Chapel Hill Denham Securities Ltd and CardinalStone Securities Ltd emerged as the leading stockbrokers on the Nigerian Exchange (NGX) during the fourth quarter of 2025, according to the latest Broker Performance Report. Their dominance highlights the significant concentration of trading activity among a few major players in Nigeria’s capital market.
The report, covering October 1 to December 31, 2025, revealed that the top 10 brokers accounted for 64.22% of total market volume and 62.78% of total market value. This shows that while many firms participate in trading, a handful of brokers manage the majority of activity, shaping market liquidity and investor confidence.
In terms of trading volume, Chapel Hill Denham led the pack, executing over 41.4 billion shares, or 28.92% of the total market volume for the quarter. CardinalStone followed with 17.6 billion shares (12.31%), while ABSA Securities and Meristem Stockbrokers completed the top four by volume, handling 10.8 billion and 4.4 billion shares respectively. Combined, the top 10 brokers executed nearly 92 billion shares during the quarter.
When measured by transaction value, CardinalStone took the lead with N453.57 billion in trades, representing 13.35% of the market’s total value. ABSA Securities and Chapel Hill Denham followed closely with N362.75 billion and N257.13 billion respectively. The top 10 brokers collectively managed over N2.13 trillion in transactions, underscoring their pivotal role in the NGX ecosystem.
Market analysts say the performance of Chapel Hill Denham and CardinalStone reinforces their influence on Nigeria’s stock market. “These brokers not only handle a large volume of shares but also execute high-value trades, which strengthens market depth and gives confidence to both retail and institutional investors,” a market expert noted.
source: punch