Chapel Hill Denham Securities Ltd dominated both the trading value and volume charts in the Nigerian Exchange (NGX) brokerage rankings for the week ending October 3, 2025.
The firm outpaced its peers by a wide margin, executing N53.82 billion worth of transactions and trading 10.97 billion units.
This represents 23.28% of the total market value and 65.26% of the total market volume.
The data, contained in the NGX weekly Broker Performance Report released on Friday, underscores Chapel Hill’s position at the forefront of activity in a market increasingly shaped by institutional mandates and block transactions.
Market share gap widens sharply
The gap between Chapel Hill and its closest rivals is significant. First Securities Brokers Ltd (FBNS) ranked second with N33.46 billion in trades (14.47%) and 1.57 billion units (9.36%), while Stanbic IBTC Stockbrokers Ltd (SISB) followed with N30.67 billion (13.27%) and 688 million units (4.09%).
Together, these three brokers alone accounted for nearly 90% of total volume handled by the top 10.
Brokerage activity concentrated at the top
The top 10 brokerage firms handled a total of N172.26 billion in trade during the week under review, representing 74.51% of the entire market value. By volume, the concentration was even more pronounced, with the top 10 executing 88.13% of all trades, a sign of reduced market dispersion and increasing reliance on a handful of dominant players.
Firms like CardinalStone Securities (3.26%), Afrinvest Securities (1.27%), and Morgan Capital Securities (1.17%) rounded out the top dealing firms by volume, while Arthur Steven Asset Management and Cordros Securities made notable showings on the value chart.
Other mid-size firms make impact
While dominance at the top is clear, Meristem Stockbrokers, Newdevco Finance, and Lambeth Capital made the top 10 by volume, even though their individual market shares were below 1%.
On the value side, smaller but capable firms like EFG Hermes Nigeria (N4.56 billion), Quantum Zenith Securities (N4.53 billion), and APT Securities and Funds (N4.36 billion) demonstrated the ability to attract high-value trades despite the overshadowing presence of the top three.
Institutional mandates likely behind Chapel Hill’s dominance
Market analysts point to large institutional orders, potentially from offshore funds or domestic asset managers, as the key driver behind Chapel Hill Denham’s unprecedented weekly performance.
“The concentration seen here suggests Chapel Hill Denham is executing major mandates, likely from foreign portfolio investors or large domestic funds,” noted one Lagos-based capital markets analyst who requested anonymity. “Such dominance reflects confidence in the firm’s research, execution, and liquidity management.”
With over half of the total traded units flowing through one firm, Chapel Hill’s performance is being described as strategically dominant and rare in the NGX’s typically more dispersed market.
Can competitors close the gap in the coming weeks?
As Q4 2025 begins, market observers are keen to see whether rivals like FBNS and Stanbic IBTC can challenge Chapel Hill Denham’s grip. Much will depend on macroeconomic conditions, monetary policy moves, and how ongoing market repositioning will impact the capital market operators.
Firms with robust trading platforms and liquidity, strong research capabilities, and cross-border execution frameworks are expected to maintain a competitive edge in what is shaping up to be a transformative era for Nigerian equities.
Top 3 Brokers by Volume (Sept. 29 – Oct. 3, 2025):
- Chapel Hill Denham Securities Ltd – 10.97 billion units (65.26%)
- First Securities Brokers Ltd – 1.57 billion units (9.36%)
- Stanbic IBTC Stockbrokers Ltd – 688 million units (4.09%)
Top 3 Brokers by Value:
- Chapel Hill Denham Securities Ltd – N53.82 billion (23.28%)
- First Securities Brokers Ltd – N33.46 billion (14.47%)
- Stanbic IBTC Stockbrokers Ltd – N30.67 billion (13.27%)
