CardinalStone Securities (CSSL) has consistently topped the Nigerian Exchange’s ranking of stockbrokers.
Last year was no different, with the firm executing transactions worth N440.5 billion ($485.6 million) – N146 billion more than its closest competitor – while executing N234.4 billion worth of transactions in the year to May 2024.
The firm’s dominance is a function of its diverse and growing clientele, which includes leading fund managers from South Africa, North America, the UK and Europe. They all turn to CSSL for its distinctive trading capabilities and robust flow generation, which enable it to execute large block transactions in the Nigerian capital market.
A notable deal involved serving as a joint stockbroker on Titan Trust Bank's N191 billion acquisition of Union Bank of Nigeria, the second oldest bank in the country, a deal that was the largest block trade in Nigeria’s capital markets history.
In addition, CSSL acted as the lead stockbroker for the acquisition of approximately 4.7 billion units of First Bank Holdings’ shares from the bank's largest shareholder, in a transaction valued at more than N79 billion.
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