By Chukwuma Umeorah
The Nigerian Exchange (NGX) has released its broker performance report for the second quarter of 2025, spotlighting the top-performing firms that powered a remarkable quarter for the Nigerian capital market.
Between April and June, the NGX recorded a 13.54% gain—its strongest performance since the first quarter of 2024, when it surged by 39.84%. Behind this upward trajectory were the stockbrokers who facilitated trades and executed transactions, playing a vital role in deepening investor confidence and market liquidity.
According to the report, the top 10 brokerage firms by transaction volume handled a combined 33.08 billion shares, accounting for 45.19% of all trades executed on the exchange. When measured by transaction value, these firms were responsible for deals worth N1.11 trillion, representing 56.60% of the total value transacted across the market.
First Securities Brokers Limited secured a spot on the list with N44.7 billion in transaction value. This figure represents 2.28% of the total N1.96 trillion traded across the entire exchange and 4.03% of the N1.11 trillion contributed by the top 10 firms. Coronation Securities Limited followed with a transaction value of N52.3 billion, amounting to 2.66% of the total market value and 4.71% of the top 10 tally.
Vetiva Capital Management Limited recorded N54.06 billion in executed trades, representing 2.75% of the market-wide total and 4.86% of the top 10’s combined value. CSL Stockbrokers Limited also made a strong showing, posting N61.5 billion in transaction value—3.13% of the entire market and 5.54% among the top firms. CSL also featured on the volume chart, ranking eighth with 2.23 billion shares traded during the quarter.
Meristem Stockbrokers Limited delivered a solid performance with N83.6 billion in transaction value, contributing 4.26% to the market-wide total and 7.53% of the top 10’s value. The firm also ranked high on the volume list, taking third place after facilitating 3.9 billion shares in trades. Stanbic IBTC Stockbrokers Limited executed transactions worth N103.1 billion, which translates to 5.25% of the entire market and 9.28% of the value attributed to the top 10 firms. In terms of volume, it came in seventh, with 2.48 billion shares traded.
United Capital Securities Limited recorded N136.4 billion in trades, representing 6.95% of all transaction value across the NGX and 12.28% of the value generated by the leading 10 firms. The company also placed second on the volume ranking, having exchanged 4.2 billion shares.
Cordros Securities Limited impressed with N157.9 billion in transaction value. That figure accounts for 8.05% of all trades executed on the exchange and 14.21% of the top 10’s aggregate. Cordros also featured on the volume list, ranking ninth after handling 2.07 billion shares.
EFG Hermes Nigeria Limited came in close with N161.1 billion worth of transactions, representing 8.21% of the overall market and 14.52% of the total value among the top 10. It also ranked sixth by volume with 2.5 billion shares exchanged.
Dominating the quarter was CardinalStone Securities Limited, which led the pack with an outstanding N256.4 billion in total transaction value. This figure represents a commanding 13.06% of the entire market and 23.08% of the value attributed to the top 10 firms. CardinalStone also topped the volume rankings with 7.7 billion shares traded—more than any other stockbroker during the period.
With more than half of the market’s value driven by just 10 firms, the Q2 2025 report underscores the growing influence of key brokerage players in shaping the trajectory of Nigeria’s capital market. As the NGX continues to evolve, these firms remain instrumental in driving participation, liquidity, and long-term investor engagement.