The latest figures from the Nigerian Exchange (NGX) reveal that a handful of stockbroking firms continue to dominate market activity, consolidating the bulk of transactions in both equities and bonds during the week ended Friday, December 19, 2025.
Data shows that ten stockbrokers were responsible for N612.19 billion worth of equity trades, representing a staggering 87% of the total transaction value on the NGX for the week. ABSA Securities Nigeria Limited led the pack by a wide margin, executing N337.31 billion in deals—just over 55% of the total market value—underscoring its dominant position.
CardinalStone Securities Limited followed in a distant second place with N52.28 billion (8.55%), while APT Securities and Funds Limited executed N51.16 billion (8.37%), continuing a strong streak driven by institutional and high-net-worth clients. First Securities Brokers Limited completed the top four, handling N31.04 billion, equivalent to 5.07% of weekly equity trades.
Other notable contributors included:
- EFG Hermes Nigeria Limited: N12.62 billion (2.06%)
- CSL Stockbrokers: N11.53 billion
- Coronation Securities: N11.24 billion
- Meristem Stockbrokers: N7.62 billion
- Capital Express Securities: N6 billion
- PAC Securities: under N6 billion
Bond Trading Mirrors Equity Concentration
The bond market displayed a similar trend of concentration, with the top ten brokers executing N212.82 million in transactions, equivalent to 97.74% of total bond activity. APT Securities and Funds led the sector, controlling nearly a quarter of bond trades (24.97%) with N54.37 million worth of deals.
Close behind, SMADAC Securities Limited handled N50.46 million (23.17%), and FINMAL Finance Company Limited executed N41.71 million (19.15%). Mid-tier performers such as Equity Capital Solutions Limited and Midpoint Capital Limited also made notable contributions, with N23.41 million (10.75%) and N20.41 million (9.37%) respectively, while smaller players like Trusthouse Investments Limited, Milestone Capital Management, Afrinvest Securities, Stanbic IBTC Stockbrokers, and NEWDEVCO Finance Services accounted for the remainder.
Institutional Investors Drive Market Concentration
Analysts note that the growing concentration among a few brokers highlights the increasing influence of institutional investors in Nigeria’s financial markets. “Institutional investors are positioning for year-end dividend payouts. Some of the heavy transactions seen during the week are reflected in brokers’ performance because such deals are routed through firms that have strong institutional connections,” said David Andonri, CEO of Highcap Securities Limited.
Historically, firms such as ABSA, CardinalStone, APT Securities, and Stanbic IBTC have consistently led trading activity. Earlier in 2025, NGX data for the first seven months showed that the top ten brokers accounted for 46.25% of total traded volume and 60.28% of total value, highlighting the persistent dominance of a concentrated group in shaping market trends.
Outlook as 2025 Ends
As the year closes, analysts expect broker performance to remain highly concentrated. Institutional investors’ portfolio adjustments and positioning for dividend payouts are likely to favor established firms with strong client bases, influencing liquidity flows, price discovery, and trading momentum into 2026.
“The year-end dividend cycle will continue to shape trading patterns, keeping activity concentrated among brokers with deep institutional ties,” Andonri added.
The NGX’s latest figures underscore a broader trend: while Nigeria’s stock market is growing in scale, the bulk of value continues to flow through a select group of heavyweight brokers, shaping both equity and bond market dynamics as the year draws to a close.