Cardinalstone, 9 Others Dominate NGX Trading With N4.14trn Turnover

Cardinalstone Securities and nine other brokerage firms dominated trading on the Nigerian Exchange (NGX), facilitating transactions worth N4.14 trillion between January and May 2026.

The firms, Cordros Securities, Stanbic IBTC Stockbrokers, EFG Hermes Nigeria, Meristem Stockbrokers, First Securities Brokers, United Capital Securities, CSL Stockbrokers, Lambeth Capital, and APT Securities & Funds, accounted for a significant share of market activity during the period under review.

Collectively, the top 10 stockbroking firms were responsible for 52.19 per cent of total stock value traded on the NGX, according to the broker performance report released by the exchange.

Leading the pack, Cardinalstone Securities executed trades valued at N1.101 trillion, representing 13.87 per cent of total market turnover. Cordros Securities followed with N962.2 billion or 9.11 per cent, while Stanbic IBTC Stockbrokers recorded N521.62 billion, accounting for 6.57 per cent of transactions.

The strong trading activity coincided with a major rally in the equities market, as the NGX market capitalisation rose by N61.133 trillion in the first five months of 2026.

The NGX All-Share Index also surged by 94,772.44 points, or 60.90 per cent, to close May 2026 at 250,385.47 basis points from 55,613.03 points at the start of the year.

Group Managing Director and Chief Executive Officer of Nigerian Exchange Group, Temi Popoola, attributed the performance to rising investor confidence, saying ongoing reforms were strengthening domestic capital formation and boosting market participation.

Analysts linked the rally to improved corporate earnings for the 2025 financial year, increased domestic and institutional participation, and a shift by investors towards equities amid declining real returns in fixed income instruments.

They also pointed to relative stability in the foreign exchange market, moderating inflation expectations, and improved liquidity conditions as key drivers of portfolio reallocation into stocks.

According to APT Securities Limited Managing Director, Kasimu Garba, first-quarter 2026 corporate performance and strong dividend payouts from firms such as GTCO, Zenith Bank, and BUA Cement also attracted fresh inflows from investors.

Investment banker Tajudeen Olayinka noted that improved liquidity and investor appetite for naira assets supported the rally, though he expects a more moderate performance in June as the market awaits further catalysts, including updates on the proposed Dangote Refinery IPO.
Globalview Capital Managing Director Aruna Kebira said strong fundamentals in manufacturing stocks and macroeconomic stability continued to underpin market sentiment, even as banking sector sentiment remains cautious due to Central Bank dividend-related policies.