Ten leading stockbroking firms dominated trading activity on the Nigerian Exchange Limited (NGX) in the first quarter of 2026, accounting for transactions valued at N2.238 trillion; more than half of the market’s total turnover during the period.
Data from the NGX Broker Performance Report shows that the firms collectively contributed 53.65 per cent of total traded value, underscoring a continued concentration of market activity among a handful of dominant players.
CardinalStone Securities Limited emerged as the top broker by value, executing trades worth N503.248 billion, representing 12.06 per cent of total market transactions. Cordros Securities followed with N283.699 billion (6.80 per cent), while Stanbic IBTC Stockbrokers recorded N282.498 billion, accounting for 6.77 per cent of trades.
Other firms in the top 10 bracket included Hermes Nigeria (N254.861 billion), Meristem Stockbrokers (N229.222 billion), First Securities Brokers (N203.538 billion), CSL Stockbrokers (N144.368 billion), United Capital Securities (N134.587 billion), PAC Securities (N106.507 billion), and APT Securities and Funds (N95.651 billion).
In terms of volume, the top 10 brokers handled 57.311 billion shares, representing 48.59 per cent of total traded volume in the quarter.
The strong brokerage performance coincided with a bullish run in the equities market, which saw investors’ wealth rise by N29.834 trillion by the end of Q1 2026. Market analysts attribute the rally to improving macroeconomic conditions, including relative stability in the foreign exchange market, moderating inflation expectations, and enhanced liquidity.
Temi Popoola, group managing director and chief executive officer of Nigerian Exchange Group, described the performance as a reflection of growing investor confidence in the capital market.
“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.
Echoing this sentiment, Aruna Kebira, managing director/CEO of Globalview Capital Limited, linked the market’s bullish momentum to the strong fundamentals of listed companies, particularly within the manufacturing sector.
According to Kebira, improved foreign exchange stability and a gradual easing of inflation have bolstered investor sentiment, while government policy direction has sustained a favourable investment climate and driven demand for equities.
However, he noted that the banking sector has yet to fully benefit from the rally, as investor caution persists amid regulatory constraints from the Central Bank of Nigeria, particularly regarding dividend policies.
Kebira expressed optimism that the ongoing recapitalisation exercise in the banking industry would unlock renewed investor interest and support the market’s upward trajectory.
He added that the relatively attractive returns in equities compared to other asset classes continue to draw investors into the market, reinforcing the asset class’s appeal in Nigeria’s evolving financial landscape.
