10 Securities Firms Transact N4.14trn Worth Of Stocks In 5 Months

Cardinalstone Securities Limited and nine other brokerage firms facilitated transactions valued at N4.14 trillion on the Nigerian Exchange (NGX) between January and May 2026.

The Nigerian Exchange (NGX) market capitalisation, which represents the market value of all listed companies, increased by N61.133 trillion in the first five months of 2026. Also, the NGX All Share Index gained 94,772.44 basis points, or 60.90 per cent, in five months, closing May 2026 at 250,385.47 basis points, up from 55,613.03 basis points at which it opened for trading in 2026.

The nine other stockbroking firms are: Cordros Securities, Stanbic IBTC Stockbrokers Limited, EFG Hermes Nigeria, Meristem Stockbrokers, First Securities Brokers, United Capita Securities, CSL Stockbrokers, Lambeth Capital and APT Securities & Funds.

These 10 stockbroking firms were responsible for 52.19 per cent of the total value of stocks traded on the NGX from January to May 2026, according to a broker performance report released by the bourse.

Reviewing the performance, Cardinalstone Securities traded stocks worth N1.101 trillion or 13.87 per cent of the total value traded on the NGX. Cordros Securities traded N962.2billion or 9.11per cent of total transactions, while Stanbic IBTC Stockbrokers had about N521.620 billion or 6.57 per cent of total transactions in the period under review.

Speaking on the market performance, 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 strong rally in 2026 is on the backdrop of renewed investor confidence, buoyant 2025 financial-year corporate earnings by listed companies, and increased participation from both domestic and institutional investors seeking higher yields in the stock market amid declining real returns in fixed-income instruments.

Analysts stated 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.

They noted that the expectation of robust full-year corporate earnings, particularly from tier-one banks and large-cap industrial firms, played key roles in sustaining the upward trend.

They maintained that the outlook for the rest of the year remains cautiously optimistic, provided economic reforms are sustained and corporate performance continues to meet market expectations.

The MD/CEO, APT Securities Limited, Mallam Kasimu Garba, said the performance of listed companies in the first quarter (Q1) 2026 played a critical role in the growth of the stock market in the first five months of 2026.

According to him, the dividends declared in the 2025 financial year by GTCO, Zenith Bank, BUA Cement Plc, among others, attracted the inflow from new investors and foreign portfolio investors.

Investment banker & stockbroker, Mr Tajudeen Olayinka said, “improved liquidity and investors’ willingness to hold Naira assets, arising from continued stability in the macroeconomic environment, drives the stock market growth in the first five months of 2026.”

In its June 2026 outlook, Olayinka projected positive performance but a less aggressive rally, unlike the market’s performance in the first five months of 2026.

“However, the market could become more excited with the final release of information on the proposed Dangote Refinery Plc IPO. So, the market is waiting for new information regarding the listing,” he added.

The managing director of Globalview Capital Limited. Mr Aruna Kebira attributed the bullish momentum recorded in the five months 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.