Fresh data from the Nigerian Exchange (NGX) showed that ten stockbroking firms brokered a combined N612.19 billion worth of deals, accounting for 87% of the total transaction value of the Nigerian equities market for the week ended Friday, December 19, 2025.
Leading the pack by a wide margin, ABSA Securities Nigeria Limited executed N337.31 billion in transactions, securing just over 55% of the market within the five-day period.
CardinalStone Securities Limited ranked a distant second, handling N52.28 billion, or 8.55% of the total value traded.
Close behind was APT Securities and Funds, which executed N51.16 billion (8.37%), sustaining its strong run in high-liquidity equities driven by institutional and high-net-worth clients. First Securities Brokers Limited took fourth position with N31.04 billion (5.07%).
Beyond the top four equities brokers:
- EFG Hermes Nigeria Limited traded N12.62 billion, accounting for 2.06%
- Cordros Securities: N1.64 billion
- CSL Stockbrokers: N11.53 billion
- Coronation Securities: N11.24 billion
- Meristem Stockbrokers achieved N7.62 billion
- Capital Express Securities: N6 billion
- PAC Securities: less than N6 billion
What NGX data further reveals
Beyond equities, the bond segment of NGX also witnessed remarkable concentration in trading activity, with top 10 stockbroking firms executing total bond transactions of N212.82 million, accounting for 97.74% of total bond transaction value.
APT Securities and Funds Limited emerged as the top-performing broker on bond trades, commanding a significant 24.97% share of the total bond transaction value. The firm led the market with N54.37 million in executed bond deals.
Closely behind APT was SMADAC Securities Limited, which controlled 23.17% of the market with N50.46 million worth of bond transactions. FINMAL Finance Company Limited ranked third, posting 19.15% and recording N41.71 million in bond trades during the same period.
Strong mid-tier performers bolster bond liquidity
Equity Capital Solutions Limited also delivered a strong performance, capturing 10.75% of the market with N23.41 million in transactions. Midpoint Capital Limited followed with 9.37% and N20.41 million in turnover, while Trusthouse Investments Limited executed N6.87 million, representing 3.16% of total deals.
Other contributors included:
- Milestone Capital Management: N5.09 million (2.34%)
- Afrinvest Securities: N4.16 million (1.91%)
- Stanbic IBTC Stockbrokers: N3.35 million (1.54%)
- NEWDEVCO Finance Services: N2.99 million (1.38%)
Deepening market concentration signals institutional shift
The latest data point to a market increasingly shaped by a narrow group of high-capital brokers. With nearly 87% of the total equity market value flowing through only 10 firms, and 97.74% of the total bond transaction value also through ten brokers, analysts see institutional dominance, driven by stronger domestic fund managers positioning for year-end dividend payouts.
“Institutional investors are positioning for year-end dividends payouts. This is expected. Some of the heavy transactions seen during the week just ended are being reflected in the brokers’ performance report; because such deals could have been routed through these firms. They leverage their connection with some institutional investors to broker large deals,” says David Andonri, CEO of Highcap Securities Limited.
Backstory
ABSA, CardinalStone Securities, APT Securities and Funds, Stanbic IBTC, and others have dominated trades and market concentration at intervals.
Several of the firms were among the list of top ten stockbrokers in the first seven months of 2025 published by the NGX in July.
According to NGX, for the seven-month period, top 10 brokers accounted for a total volume of 101,843,815,565, representing 46.25%. Cardinalstone Securities Limited led in volume with 20,076,473,555 units of securities traded, representing 9.12%.
In terms of value, the top ten brokers pooled a stunning N3.627 trillion, representing 60.28% of the total value of transactions in the seven-month period ended July 31, 2025. Chapel Hill Denham Securities Ltd led in value of trades with trades worth N738.596 billion, representing 12.27%. ABSA, however, did not make the list.
Outlook for the year-end
Analysts say that the NGX’s broker performance hierarchy is likely to remain highly concentrated as institutional investors deepen portfolio rebalancing activities in expectation for dividend, highlighting the role of a few heavyweight firms in Nigeria’s equity market dynamics.
Going into the new year, the broker performance chart is therefore expected to be more concentrated on the regular, familiar market makers that have consistently leveraged institutional exposure.
As Adonri noted, “Positioning for dividends is expected to influence liquidity flows, price discovery, and trading momentum heading into 2026 ahead of year-end dividends declarations.”
