Cardinalstone Securities, 9 Others Drive N2.24trn Stock Market Trades In Q1

Ten stockbroking firms dominated trading activities on the Nigerian Exchange Limited, accounting for N2.238 trillion in transactions in the first quarter (Q1) of 2026.

This figure represents 53.65 per cent of the total market value traded during the period.

According to the NGX Broker Performance Report, CardinalStone Securities Limited led in transaction value, executing trades worth N503.248 billion, which accounted for 12.06 per cent of the total value. Cordros Securities followed with N283.699 billionin trade value, contributing 6.80 per cent; while Stanbic IBTC Stockbrokers recorded N282.498 billion in executed transactions, representing 6.77 per cent of total trades.

Other major brokers in the top ten ranking included Hermes Nigeria (N254.861 billion), Meristem Stockbrokers (N229.222 billion), First Securities Brokers (N203.538 billion), CSL Stockbrokers (144.368 billion), United Capital Securities (134.587 billion), PAC Securities (N106.507 billion) and APT Securities and Funds (N95.651 billion).

Also, the top 10 stockbroking firms accounted for 57.311 billion, representing 48.59 of the total volume traded in Q1.

Meanwhile, the Nigerian equities market ended the first quarter of 2026 on a positive note as investors’ investments rose by N29.834 trillion.

Market stakeholders noted that the relative stability in the foreign exchange market, alongside moderating inflation expectations and improved liquidity conditions, also encouraged portfolio rebalancing in favour of equities.

The Group managing director and chief executive officer of Nigerian Exchange Group, Temi Popoola described the milestone as a sign of growing confidence in Nigeria’s capital market.

He added that, “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.”

The MD/CEO, Globalview Capital Limited. Mr. Aruna Kebira attributed the bullish momentum recorded in the first quarter of 2026 to the strong fundamentals of listed companies, particularly in the manufacturing sector, noting that improved stability in the foreign exchange market and a gradual decline in inflation have further strengthened market sentiment.

He said current government policies have continued to reinforce a positive investor outlook, driving increased participation and boosting demand for manufacturing stocks.

Kebira, however, observed that the banking sector is yet to attract significant investor interest, as market participants remain cautious due to the Central Bank of Nigeria’s policies on dividend payments.

He expressed confidence that once the ongoing recapitalisation exercise is concluded, the banking sector will play a more active role in sustaining the market’s bullish run.

He added that the attractive return on investment in equities has remained a key factor drawing investors into the market.