The Nigerian Exchange (NGX) has released its broker performance report for the second quarter of 2025, highlighting the top 10 firms ranked by both volume and value of transactions.
Between April and June 2025, the Nigerian stock market gained 13.54%, marking its best quarter since early 2024 when it climbed 39.84%.
Behind this strong performance are stockbrokers who play a key role in driving activity on the exchange, facilitating trades and executing transactions on behalf of investors.
- According to the NGX report, the top 10 brokers by volume handled 33.08 billion shares, accounting for 45.19% of all trades executed by brokers during the quarter.
- By value, the top 10 brokers were responsible for trading worth N1.11 trillion, representing 56.60% of the total value of transactions across the market.
This article focuses on the brokers ranked by transaction value, as this metric captures both price and volume, offering a clearer sense of each firm’s market presence and overall performance.
Below are the top 10 stockbroking firms by transaction value for the second quarter of 2025, covering the period from April to June
10. First Securities Brokers Limited – N44.7 billion
First Securities Brokers Limited takes the 10th spot on the list with a total transaction value of N44.7 billion recorded in the second quarter.
This figure accounts for 2.28% of the entire market value of N1.96 trillion executed by all stockbrokers in Nigeria and represents 4.03% of the N1.11 trillion contributed by the top 10 firms during the quarter.
9. Coronation Securities Limited – N52.3 billion
Securing the 9th position is Coronation Securities Limited, which facilitated trades worth N52.3 billion over the period.
This value represents 2.66% of all transactions carried out by Nigerian stockbrokers in Q2 2025 and 4.71% of the total value handled by the top 10 ranked brokers on the list.
8. Vetiva Capital Management Limited – N54.06 billion
In 8th place, Vetiva Capital Management Limited recorded a trading value of N54.06 billion for the quarter.
The firm’s execution accounts for 2.75% of the overall market value of N1.96 trillion, and 4.86% of the combined N1.11 trillion transacted by the top 10 firms ranked by value.
7. CSL Stockbrokers Limited – N61.5 billion
CSL Stockbrokers Limited occupies the 7th position, with a total transaction value of N61.5 billion during the second quarter.
This represents 3.13% of the total trading value executed across all Nigerian stockbrokers and 5.54% of the value attributed to the top 10.
In addition to its performance by value, CSL also featured on the volume list, ranking 8th with 2.23 billion shares exchanged in Q2.
6. Meristem Stockbrokers Limited – N83.6 billion
At number 6 is Meristem Stockbrokers Limited, which recorded a trade value of N83.6 billion.
This translates to 4.26% of the market-wide trade value and 7.53% of the combined value of the top 10 brokers on the list.
Meristem also posted a strong showing in the volume category, placing 3rd after facilitating the exchange of 3.9 billion shares.
5. Stanbic IBTC Stockbrokers Limited – N103.1 billion
Ranked 5th is Stanbic IBTC Stockbrokers Limited, which executed transactions worth N103.1 billion in the second quarter.
This accounts for 5.25% of the total market transaction value and 9.28% of the aggregate value among the top 10 brokers.
On the volume chart, Stanbic IBTC also appeared in 7th place, having facilitated the exchange of 2.48 billion shares.
4. United Capital Securities – N136.4 billion
United Capital Securities Limited stands in 4th place with a transaction value of N136.4 billion.
This figure amounts to 6.95% of all trading value across the Nigerian Exchange for the quarter and 12.28% of the cumulative value transacted by the top 10 stockbrokers.
The firm also ranked high in trade volume, placing 2nd with 4.2 billion shares exchanged.
3. Cordros Securities Limited – N157.9 billion
Cordros Securities Limited claims the 3rd position after transacting a total of N157.9 billion in Q2 2025.
This performance makes up 8.05% of the entire market transaction value and 14.21% of the top 10’s combined trade value.
Cordros also showed up on the volume list, ranking 9th after handling 2.07 billion shares over the quarter.
2. EFG Hermes Nigeria Limited – N161.1 billion
In second place is EFG Hermes Nigeria Limited, which recorded a transaction value of N161.1 billion for the quarter.
This represents 8.21% of the total value transacted by all stockbrokers and 14.21% of the trading value recorded by the top 10 firms.
The firm also appeared on the volume list at the 6th position, having facilitated the exchange of 2.5 billion shares.
1. CardinalStone Securities Limited – N256.4 billion
Sitting at the top of the list is CardinalStone Securities Limited, which executed a total transaction value of N256.4 billion in the second quarter.
This accounts for a commanding 13.06% of the market-wide trading value and 23.08% of the value attributed to the top 10 brokers by transaction size.
CardinalStone also led the volume rankings, taking 1st place with an impressive 7.7 billion shares exchanged — the highest by any stockbroker in the quarter.
