The Nigerian Exchange opened in June 2025 on a strong note, with the All-Share Index (ASI) reaching a historic high of 114,616.75—a milestone that coincides with the second anniversary of the current administration.
Over the past two years, the government’s economic reforms, including foreign exchange liberalisation, removal of fuel subsidies, a return to orthodox monetary policy, and an end to deficit monetization, have been well-received by investors.
Furthermore, the relative stability of the naira—despite prevailing global risk-off sentiment—has supported the recovery of companies previously hit by significant foreign exchange losses, particularly in the FMCG and telecommunications sectors.
The stabilising macroeconomic environment in Nigeria has resulted in improved credit ratings, bolstering investor confidence, and leading to increased market participation. Similarly, local investors continue to play a pivotal role, contributing to a more balanced investor base and enhancing overall market liquidity.
CardinalStone Securities Limited (CSSL), the leading stockbroker by both volume and value over the past three years, played a pivotal role in the recent market rally. The firm emerged as the top-ranked broker on the Nigerian Exchange (NGX) between June 2 and 5, accounting for 37.76% of total market volume and 36.36% of total value traded. During this period, CSSL executed transactions worth over N55.5 billion, trading more than 2.4 billion shares.
Prior to the June market surge, CardinalStone had already built solid momentum in the first five months of 2025. From January to May, the firm ranked among the top two stockbrokers in both volume and value traded on the Nigerian Exchange, handling over N325 billion in transactions and more than 8.7 billion shares.
This strong showing reinforces CardinalStone’s leadership in facilitating capital market access for both local and international investors. Backed by a robust research platform, efficient trade execution, and deep market expertise, the firm remains dedicated to unlocking value and driving investment opportunities across Nigeria’s capital markets.
“As investor confidence continues to strengthen and policy reforms take root, we’re proud to serve as a trusted partner in navigating the evolving market landscape,” said Peter Omoregie, Managing Director of CardinalStone Securities. “Our performance is a testament to the trust our clients place in us and our unwavering commitment to delivering consistent value.”
“CardinalStone’s dominance in early June highlights its strength in connecting investors with quality Nigerian securities,” added a market analyst familiar with the firm. “Their ability to capture nearly 40% of market activity is no small feat.”
Trading data from the Nigerian Exchange reveals a robust ecosystem, with the top 10 brokers accounting for 67.96% of market volume and 69.83% of value traded. Despite the concentration, the market remains competitive, with several firms posting notable performances.
Among them:
- EFG Hermes Nigeria Limited secured the second spot by value traded with over N14.4 billion.
- APT Securities and Funds ranked second by volume with over 416 million shares traded.
- Stanbic IBTC Stockbrokers Limited featured prominently across both value and volume rankings.
As the second half of 2025 approaches, the strong start to June reflects sustained optimism in the Nigerian stock market. Supported by a favorable policy environment, strengthening economic fundamentals, and the active participation of leading market intermediaries like CardinalStone, Nigeria is well-positioned to attract continued capital inflows.
The record-breaking ASI and heightened broker activity affirm Nigeria’s status as a leading investment destination in Africa and a key emerging market globally
For more information about investment opportunities in the Nigerian capital market, contact your licensed stockbroker or visit the Nigerian Exchange website at www.ngxgroup.com.
