10 Brokers Control 54.84% Of Equities Market Turnover, Pull N8.3trn in 9months

Market activity on the Nigerian Exchange (NGX) remained highly concentrated in the first nine months of 2026, with just 10 stockbroking firms accounting for 54.84 per cent of total value traded between January 1 and September 30, 2026.

According to the NGX Broker Performance Report for the period, the top 10 firms traded a combined N8.357 trillion worth of equities.

CardinalStone Securities ranked first by value traded during the nine-month period, with transactions worth N2.02 trillion, representing 13.28 per cent of the market’s total value.

Cordros Securities followed with N1.40 trillion, giving it a 9.18 per cent share of total value traded, Stanbic IBTC Stockbrokers recorded N1.19 trillion, equivalent to 7.81 per cent, while First Securities Brokers accounted for N1.10 trillion, or 7.22 per cent.

Other firms among the top 10 included EFG Hermes Nigeria, with N647.57 billion and a 4.25 per cent share; Meristem Stockbrokers, with N629.39 billion (4.13 per cent); and United Capital Securities, which recorded N413.28 billion (2.71 per cent).

Lambeth Capital traded N346.27 billion, representing 2.27 per cent, while CSL Stockbrokers recorded N330.32 billion, or 2.17 per cent.

Also, Coronation Securities Limited, with transactions valued at N276.65 billion, representing 1.82 per cent of total market value.

The dominance of the top 10 by value mirrors the concentration on the volume side, where 10 firms accounted for 46.72 per cent of total volume, led by CardinalStone Securities Limited with 84.45 billion units traded.

PAC Securities pull 24.104 billion shares, while Meristem Stockbrokers transacted 20.328 billion shares.

Market analysts said the concentration reflects investor preference for brokerage firms with strong institutional client base, robust execution capacity and research coverage, especially for large block transactions that drive market value.

The data highlighted the competitive gap in Nigeria’s brokerage industry, where a handful of firms control more than half of total market turnover, while the remaining active brokers share less than 46 per cent of total value.

Meanwhile the NGX All-Share Index (ASI), the market’s principal benchmark, stood at 251,211.67 points on September 30, 2026, representing a 65.29 per cent gain from 155,613.03 points it opened for the year.

Also, the equities market capitalisation rose by N63.729 trillion to close the nine months at N163.105 trillion compared with N99.376 trillion at the end of 2025.