According to data from the NGX weekly Broker Performance Report released on Friday, the investment firm executed transactions worth ₦53.82 billion and traded 10.97 billion units, representing 23.28% of total market value and a striking 65.26% of total market volume.
This dominant showing underscores Chapel Hill’s commanding role in a market increasingly defined by institutional activity and large block trades. Market watchers note that such an overwhelming lead points to the firm’s growing influence in managing major mandates from both domestic and foreign investors.
Widening Market Gap
The gap between Chapel Hill and its closest competitors continues to widen. First Securities Brokers Ltd (FBNS) came in second with ₦33.46 billion in trades and 1.57 billion units, accounting for 14.47% of value and 9.36% of volume. Stanbic IBTC Stockbrokers Ltd (SISB) followed with ₦30.67 billion (13.27%) and 688 million units (4.09%).
Collectively, these three brokerage firms accounted for nearly 90% of the total volume handled by the top 10, highlighting the concentration of market power among a small circle of dominant players.
Trading Concentration at the Top
The top 10 brokerage houses were responsible for ₦172.26 billion in trades during the review week — about 74.51% of total market value. By volume, their dominance was even greater at 88.13%, indicating a shrinking share for smaller brokers and increasing reliance on top-tier firms for liquidity and large-scale transactions.
Other strong performers in the upper tier included CardinalStone Securities, Afrinvest Securities, and Morgan Capital Securities, which secured respectable market shares by volume. Meanwhile, Arthur Steven Asset Management and Cordros Securities made notable appearances on the value leaderboard.
Mid-Sized Firms Hold Their Ground
Despite the dominance of the heavyweights, mid-tier players such as Meristem Stockbrokers, Newdevco Finance, and Lambeth Capital managed to break into the top 10 by trading volume, even though their market shares were below 1%. On the value side, firms like EFG Hermes Nigeria (₦4.56 billion), Quantum Zenith Securities (₦4.53 billion), and APT Securities and Funds (₦4.36 billion) showed resilience by attracting high-value orders.
Institutional Flows Drive Performance
Market analysts attribute Chapel Hill Denham’s exceptional showing to the execution of large institutional mandates, likely involving offshore portfolio funds and domestic asset managers.
“The concentration seen here suggests Chapel Hill Denham is executing major mandates, likely from foreign portfolio investors or large domestic funds,” said a Lagos-based capital markets analyst. “Such dominance reflects confidence in the firm’s research capacity, execution efficiency, and liquidity management.”
The week’s figures reveal a rare level of concentration in a market that typically exhibits more dispersed activity. With more than half of total traded units flowing through a single broker, analysts say the development signals both strategic dominance and deep institutional confidence.
Outlook: Can Rivals Catch Up?
As the final quarter of 2025 unfolds, attention will turn to whether firms like FBNS and Stanbic IBTC can narrow Chapel Hill’s lead. Their performance will likely hinge on shifting macroeconomic dynamics, central bank policy decisions, and the pace of market repositioning among institutional investors.
For now, brokers with robust digital trading platforms, cross-border execution strength, and strong research capabilities are best placed to sustain competitiveness in what is shaping up to be a pivotal period for Nigerian equities.
Top 3 Brokers by Volume (Sept. 29 – Oct. 3, 2025)
- Chapel Hill Denham Securities Ltd – 10.97 billion units (65.26%)
- First Securities Brokers Ltd – 1.57 billion units (9.36%)
- Stanbic IBTC Stockbrokers Ltd – 688 million units (4.09%)
Top 3 Brokers by Value
- Chapel Hill Denham Securities Ltd – ₦53.82 billion (23.28%)
- First Securities Brokers Ltd – ₦33.46 billion (14.47%)
- Stanbic IBTC Stockbrokers Ltd – ₦30.67 billion (13.27%).