Fresh data from the Nigerian Exchange (NGX) shows that ten stockbroking firms dominated market activity in the week ending December 19, 2025, handling N612.19 billion worth of deals—equivalent to 87% of the total value traded in equities. Leading the pack, ABSA Securities Nigeria Limited alone accounted for N337.31 billion, representing over 55% of market transactions during the five-day trading period. CardinalStone Securities and APT Securities and Funds followed, controlling 8.55% and 8.37%, respectively, while First Securities Brokers recorded N31.04 billion in trades.
The concentration of trading activity was not limited to equities. In the bond segment, the top ten brokers executed N212.82 million in transactions, commanding a staggering 97.74% of total bond trades. APT Securities and Funds Limited emerged as the top-performing broker in bonds with a 24.97% share, followed closely by SMADAC Securities at 23.17%. Other mid-tier brokers, including Equity Capital Solutions and Midpoint Capital, contributed notably, highlighting the strong role of a handful of firms in both equities and bond markets.
Market analysts suggest that the high concentration reflects the strategic positioning of institutional investors ahead of year-end dividend payouts. “Institutional investors are positioning for year-end dividends, and heavy transactions routed through these brokers reflect their strong connections and capacity to handle large deals,” said David Andonri, CEO of Highcap Securities Limited. The data signals a broader institutional shift that continues to shape the dynamics of Nigeria’s equity and bond markets.
Historically, these brokers—ABSA, CardinalStone, APT Securities, and Stanbic IBTC—have consistently dominated market transactions. NGX data for the first seven months of 2025 showed the top 10 brokers accounted for N3.627 trillion in total value, or 60.28% of trades, demonstrating a long-standing trend of market concentration. Analysts note that such dominance is likely to persist, particularly as heavyweight brokers leverage institutional relationships to guide liquidity and trading momentum.
Looking ahead, the NGX’s broker hierarchy is expected to remain highly concentrated, driven by institutional investors’ portfolio rebalancing and dividend-focused strategies. With year-end dividends approaching, these key brokers are poised to continue shaping trading activity, price discovery, and market sentiment, underscoring their outsized influence on Nigeria’s capital market as 2026 approaches.
source: nairametrics