Key Points
- Ten stockbroking firms on the Nigerian Exchange Ltd. recorded transactions worth N949.899 billion in April 2026.
- These firms accounted for 52.37 per cent of the total trade value during the review period.
- Cardinalstone Securities led the market with transactions valued at N321.994 billion.
- The top ten firms traded a combined 16.194 billion shares, representing 47.63 per cent of total trading volume.
- The stock market achieved a historic monthly gain of N26.185 trillion throughout April.
Main Story
The dominance of a few major players in the equities market was reinforced this past month as the top ten stockbroking firms handled over half of the total trade value on the Nigerian Exchange Ltd.
According to the NGX broker performance report, these firms facilitated trades worth nearly N950 billion, showcasing their significant role in market liquidity. Leading the pack was Cardinalstone Securities, which alone processed transactions valued at N321.994 billion.
The high level of activity from these firms coincided with a period of unprecedented growth for the local exchange. While the top ten brokers accounted for 47.63 per cent of the total trading volume, moving over 16 billion shares the broader market posted a historic monthly gain of N26.185 trillion.
This surge in value highlights a robust period for Nigerian equities, heavily driven by the institutional weight of these top-tier brokerages.
The Leaderboard
- Cardinalstone Securities: N321.994 billion
- Cordros Securities: N124.064 billion
- Stanbic IBTC Stockbrokers: N104.198 billion
- EFG Hermes Nigeria: N96.103 billion
- Meristem Stockbrokers: N81.022 billion
- First Securities Brokers: N49.966 billion
- Coronation Securities: N47.001 billion
- United Capital Securities: N45.137 billion
- Lambeth Capital: N41.117 billion
- QCapital Ltd: N39.298 billion
The Issues
- Market concentration remains high, with just ten firms accounting for “52.37 per cent of total trade value”.
- Sustaining the “historic monthly gain” of over N26 trillion will depend on continued high-volume activity from these institutional players.
- Volume vs. Value: While these firms dominate value, they handle a slightly lower percentage of volume, at “47.63 per cent”.
What’s Being Said
- “Cardinalstone Securities led the market with transactions valued at N321.994 billion.” — NGX Broker Performance Report
- “The firms traded a combined 16.194 billion shares in April.” — NGX Broker Performance Report
- The performance “reinforced their dominance in the equities market during the review period”.
What’s Next
- Market analysts will monitor if Cardinalstone Securities can maintain its massive “N321.994 billion” lead in the coming months.
- Investors will look to see if the “historic monthly gain” of N26.185 trillion leads to a period of consolidation or further growth.
- Other firms outside the top ten may seek to increase their share of the “total trading volume” which currently sits at over 52% for smaller players.
Bottom Line
Market Dominance. Ten brokerage firms continue to control the lion’s share of the Nigerian Exchange, driving nearly N950 billion in value as the total market cap saw a record-breaking N26 trillion increase in April.
