Nigeria’s capital market continues to demonstrate remarkable strength as the top 10 stockbroking firms on the Nigerian Exchange (NGX) executed more than 70 percent of the total transaction value across all asset classes during the trading week of July 20 to July 24, 2026. According to the NGX weekly market performance report, these leading brokers handled 70.50 percent of total market transactions, underscoring their growing influence in driving trading activity amid sustained investor confidence in Nigerian equities.
The report revealed that First Securities Brokers Limited emerged as the market leader after recording transactions worth N125.04 billion, representing 20.38 percent of total trades. Stanbic IBTC Stockbrokers Limited followed closely with N104.80 billion or 17.08 percent, while CardinalStone Securities Limited secured third place with N64.72 billion, accounting for 10.55 percent of total transaction value. Other notable firms among the top performers included EFG Hermes Nigeria Limited, Cordros Securities Limited, Coronation Securities Limited, Meristem Stockbrokers Limited, Lambeth Capital Limited, Readings Investments Limited, and APEL Asset Limited.
The concentration of trading among these brokerage firms reflects growing participation by institutional investors and foreign portfolio managers seeking exposure to Nigeria’s most liquid and fundamentally strong stocks. Market analysts believe this trend is a positive signal for the Exchange, as it demonstrates increasing market depth, stronger liquidity, and renewed confidence in the country’s capital market despite prevailing macroeconomic challenges. The NGX also sustained its bullish momentum during the week, with the All-Share Index rising 0.19 percent to close at 246,659.56 points, while total equity market capitalization climbed to N159.11 trillion, supported by widespread buying across key sectors.
The dominance of top brokers was even more evident across specialized investment products. In the Exchange-Traded Funds (ETF) market, the top 10 firms accounted for 86.24 percent of all transactions, with Lambeth Capital Limited leading after recording N306.94 million, followed by CardinalStone Securities and Afrinvest Securities. Similarly, the fixed-income market saw the top 10 brokers control 91.56 percent of total transaction value, with CSL Stockbrokers Limited, Finmal Finance Company Limited, and Smadac Securities Limited emerging as the leading participants. While equity and ETF markets posted gains, fixed-income market capitalization slipped by 0.95 percent, reflecting shifting investor preferences toward equities.
The latest figures reinforce the Nigerian Exchange’s growing appeal as a destination for both local and international investors. Market observers say the increasing dominance of major brokerage firms points to a more mature and institutionally driven market capable of supporting long-term economic growth. This outlook aligns with recent remarks by NGX Group Chief Executive Officer Temi Popoola, who expressed confidence that Nigeria possesses the youthful population, entrepreneurial drive, and expanding business ecosystem needed to build one of Africa’s strongest capital markets. As investor participation continues to expand, industry stakeholders believe the Exchange is well positioned to attract fresh capital and sustain its positive momentum in the months ahead.
source: Punch
