Exchange Market

The Nigerian Exchange (NGX) closed Wednesday’s trading session in negative territory, shedding 549.4 points to settle at 165,164.4, as profit-taking and broad-based selling pressure weighed on investor sentiment.

The decline represents a 0.33% drop from the previous session’s close of 165,713.8, with the benchmark All-Share Index struggling to maintain support above the psychologically important 165,000 level.

Despite the market downturn, trading activity improved significantly. Total volume traded rose to 623 million shares, compared with 483 million shares in the prior session. These transactions were executed across 42,172 deals, reflecting increased participation by investors even as prices weakened.

Market capitalisation also slipped, falling to N105.7 trillion from N106 trillion, underscoring the overall decline in equity prices during the session.

What the data is saying

Trading data shows that the All-Share Index recorded its first bearish move of the week after several sessions of sideways trading. The pullback trimmed the market’s year-to-date return to 6.14%, down from 6.49% in the previous session.

Gains were limited to a handful of stocks. UHOMREIT and DEAPCAP topped the gainers’ chart after each advanced by 9.97%, providing some pockets of relief in an otherwise weak market.

On the losing side, selling pressure was strongest in RT Briscoe and May & Baker, which led the decliners with losses of 9.97% and 9.96%, respectively.

Most active stocks

In terms of volume, Neimeth emerged as the most actively traded stock, recording 58.1 million shares. It was followed by CHAMS with 39.5 million shares and Access Holdings with 33.3 million shares.

Zenith Bank and Tantalizers completed the top five by volume, trading 32.4 million and 29.2 million shares, respectively.

By value of trades, Zenith Bank dominated with transactions worth N2.3 billion. Aradel followed closely at N2.2 billion, while GTCO recorded N2.1 billion in trades.

MTN Nigeria and Access Holdings rounded out the top five by value, with N1.5 billion and N757.4 million worth of shares exchanged, respectively.

Top gainers

UHOMREIT rose by 9.97% to close at N94.85
DEAPCAP gained 9.97% to N9.49
Tantalizers advanced 9.92% to N3.88
Skyway Aviation Handling Company climbed 9.91% to N128.60
Morrison increased by 9.90% to N9.99

Top losers

RT Briscoe declined 9.97% to N6.50
May & Baker fell 9.96% to N35.25
Ikeja Hotel dropped 9.92% to N32.25
LivingTrust Mortgage Bank lost 9.90% to N4.64
eTranzact eased 9.16% to N17.35

SWOOTs and FUGAZ performance

Trading among SWOOTs, stocks with market capitalisation above N1 trillion, was largely bearish. International Breweries declined by 3.45%, while MTN Nigeria shed 1.38%.

FUGAZ banking stocks posted mixed results. First HoldCo slipped 2.23%, and UBA declined by 0.78%. However, some tier-one banks recorded modest gains, with GTCO rising 0.51%, Access Holdings up 0.44%, and Zenith Bank edging higher by 0.14%.

Why this matters

The market’s pullback reflects cautious investor sentiment as traders take profits and wait for clearer direction from mid- and large-cap stocks. The mixed performance across SWOOTs and FUGAZ counters highlights uneven sectoral trends and ongoing volatility.

While increased trading activity suggests sustained interest in select equities, the broader market remains under pressure, pointing to restrained momentum in the short term.

Market outlook

The Nigerian stock market appears to be undergoing a bearish retracement phase. The depth and duration of this pullback will depend on how quickly bullish sentiment returns, particularly in mid- and large-cap stocks.

A potential catalyst for recovery could be the release of positive full-year 2025 earnings results, which may help restore confidence and attract fresh inflows into the market.

Brokerage activity on the Nigerian Exchange (NGX) opened 2026 on a highly concentrated note, with the top 10 dealing firms accounting for more than half of all shares traded during the first full trading week of the year. Data released by the Exchange for the week ended January 9, 2026, show that these leading brokers executed 54.52% of total market volume and 48.83% of total transaction value, underscoring the outsized role a small group of firms continues to play in Nigeria’s equity market.

