Fresh data from the Nigerian Exchange (NGX) reveal that trading activity in the equities market remains heavily concentrated, with just ten stockbroking firms accounting for 87 per cent of total transaction value for the week ended December 19, 2025.
According to the NGX figures, the top ten brokers executed deals valued at N612.19 billion during the five-day trading period, out of the total market turnover for the week. This underscores the growing influence of a small group of high-capital firms in shaping market liquidity and price movement.
ABSA Securities Nigeria Limited led the ranking by a wide margin, executing transactions worth N337.31 billion. The figure represents slightly over 55 per cent of the total value traded on the exchange during the week, placing the firm far ahead of its peers.
CardinalStone Securities Limited followed in second place, handling trades valued at N52.28 billion, which accounted for 8.55 per cent of market transactions. APT Securities and Funds Limited ranked closely behind with N51.16 billion, representing 8.37 per cent of the total value traded.
First Securities Brokers Limited placed fourth after executing deals worth N31.04 billion, equivalent to 5.07 per cent of market turnover.
Other Major Equity Market Players
Beyond the top four, several other firms contributed meaningfully to weekly trading activity. EFG Hermes Nigeria Limited recorded N12.62 billion in transactions, while CSL Stockbrokers and Coronation Securities posted N11.53 billion and N11.24 billion respectively. Meristem Stockbrokers traded N7.62 billion, Capital Express Securities executed N6 billion, and PAC Securities recorded transactions valued at under N6 billion.
Cordros Securities also featured among the top ten brokers, further reinforcing the dominance of established firms in high-value equity trades.
Bond Market Shows Even Higher Concentration
The bond segment of the NGX reflected an even stronger concentration of trading activity. Data showed that ten stockbroking firms accounted for 97.74 per cent of total bond transaction value, executing deals worth N212.82 million during the same period.
APT Securities and Funds Limited emerged as the leading bond market broker, controlling nearly a quarter of total bond transactions with N54.37 million, or 24.97 per cent of the market. SMADAC Securities Limited followed closely, posting N50.46 million in bond trades, representing 23.17 per cent.
FINMAL Finance Company Limited ranked third with bond transactions valued at N41.71 million, accounting for 19.15 per cent of total trades. Equity Capital Solutions Limited and Midpoint Capital Limited also recorded strong performances, executing N23.41 million and N20.41 million in bond trades respectively.
Other notable contributors included Trusthouse Investments Limited, Milestone Capital Management, Afrinvest Securities, Stanbic IBTC Stockbrokers and NEWDEVCO Finance Services.
Institutional Investors Drive Market Concentration
Market analysts attribute the high level of concentration to increased activity by institutional investors, particularly as fund managers reposition portfolios ahead of year-end dividend declarations.
According to David Andonri, Chief Executive Officer of Highcap Securities Limited, large transactions routed through well-capitalised brokerage firms reflect institutional demand for liquidity and execution efficiency. He noted that such firms benefit from strong relationships with pension funds and other large investors, enabling them to dominate high-value trades.
Year-End Outlook
The NGX data suggest that market concentration is likely to persist into the end of the year and beyond, as institutional investors continue portfolio rebalancing in anticipation of dividend payouts. Analysts expect familiar heavyweight brokers to retain their dominance going into 2026, with liquidity flows and trading momentum largely influenced by a small group of leading market makers.
