Trading activities on the Nigerian Exchange (NGX) between February 2 and February 6, 2026, were dominated by a small group of brokers, with the top 10 firms accounting for the bulk of transaction values across equities, bonds, and exchange-traded funds (ETFs).
The data, sourced from NGX trade reports for the period under review, shows that market liquidity was largely channelled through established intermediaries.
This concentration reflects strong institutional participation and the growing preference for large, well-capitalised brokers in executing high-value trades across asset classes.
What the data is saying
NGX trade data for early February 2026 points to a highly concentrated market structure, where a handful of brokers control most transaction value and liquidity across equities, bonds, and ETFs.
The dominance is most visible in fixed income and ETFs, where institutional trades tend to be larger and more centralised.
- In equities, Stanbic IBTC and CardinalStone jointly accounted for over 22% of total trades, while the top 10 brokers handled more than half of market value.
- Bond trading was even more concentrated, with Arthur Steven Asset Management controlling over 60% of total transactions during the period.
- ETF trades were led by Afrinvest, as the top 10 brokers captured nearly 80% of total transaction value.
Overall, the data underscores a market driven by institutional flows and large-ticket transactions routed through a narrow group of dominant players.
More insights
Across individual asset classes, the pattern of concentration varied in intensity but remained consistent in direction.
- Equities, bonds, and ETFs each showed a reliance on top-tier brokers to sustain market activity and liquidity.
- Equities: The top 10 brokers accounted for 56.73% of total transaction value.
- Stanbic IBTC Stockbrokers Limited led with N29.17 billion, representing 11.34% of the total market value.
- CardinalStone Securities Limited followed with N28.74 billion or 11.18%.
First Securities Brokers, Meristem Stockbrokers, and EFG Hermes Nigeria followed, each executing between N13 billion and N15 billion worth of trades. The total equity transaction value for the period stood at N51.33 billion, with Cordros, APT Securities, and Stonex also posting meaningful volumes.
Bonds: The bond market recorded a total transaction value of N806.52 billion, with the top 10 brokers controlling 98.24% of trades.
- Arthur Steven Asset Management Ltd dominated the segment with N488.21 billion, accounting for 60.64% of the market.
- Smadac Securities, Bancorp Securities, and Finmal Finance Company trailed distantly, each capturing between 6% and 9% of total value.
ETFs: ETF trading was similarly skewed, with the top 10 brokers accounting for 79.41% of transactions.
- Afrinvest Securities Ltd led with N229.61 billion or 20.14% of total value.
- Vetiva Capital Management Ltd followed with N184.12 billion and Smadac Securities Ltd with N155.11 billion.
- In total, the top 10 brokers handled N1.22 trillion in ETF trades during the week.
Taken together, these figures highlight how scale, institutional relationships, and execution capacity continue to shape participation across NGX asset classes.
What you should know
NGX broker performance trends consistently show a high level of concentration, with a small group of intermediaries shaping market liquidity and direction.
- In the opening weeks of 2026, the top 10 brokers controlled over 54.5% of market volume and nearly half of total value traded, with CardinalStone and Stanbic IBTC leading equities trading.
- For the full year 2025, Nairametrics reported that the top 10 brokers executed trades worth N7.3 trillion, representing about 61.8% of total market value.
- This dominance reflects the preference of institutional and foreign investors for established brokers with strong balance sheets and execution capabilities.
The trend also points to rising institutional participation in bonds and ETFs, where transaction sizes are typically larger and more centralised.
As NGX trading patterns extend into early 2026, the sustained dominance of top-tier brokers suggests that market liquidity will remain closely tied to the activities of a few influential intermediaries.
