10 Securities Firms Dominate Equities Trades With N5.072trn In H1

Cardinalstone Securities Limited and nine other dealing firms accounted for N5.072 trillion in equities market transactions in the first half (H1) of 2026, dominating trading activity on the Nigerian Exchange.

The top 10 brokers led value flows as investors responded to stronger corporate earnings and sustained macroeconomic reforms despite high interest rates.

Collectively, the firms accounted for 45.39 per cent of total market volume and 51.95 per cent of total transaction value.

Leading the pack was CardinalStone Securities Limited, which facilitated transactions valued at N1.275 trillion, representing 13.05 per cent of total market value. It was followed by Cordros Securities with N846.589 billion, accounting for 8.67 per cent, while Stanbic IBTC Stockbrokers posted N649.292 billion, representing 6.65 per cent of total value traded.

Others in the top ten included Hermes Nigeria with N487.314 billion, Meristem Stockbrokers with N474.447 billion, First Securities Brokers with N375.274 billion, United Capital with N287.963 billion, CSL Stockbrokers with N251.428 billion, Lambeth Capital with N228.591 and APT Securities and Funds with N196.723 billion.

Market analysts said the dominance of the top brokers reflects sustained institutional participation and concentration of high-value transactions within a relatively small group of active dealing members on the exchange.

In the first half (H1) of 2026, the Nigerian Exchange (NGX) delivered a robust performance, closing as one of Africa’s best-performing equity markets with a Year-to-Date (YTD) gain of 47.43 per cent. The NGX All-Share Index (ASI) surged by over 72,000 points to close at 229,419.18, generating a net capital gain of about N47.27 trillion for investors.

This is despite the market closing the month of June on a weaker note as sustained profit-taking interrupted the market’s strong rally recorded earlier in the year.

Providing perspectives on the sustained rally at the market, Group managing director, Nigerian Exchange Group (NGX Group) Plc, Mr. Temi Popoola said the market performance showed growing confidence in Nigeria’s capital market and the economy.

According to him, Nigeria’s ongoing reforms are strengthening domestic capital formation, and the market is responding positively.

“Increased participation by local investors, improving corporate fundamentals, and continued market modernisation are reinforcing the role of the capital market as a catalyst for long-term wealth creation and sustainable economic growth,” Popoola said.

The managing director, APT Securities Limited, Mallam Kasimu Garba said, the performance of listed companies in first quarter 2026 played a critical role in the growth of the stock market during the period.

According to him, the dividend declared in the 2025 financial year by major quoted companies attracted significant inflows from new investors and foreign portfolio investors.

He expressed optimism that the uptrend would continue in the months ahead.