achievement, stating, “This milestone is not just a celebration of our consistency but a reflection of the vision and values that drive the CardinalStone Group. As a firm, we remain steadfast in our commitment to innovation, integrity, and delivering unparalleled value to our clients and stakeholders.”
Peter Omoregie, the managing director of CardinalStone Securities, also weighed in on the achievement, highlighting the dedication and collaboration that fueled the firm’s success. “Topping the NGX league tables for three consecutive years is a result of our relentless focus on excellence and collaboration,” Omoregie said. “This success is powered by the dedication of our talented team and the trust of our esteemed clients. We are proud to play a leading role in shaping Nigeria’s capital markets and will continue to set new benchmarks for performance and service delivery.”
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