Fresh trading data released by the Nigerian Exchange (NGX) reveal a high level of concentration in Nigeria’s equities market, with just ten stockbroking firms accounting for the overwhelming majority of transaction value during the week ended Friday, December 19, 2025.
According to the NGX broker performance report, the top ten brokers executed transactions valued at N612.19 billion, representing about 87% of the total equity market turnover for the week. The figures underscore the growing dominance of a small group of high-capital, institutionally connected brokerage firms in shaping trading activity on the exchange.
At the top of the ranking was ABSA Securities Nigeria Limited, which led the market by a wide margin. The firm executed equity trades worth N337.31 billion, accounting for just over 55% of the total value traded during the five-day period. The outsized performance reflects ABSA’s strong institutional client base and its role in facilitating large block trades.
Trailing far behind in second place was CardinalStone Securities Limited, which handled N52.28 billion, equivalent to 8.55% of total equity transactions. Despite the wide gap with the market leader, CardinalStone maintained its position as one of the most consistent intermediaries for high-value equity trades.
APT Securities and Funds followed closely, executing N51.16 billion worth of deals, or 8.37% of total market value. The firm has sustained a strong presence in high-liquidity stocks, largely driven by institutional investors and high-net-worth individuals. First Securities Brokers Limited ranked fourth, with N31.04 billion in transactions, representing 5.07% of the market.
Beyond the top four, activity dropped sharply but remained concentrated among a handful of firms. EFG Hermes Nigeria Limited traded N12.62 billion (2.06%), while CSL Stockbrokers and Coronation Securities posted N11.53 billion and N11.24 billion, respectively. Meristem Stockbrokers recorded N7.62 billion, with Capital Express Securities executing about N6 billion, while PAC Securities recorded slightly below that level.
Bond market shows even higher concentration
The concentration trend was even more pronounced in the NGX bond market. Data showed that the top ten brokers executed bond transactions worth N212.82 million, accounting for an estimated 97.74% of total bond market value during the same period.
Once again, APT Securities and Funds emerged as the leading intermediary, controlling 24.97% of the bond market with N54.37 million in trades. SMADAC Securities Limited followed closely with N50.46 million (23.17%), while FINMAL Finance Company Limited ranked third, executing N41.71 million, or 19.15% of total bond transactions.
Other notable contributors included Equity Capital Solutions with N23.41 million, Midpoint Capital with N20.41 million, and Trusthouse Investments Limited with N6.87 million. Smaller but still active participants included Afrinvest Securities, Stanbic IBTC Stockbrokers, and NEWDEVCO Finance Services.
Institutional dominance shaping market dynamics
Market analysts say the data point to a Nigerian capital market increasingly driven by institutional investors and the brokers that serve them. With nearly nine-tenths of equity turnover and almost all bond trades flowing through a narrow group of firms, liquidity and price discovery are being shaped by large portfolio reallocations rather than retail activity.
Commenting on the trend, David Andonri, Chief Executive Officer of Highcap Securities Limited, said the pattern reflects year-end positioning by institutional investors.
“Institutional investors are positioning for year-end dividend 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 are often routed through firms with strong institutional relationships,” he said.
Looking ahead
The NGX noted that similar concentration patterns have appeared at different points in 2025, with many of the same firms consistently ranking among the top brokers by value and volume. Analysts expect this trend to persist into year-end and early 2026, as pension funds, asset managers, and other institutional players continue portfolio rebalancing ahead of dividend declarations.
As market momentum builds and the NGX continues to post record index levels, broker performance is likely to remain heavily skewed toward a familiar group of heavyweight firms that dominate Nigeria’s equity and fixed-income trading landscape.
Emmanuel Bassey is a Financial Expert that has worked in the Banking and Finance Industry for over 15+ years across different banks in Nigeria