At the center of this dominance is CardinalStone Securities Limited (CSSL), which once again emerged as the most active broker by both volume and value. The firm’s performance extended a trend established in 2025, when it ranked among the most influential players in NGX trading activity.

Other major brokers contributing to the concentration include Stanbic IBTC Stockbrokers, Meristem Stockbrokers, and Cordros Securities. The top 10 list was completed by Atlass Portfolios, Afrinvest Securities, Reward Investment and Services, EFG Hermes Nigeria, APT Securities and Funds, and StoneX Financial Nigeria.

What the data shows

During the review week, the NGX recorded a total turnover of 4.164 billion shares, valued at ₦94.026 billion, executed across 248,254 deals. Applying the reported concentration ratios, the top 10 brokers were responsible for trades worth approximately ₦45.91 billion, reflecting the depth of their influence on price discovery and liquidity in the opening days of the new year.

CSSL stood clearly ahead of the field. The broker executed 2.08 billion shares, representing 24.93% of total market volume, meaning nearly one out of every four shares traded on the Exchange passed through its trading desks. By value, CSSL handled ₦21.91 billion worth of transactions, equivalent to 11.62% of total market value for the period.

The wide gap between CSSL and its closest competitors highlights a sharp concentration of execution power, particularly on the volume side. While other brokers remained active, none came close to matching CSSL’s share of overall market flow.

Volume versus value dynamics

The rankings also reveal important differences in broker strategy. By volume, CSSL was followed—at a considerable distance—by Morgan Capital Securities Limited, which traded 464.7 million shares (5.58%), and Meristem Stockbrokers Limited with 428.1 million shares (5.14%). These firms were active in high-turnover trades but still far behind the market leader.

In contrast, the value rankings tell a slightly different story. Stanbic IBTC Stockbrokers and Meristem followed CSSL by transaction value, recording ₦12.78 billion and ₦12.73 billion respectively, while Cordros Securities posted ₦10.86 billion. Their relatively stronger value positions suggest a focus on larger-ticket institutional trades rather than sheer volume.

Meanwhile, some firms such as Atlass Portfolios, Afrinvest Securities, and Reward Investment and Services appeared among the top brokers by volume but not by value, pointing to higher activity in lower-priced equities or smaller average deal sizes. Conversely, EFG Hermes Nigeria, APT Securities and Funds, and StoneX Financial Nigeria featured prominently in value rankings despite not appearing among the top 10 by volume, indicating fewer but significantly larger transactions.

Why this matters

The heavy concentration of trades among a handful of brokers has important implications for market structure. On the positive side, it reflects deep liquidity channels and strong institutional participation, especially at the start of the year when investor positioning is being reset. However, it also highlights the challenges smaller brokerage firms face in competing for order flow in a market increasingly dominated by well-capitalized players with strong client networks.

Looking back at 2025

The January 2026 opening pattern mirrors full-year 2025 trends. According to NGX data, the top 10 brokers by volume traded a combined 223.7 billion shares in 2025, accounting for 49.41% of total market volume, up sharply from 118.95 billion shares in the previous year. By value, dominance was even stronger, with the top 10 executing ₦7.3 trillion worth of trades, or 61.82% of total market value, compared with ₦3.13 trillion in 2024.

CSSL led that ranking as well, executing ₦2.18 trillion in trades during 2025—about 18.3% of total market value and nearly 30% of the value handled by the top 10 brokers. One week into 2026, the firm has clearly maintained that commanding lead, setting the tone for brokerage competition in the year ahead.

Activity on the Nigerian Exchange (NGX) accelerated sharply in 2025, with improved performance by leading stockbrokers contributing to a significant rise in market turnover. Data from the exchange show that the 10 most active stockbrokers executed trades valued at N7.3 trillion during the year, representing 61.82 percent of the total value of equities traded across the market.

