Top brokers set the tone for trading on the Nigerian Exchange in mid-December, underscoring how concentrated market activity has become.
Top Brokers Set Tone On NGX
For the week ended December 19, 2025, ten brokers handled ₦612.19 billion in equity trades.
That figure represented 87% of total equity transaction value for the week.
ABSA Securities Nigeria Limited dominated trading during the period.
The firm executed ₦337.31 billion in deals, capturing over 55% market share.
CardinalStone Securities Limited ranked second with ₦52.28 billion, representing 8.55%.
APT Securities and Funds followed closely with ₦51.16 billion, or 8.37%.
APT maintained strong activity in liquid stocks favoured by institutional and high-net-worth investors.
First Securities Brokers Limited placed fourth with ₦31.04 billion, accounting for 5.07%.
EFG Hermes Nigeria Limited traded ₦12.62 billion, representing 2.06% of total value.
CSL Stockbrokers and Coronation Securities posted ₦11.53 billion and ₦11.24 billion respectively.
Meristem Stockbrokers recorded ₦7.62 billion, while Capital Express Securities traded ₦6 billion.
PAC Securities executed slightly less than ₦6 billion during the week.
Bond Market Even More Concentrated
Concentration was even stronger in the NGX bond market.
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The top ten brokers executed bond trades worth ₦212.82 million, representing 97.74%.
APT Securities and Funds led bond trading with ₦54.37 million, capturing 24.97%.
SMADAC Securities followed with ₦50.46 million, or 23.17% market share.
FINMAL Finance Company ranked third with ₦41.71 million, representing 19.15%.
Equity Capital Solutions traded ₦23.41 million, capturing 10.75%.
Midpoint Capital Limited recorded ₦20.41 million, representing 9.37% of bond trades.
Trusthouse Investments executed ₦6.87 million, while smaller firms recorded marginal volumes.
Institutions Drive Market Direction
Analysts say the figures reflect growing institutional dominance on the NGX.
Large fund managers are positioning portfolios ahead of year-end dividend expectations.
Brokers with strong institutional networks continue to attract the largest transactions.
This pattern mirrors trends seen earlier in 2025.
During the first seven months, top brokers controlled over 60% of transaction value.
Analysts expect market concentration to persist into the new year.
Portfolio rebalancing is likely to keep liquidity focused on familiar, heavyweight brokers.
