10 leading brokers drive over 70% of NGX equities

10 leading brokers drive over 70% of NGX equities

The top 10 stockbroking firms on the Nigerian Exchange Limited have accounted for 70.50 per cent of the total transaction value executed across all asset classes.

NGX revealed this on Friday in its weekly market performance report for the trading period between 20 July 2026, and 24 July 2026.

The dominance of these major brokerage firms comes amid sustained investor interest in the local bourse, which has continued to record strong liquidity and expanding valuation metrics in recent months.

Financial analysts attribute the high concentration of trade value among leading brokerages to increased  activity from  foreign  portfolio  investors and  domestic institutional  giants  seeking liquidity in top-tier equities.

The market maintained its upward momentum on Friday, with the NGX All-Share Index gaining

0.19 per cent to close at 246,659.56 points. Driven by widespread buying interest across key market segments, equity market capitalisation rose to N159.11tn, while the Exchange-Traded Products market gained 1.34 per cent.

Conversely, the Fixed Income Market Capitalisation closed lower by 0.95 per cent.

A breakdown of the total transaction value across all asset classes showed First Securities Brokers Limited leading the market with N125.04bn, representing 20.38 per cent of total trades. Stanbic IBTC Stockbrokers Limited ranked second with N104.80bn or 17.08 per cent, followed by CardinalStone Securities Limited with N64.72bn or 10.55 per cent.

Other top performers in the overall category included EFG Hermes Nigeria Limited with N41.33bn (6.74 per cent) and Cordros Securities Limited with N31.00bn (5.05 per cent), alongside Coronation Securities Limited, Meristem Stockbrokers Limited, Lambeth Capital Limited, Readings Investments Limited, and APEL Asset Limited.

In the standalone equities segment, the top 10 brokers were responsible for 70.55 per cent of the total value traded. First Securities Brokers Limited maintained its top position in equity transactions, accounting for N125.04bn or 20.42 per cent, while Stanbic IBTC Stockbrokers Limited generated N104.76bn, representing 17.11 per cent.

CardinalStone Securities Limited, EFG Hermes Nigeria Limited, and Cordros Securities Limited rounded out the top five equity trading houses.

Trading concentration was even more pronounced in the specialised asset classes. In the Exchange- Traded Funds sector, where the top 10 brokers controlled 86.24 per cent of total transaction value,

Lambeth Capital Limited led overwhelmingly with N306.94m (31.90 per cent), followed by CardinalStone Securities Limited with N216.01m (12.29 per cent) and Afrinvest Securities Limited with N96.13m (11.61 per cent).

In the fixed income market, the top 10 brokers accounted for 91.56 per cent of total value traded. CSL Stockbrokers Limited led the segment with N51.78m (14.54 per cent), followed by Finmal Finance Company Limited with N45.78m (12.86 per cent) and Smadac Securities Limited with N42.65m (11.98 per cent).

Market watchers note that the continuous consolidation of capital within top stockbroking firms underscores a broader trend of institutional deepening on the Nigerian Exchange, even as market participants monitor macroeconomic indicators for further direction in the coming week.

The PUNCH reported that the Group Managing Director and Chief Executive Officer of Nigerian Exchange Group, Temi Popoola, says Nigeria has the fundamentals to build one of Africa’s leading capital markets, citing the country’s youthful population, entrepreneurial culture and growing pipeline of businesses as key competitive advantages.

Speaking during a recent interview, Popoola said the Exchange’s ambition is to strengthen Nigeria’s position as a leading player on the continent by leveraging the country’s inherent strengths while deepening the capital market’s ability to connect businesses seeking long-term capital with investors.

He said, “Our strategy is to build on Nigeria’s inherent strengths.

“We have a youthful, vibrant and increasingly upwardly mobile population with a strong entrepreneurial spirit. Coupled with the richness of our culture, these are enduring competitive advantages that position Nigeria to create greater value on the global stage.”

He added that Nigeria’s growing base of established businesses provides a strong pipeline of companies capable of accessing the capital market to fund expansion, while increasing investor participation continues to deepen the market.

Source: https://punchng.com/10-leading-brokers-drive-over-70-of-ngx-equities/