This performance reflects a substantial increase from 2024, when the same group of brokers facilitated transactions worth approximately N3.1 trillion. The year-on-year growth of over 135 percent underscores a renewed wave of investor participation and stronger trading momentum in Nigeria’s equities market.

Across the entire broker community, total trade value climbed to N11.94 trillion in 2025, more than double the N5.7 trillion recorded in the previous year. The surge highlights a broader recovery in market confidence, supported by improved liquidity, stronger corporate earnings in select sectors, and heightened participation by institutional and high-net-worth investors.

Trade volumes also record strong growth

The rise in transaction value was matched by a sharp increase in trade volumes. Total shares traded across the NGX rose from 278.3 billion units in 2024 to 452.5 billion shares in 2025. The top 10 brokers accounted for nearly half of this activity, contributing 49.41 percent of total traded volume.

Market analysts note that while increased trading frequency played a role, larger transaction sizes were a key driver of the jump in trade value. This trend reflects growing interest in blue-chip stocks and large-cap transactions, particularly within the banking, telecommunications, and energy sectors.

For this performance review, trade value was used as the primary metric, as it captures both transaction size and economic significance, offering a clearer picture of each broker’s impact on the market.

Notable shifts in broker rankings

The composition of the top-performing brokers in 2025 saw some notable changes. Chapel Hill Denham Securities and Absa Securities Nigeria entered the top 10 ranking during the year, executing trades valued at N1.01 trillion and N426 billion respectively. Both firms were absent from the top tier in 2024, highlighting the increasingly competitive nature of Nigeria’s brokerage landscape.

Meanwhile, United Capital, which facilitated N316.1 billion in trades in 2025—down about 7 percent from N341 billion in the previous year—did not feature among the most improved brokers due to its year-on-year decline.

Stanbic IBTC records modest improvement

Stanbic IBTC Stockbrokers Limited ranked seventh among the most improved brokers in 2025, recording a 14.42 percent increase in trade value compared to 2024. The firm facilitated N735.5 billion in transactions during the year, up from N642.8 billion recorded previously.

Despite the growth in absolute terms, Stanbic IBTC’s market share by value declined. The broker accounted for 6.16 percent of the total N11.94 trillion market value of trades executed by all Nigerian stockbrokers in 2025, down from 11.26 percent in the previous year. This decline reflects the faster growth recorded by competing firms rather than a contraction in Stanbic’s trading activity.

Within the group of top 10 brokers, Stanbic IBTC contributed 9.96 percent of the N7.3 trillion in executed trades, compared to a significantly higher 20.49 percent share in 2024. The shift illustrates how increased participation by other brokers reshaped market dynamics during the year.

In terms of volume, Stanbic IBTC ranked seventh in 2025, facilitating trades involving 14.3 billion shares. This marked a slight decrease from the 14.9 billion shares traded in 2024, when the broker ranked second by volume. Analysts attribute the change to a strategic focus on higher-value trades rather than large volumes of smaller transactions.

Broader market implications

The strong performance of Nigeria’s leading stockbrokers in 2025 points to a more active and competitive equities market. Rising trade values and volumes suggest improved investor sentiment, supported by macroeconomic adjustments, relative FX market stability, and growing interest in listed equities as an inflation hedge.

As competition intensifies, market participants expect continued innovation in brokerage services, including enhanced digital platforms, deeper institutional engagement, and improved research-driven trading strategies. These developments are likely to play a critical role in shaping market activity in the years ahead.

Overall, the performance of Nigeria’s most improved stockbrokers in 2025 reflects a market that is regaining depth and momentum, setting a stronger foundation for future growth in the capital market.

Nigeria’s capital market delivered one of its strongest performances in decades in 2025, with the Nigerian Exchange Group steering a rally that placed the country among the best-performing equity markets globally. Trading on Nigerian Exchange Limited, the operating exchange of Nigerian Exchange Group Plc, closed on December 31, 2025 with headline indicators reflecting robust investor confidence, improving macroeconomic fundamentals, and the impact of sustained market reforms.

