Top 10 stockbrokers dominate NGX trading with 59.26% of market value

The top 10 stockbroking firms accounted for 59.26 per cent of total market value on the Nigerian Exchange Limited between 17 August and 21 August 2026. First Securities Brokers Limited led across all asset classes with N30.05bn in transactions.

The five-day trading period saw strong concentration across equities, fixed income, and exchange-traded funds. The figures confirm the heavy presence of institutional players as investors route major deals through established brokerage houses.

Equities market concentration

In the equities market, the top 10 stockbrokers generated 59.89 per cent of total transaction value. First Securities Brokers Limited led with N30.04bn, representing 9.52 per cent of overall volume. Imperial Asset Managers Limited followed with N28.57bn, accounting for 9.06 per cent.

CardinalStone Securities Limited took third place with N26.58bn or 8.43 per cent. Other top performers included Cordros Securities Limited with N24.23bn (7.68 per cent), Stanbic IBTC Stockbrokers Limited with N21.98bn (6.97 per cent), and United Capital Securities Limited with N15.66bn (4.97 per cent).

CSL Stockbrokers Limited, Chapel Hill Denham Securities Ltd, Stanex Financial Nigeria Limited, and Meristem Stockbrokers Limited completed the top 10, with trades ranging from N9.87bn to N11.04bn.

Fixed income and ETF leaders

Fixed income trading showed even higher concentration. The top 10 stockbrokers handled 96.41 per cent of total trade value. Coronation Securities Limited and Vetiva Capital Management Ltd each commanded 47.19 per cent of total market value with N1.38bn in transactions.

Apel Asset Limited came third with N20.57m (0.70 per cent), followed by Finmal Finance Company Limited with N20.24m (0.69 per cent) and Smadac Securities Limited with N19.30m (0.66 per cent). APT Securities and Funds, Meristem Stockbrokers Limited, El-Elyon Alliance and Securities Ltd, Sigma Securities Limited, and Tiddo Securities Limited also contributed.

In the exchange-traded funds segment, the top 10 brokers handled 89.06 per cent of total transaction value. Lambeth Capital Limited led with N330.88m, capturing 27.41 per cent of total ETF trades. CardinalStone Securities Limited placed second with N113.84m (18.62 per cent), while Stanbic IBTC Stockbrokers Limited generated N93.03m (14.35 per cent).

Afrinvest Securities Ltd posted N81.15m, and Atlass Portfolios Limited recorded N68.34m. Apel Asset Limited, Vetiva Capital Management Ltd, Smadac Securities Limited, United Capital Securities Limited, and Morgan Capital Securities Limited completed the ETF top 10.

Overall market dominance

Across all asset classes combined, the top 10 stockbrokers accounted for 59.26 per cent of total market value. First Securities Brokers Limited maintained its lead with N30.05bn, representing 9.40 per cent. Imperial Asset Managers Limited followed with N28.57bn (8.94 per cent), and CardinalStone Securities Limited recorded N26.79bn (8.39 per cent).

Cordros Securities Limited posted N24.23bn (7.58 per cent), while Stanbic IBTC Stockbrokers Limited recorded N22.15bn (6.93 per cent). United Capital Securities Limited, CSL Stockbrokers Limited, Chapel Hill Denham Securities Ltd, Stanex Financial Nigeria Limited, and Meristem Stockbrokers Limited made up the rest of the top 10.

For investors, this concentration is a signal that liquidity remains firmly in the hands of large brokerage firms. Retail participants may need to watch how this affects pricing and execution, especially in less actively traded securities on the NGX.