Market Concentration: Top 10 NGX Brokers Handle 54.5% of January 2026 Opening Trades
Data from the Nigerian Exchange (NGX) for the first full trading week of 2026, ending January 9, reveals a significant concentration of market activity. The top ten stockbroking firms were responsible for 54.52% of the total trading volume and 48.83% of the total market value. This consolidation of liquidity among a select group of dealing firms underscores a competitive landscape where a few players dominate execution, a trend that often parallels how top auto brands capture major market share in their sector.
CardinalStone Securities Limited emerged as the unequivocal leader, securing the top position in both volume and value. During a week where the NGX recorded a total turnover of 4.164 billion shares valued at N94.026 billion across 248,254 deals, CardinalStone executed 2.08 billion shares. This represented a striking 24.93% of the total market volume, meaning nearly one in every four shares traded passed through its books. In value terms, the firm handled N21.91 billion, or 11.62% of the total market value.
The firm’s dual leadership suggests a strategy encompassing both high-volume trading and sizable institutional transactions. Following CardinalStone, Morgan Capital Securities and Meristem Stockbrokers ranked next by volume but were far behind the market leader. In terms of value, Stanbic IBTC Stockbrokers and Meristem followed, with Cordros Securities also posting a significant N10.86 billion in traded value. This dynamic highlights distinct broker strategies, ranging from high-turnover trading to large-value deals, a focus on stability that resonates in other sectors where the Cbn prioritises banking stability.
The composition of the top ten list further illustrates these differing profiles. Firms like Atlass Portfolios, Afrinvest Securities, and Reward Investment and Services featured among the top ten by volume but not by value, indicating activity in lower-priced stocks or smaller trades. Conversely, EFG Hermes Nigeria, APT Securities and Funds, and StoneX Financial Nigeria appeared in the value ranking without making the volume top ten, pointing to a business model centered on fewer but larger transactions. This specialization is a common evolution in mature markets, much like the adaptation seen when rain forces changes in operational strategies.
Overall, the collective trades of the top ten brokers amounted to N45.913 billion in value for the week. This concentration of market activity among a small cohort, including notable names like Stanbic IBTC, Meristem, and Cordros Securities, continues a longer-term trend observed in the NGX. As the financial landscape evolves with the rise of fintech and other innovations, the dominance of these established brokerage firms presents a consistent picture of where liquidity and execution power reside on Africa’s premier exchanges, some of which rank among the 10 countries oldest financial markets on the continent.
