The Nigerian Exchange (NGX) closed the week ended September 19, 2025, with its top 10 stockbrokers once again cementing their dominance, accounting for more than half of the total market activity. The latest Broker Performance Report reveals that these firms collectively controlled 56.67% of total trading volume and an even larger 67.57% of total transaction value, underscoring the heavy concentration of trading power in the hands of a few market leaders.
TRW Leads by Volume
TRW Stockbrokers Limited emerged as the leading broker by trade volume, handling 815.2 million units of shares, which represents 14.90% of all trades during the week. This was followed closely by First Securities Brokers Limited with 551.6 million units (10.08%), and CardinalStone Securities Limited with 449.2 million units (8.21%).
In total, the top 10 brokers executed 3.09 billion units of shares, reinforcing their grip on Nigeria’s equity market.
CardinalStone Takes the Crown by Value
When ranked by transaction value, CardinalStone Securities Limited took the top spot, recording deals worth ₦26.49 billion, or 15.53% of market value. APT Securities and Funds followed with ₦23.19 billion (13.60%), while Stanbic IBTC Stockbrokers Limited ranked third with ₦20.58 billion (12.07%).
Other strong performers in the top 10 include First Securities Brokers Limited (₦12.85 billion), EFG Hermes Nigeria (₦7.78 billion), and TRW Stockbrokers Limited (₦5.96 billion). Together, the top 10 stockbrokers handled trades worth ₦115.21 billion, translating to nearly seven out of every 10 naira traded on the NGX in that period.
Market Reflection: Strength or Over-Concentration?
While this strong performance reflects efficiency and investor confidence in top-tier firms, market observers caution that the high concentration of trades among a few brokers could limit competition. Analysts argue that institutional brokers like CardinalStone, APT, and Stanbic IBTC continue to benefit from deep relationships with institutional investors, leaving mid-tier and retail brokers struggling to make a significant impact.
The dominance also raises important questions about market inclusiveness. If smaller firms are unable to scale participation, the market could risk over-dependence on a few large players, which may affect resilience in times of stress.
Still, for many investors, the performance of these stockbrokers is a reassuring sign of professionalism, liquidity strength, and operational stability within Nigeria’s capital markets.
As the NGX continues to push for broader participation and deeper liquidity, the challenge remains how to balance institutional dominance with inclusiveness, ensuring that both retail investors and emerging brokerage firms have a stronger voice in market activity.
The Nigerian Exchange (NGX) weekly report shows the top 10 stockbrokers controlled 67.57% of market value and 56.67% of volume between September 15–19, 2025. TRW led by volume, while CardinalStone topped by value.
Discover more from Ameh News
Subscribe to get the latest posts sent to your email.
