Meristem Stockbrokers Limited and CardinalStone Securities Limited emerged as the leading performers in the latest weekly report from the Nigerian Exchange Limited (NGX), covering trading activity from June 23 to June 27, 2025.
According to the NGX Broker Performance Report, the top 10 stockbroking firms accounted for 49.59% of total trade volume and 51.08% of trade value, underscoring the dominance of a select group of market participants.
Meristem Tops Volume Rankings
Meristem Stockbrokers Limited led the pack in terms of transaction volume, trading 753.09 million units, which accounted for 9.65% of the total volume recorded during the week. The firm was closely followed by CardinalStone Securities Limited, with 658.91 million units (8.44%), and Morgan Capital Securities Limited, which traded 430.14 million units (5.51%).
Other firms that made the top 10 by volume include GTI Securities, APT Securities and Funds, Stanbic IBTC Stockbrokers, Apel Asset, Coronation Securities, CSL Stockbrokers, and United Capital Securities. Combined, these firms traded a total of 3.87 billion units during the week under review.
CardinalStone Leads in Value of Trades
While Meristem led by volume, CardinalStone Securities Limited emerged as the top performer in terms of trade value, executing deals worth ₦22.05 billion, representing 10.77% of the total value traded. Meristem followed with ₦14.65 billion (7.15%), while CSL Stockbrokers Limited recorded ₦11.23 billion (5.48%).
Stanbic IBTC Stockbrokers and Cordros Securities rounded out the top five with trade values of ₦10.81 billion and ₦10.80 billion, respectively. Other notable names on the top 10 value list include EFG Hermes, Coronation Securities, Morgan Capital Securities, Vetiva Capital, and APT Securities.
Together, the top 10 firms were responsible for ₦104.62 billion worth of transactions during the week.
Market Reflection and Outlook
Analysts say the performance reflects the continued strength and market influence of top-tier brokerage firms in Nigeria’s capital market. The high concentration of volume and value among a few players highlights a trend of investor preference for firms with robust research capacity, execution speed, and digital infrastructure.
“CardinalStone’s strong showing in value underscores its grip on institutional clients, while Meristem’s lead in volume points to its strength in handling retail and mid-sized accounts,” said a Lagos-based investment analyst.
The data also suggests growing investor confidence, driven by improving macroeconomic indicators and expectations of strong corporate earnings.
The latest NGX Broker Performance Report paints a picture of a dynamic and increasingly consolidated capital market. With over half of all transactions routed through just 10 firms, brokerage firms are under increasing pressure to differentiate through innovation, efficiency, and client service.
As market conditions continue to evolve, all eyes will remain on whether these leading firms can maintain their momentum—or if new challengers will emerge in the weeks ahead.
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