Trading activity on the Nigerian Exchange (NGX) became increasingly concentrated in mid-December, with just ten stockbroking firms accounting for about 87 percent of the total value of equity transactions during the week ended December 19, 2025.
Data released by the NGX showed that the ten firms executed combined equity trades worth ₦612.19 billion within the five-day trading period. ABSA Securities Nigeria Limited emerged as the clear market leader, handling ₦337.31 billion in transactions—more than half of the total market value for the week.
CardinalStone Securities Limited followed in second place with ₦52.28 billion, representing 8.55 percent of total trades. APT Securities and Funds Limited ranked closely behind, executing ₦51.16 billion worth of transactions, while First Securities Brokers Limited placed fourth with ₦31.04 billion.
Other notable participants included EFG Hermes Nigeria Limited with ₦12.62 billion in trades, CSL Stockbrokers and Coronation Securities with over ₦11 billion each, and Meristem Stockbrokers, Capital Express Securities, and PAC Securities contributing smaller volumes.
Market concentration was even more pronounced in the bond segment. The top ten brokers executed bond transactions totaling ₦212.82 million, representing nearly 98 percent of all bond trades during the same period. APT Securities and Funds led bond trading with ₦54.37 million, followed by SMADAC Securities Limited with ₦50.46 million and FINMAL Finance Company Limited with ₦41.71 million.
Several mid-tier firms also played a significant role in supporting bond market liquidity, including Equity Capital Solutions, Midpoint Capital, and Trusthouse Investments, alongside Afrinvest Securities and Stanbic IBTC Stockbrokers.
Analysts say the heavy concentration reflects growing institutional participation, as large domestic investors reposition portfolios ahead of year-end dividend expectations. According to David Andonri, Chief Executive Officer of Highcap Securities Limited, many of the sizeable trades seen during the week were likely routed through brokers with strong institutional relationships.
Historical data from the NGX suggest this trend is not new. In the first seven months of 2025, the top ten brokers accounted for more than 60 percent of the total value of equity transactions, highlighting the consistent dominance of a small group of high-capital firms.
Market watchers expect this pattern to persist through year-end and into 2026, as institutional investors continue portfolio rebalancing and dividend-driven positioning. The sustained influence of a handful of brokers is likely to shape liquidity flows, price movements, and overall trading momentum on the NGX in the months ahead.
