Brokerage activity on the Nigerian Exchange (NGX) opened 2026 on a highly concentrated note, with the top 10 dealing firms accounting for more than half of all shares traded during the first full trading week of the year. Data released by the Exchange for the week ended January 9, 2026, show that these leading brokers executed 54.52% of total market volume and 48.83% of total transaction value, underscoring the outsized role a small group of firms continues to play in Nigeria’s equity market.
At the center of this dominance is CardinalStone Securities Limited (CSSL), which once again emerged as the most active broker by both volume and value. The firm’s performance extended a trend established in 2025, when it ranked among the most influential players in NGX trading activity.
Other major brokers contributing to the concentration include Stanbic IBTC Stockbrokers, Meristem Stockbrokers, and Cordros Securities. The top 10 list was completed by Atlass Portfolios, Afrinvest Securities, Reward Investment and Services, EFG Hermes Nigeria, APT Securities and Funds, and StoneX Financial Nigeria.
What the data shows
During the review week, the NGX recorded a total turnover of 4.164 billion shares, valued at ₦94.026 billion, executed across 248,254 deals. Applying the reported concentration ratios, the top 10 brokers were responsible for trades worth approximately ₦45.91 billion, reflecting the depth of their influence on price discovery and liquidity in the opening days of the new year.
CSSL stood clearly ahead of the field. The broker executed 2.08 billion shares, representing 24.93% of total market volume, meaning nearly one out of every four shares traded on the Exchange passed through its trading desks. By value, CSSL handled ₦21.91 billion worth of transactions, equivalent to 11.62% of total market value for the period.
The wide gap between CSSL and its closest competitors highlights a sharp concentration of execution power, particularly on the volume side. While other brokers remained active, none came close to matching CSSL’s share of overall market flow.
Volume versus value dynamics
The rankings also reveal important differences in broker strategy. By volume, CSSL was followed—at a considerable distance—by Morgan Capital Securities Limited, which traded 464.7 million shares (5.58%), and Meristem Stockbrokers Limited with 428.1 million shares (5.14%). These firms were active in high-turnover trades but still far behind the market leader.
In contrast, the value rankings tell a slightly different story. Stanbic IBTC Stockbrokers and Meristem followed CSSL by transaction value, recording ₦12.78 billion and ₦12.73 billion respectively, while Cordros Securities posted ₦10.86 billion. Their relatively stronger value positions suggest a focus on larger-ticket institutional trades rather than sheer volume.
Meanwhile, some firms such as Atlass Portfolios, Afrinvest Securities, and Reward Investment and Services appeared among the top brokers by volume but not by value, pointing to higher activity in lower-priced equities or smaller average deal sizes. Conversely, EFG Hermes Nigeria, APT Securities and Funds, and StoneX Financial Nigeria featured prominently in value rankings despite not appearing among the top 10 by volume, indicating fewer but significantly larger transactions.
Why this matters
The heavy concentration of trades among a handful of brokers has important implications for market structure. On the positive side, it reflects deep liquidity channels and strong institutional participation, especially at the start of the year when investor positioning is being reset. However, it also highlights the challenges smaller brokerage firms face in competing for order flow in a market increasingly dominated by well-capitalized players with strong client networks.
Looking back at 2025
The January 2026 opening pattern mirrors full-year 2025 trends. According to NGX data, the top 10 brokers by volume traded a combined 223.7 billion shares in 2025, accounting for 49.41% of total market volume, up sharply from 118.95 billion shares in the previous year. By value, dominance was even stronger, with the top 10 executing ₦7.3 trillion worth of trades, or 61.82% of total market value, compared with ₦3.13 trillion in 2024.
CSSL led that ranking as well, executing ₦2.18 trillion in trades during 2025—about 18.3% of total market value and nearly 30% of the value handled by the top 10 brokers. One week into 2026, the firm has clearly maintained that commanding lead, setting the tone for brokerage competition in the year ahead.
Emmanuel Bassey is a Financial Expert that has worked in the Banking and Finance Industry for over 15+ years across different banks in Nigeria