At the centre of the rally was the NGX All-Share Index (ASI), which surged by 51.19% over the year to close at 155,613 points, up sharply from 102,926 points at the start of 2025. This exceptional performance translated into a massive expansion in equity market capitalisation, which grew by more than ₦36.6 trillion to ₦99.38 trillion by year-end. In absolute terms, this ranks as one of the largest increases recorded by any equity market worldwide in 2025.

Nigeria’s outperformance stood out clearly against global peers. While many developed and emerging markets struggled to deliver double-digit returns, most major equity indices ended the year with gains below 25%. Even the widely tracked MSCI All Country World Index, which captures performance across developed and emerging markets, rose by about 20% over the same period. Against this backdrop, Nigeria’s 51% rally drew renewed attention from international portfolio investors seeking exposure to high-growth frontier and emerging markets.

The strong market showing reflected a convergence of macroeconomic stabilisation and deliberate capital market reforms. Nigeria’s economy recorded steady growth throughout the year, with gross domestic product expanding by 3.13%, 4.23% and 3.98% in the first three quarters of 2025 respectively. Inflation, which had been a major headwind in previous periods, moderated significantly, falling to 14.45% in November 2025 from 34.60% a year earlier. The naira also showed signs of stabilisation, closing the year at ₦1,448.03 to the US dollar, compared with about ₦1,538 at the beginning of the year.

These improving fundamentals provided a more supportive environment for asset pricing and capital formation. NGX Group intensified engagement with policymakers, regulators, issuers, market operators and investors to ensure that macroeconomic gains translated into deeper liquidity, fairer valuations and broader participation across the market.

According to Temi Popoola, Group Managing Director and Chief Executive Officer of NGX Group, the 2025 performance underscored the importance of consistency in economic policy and sustained reforms. He noted that despite domestic and global economic headwinds, the Nigerian capital market demonstrated resilience, supported by purposeful reforms and strategic collaboration among stakeholders. Continued investment in technology and market infrastructure, he added, expanded access, enhanced transparency and improved operational efficiency.

Growth during the year was broad-based across asset classes. By December 31, 2025, equity market capitalisation stood at ₦99.38 trillion (approximately $68.74 billion), while the fixed income market reached ₦51.48 trillion ($35.61 billion). Exchange-traded funds (ETFs) recorded particularly strong momentum, with market capitalisation rising to ₦45.55 billion, reflecting growing investor sophistication and increased adoption of diversified investment products.

Trading activity also strengthened significantly. Year-to-date equities turnover climbed to ₦5.96 trillion, while average daily value traded rose to ₦23.76 billion. This increase was supported by rising share prices, resilient corporate earnings, recapitalisation efforts in the banking sector, new listings, and ongoing enhancements to market structure.

Beyond secondary market gains, capital formation remained a core focus. During 2025, the Exchange facilitated ₦6.49 trillion in capital raising by government and corporate issuers through a mix of equity and fixed income instruments. These funds played a critical role in financing infrastructure projects, supporting business expansion and improving fiscal sustainability.

Looking ahead, NGX Group says it will continue to deepen collaboration with regulators, issuers and policymakers, while accelerating investment in technology to sustain momentum and broaden access. With tax reforms and further market-friendly policies expected to unlock additional value, the Group aims to position Nigeria firmly as Africa’s preferred exchange hub and a key driver of long-term economic growth and wealth creation.

The Nigerian Exchange (NGX) wrapped up the 2025 trading year on a historic high, as the All-Share Index (ASI) surged to an all-time record of 155,613.03 points at the close of the final trading session on December 31. The landmark finish capped a stellar year for Nigerian equities, firmly positioning the NGX as the best-performing emerging and frontier market exchange globally in 2025.

The benchmark index advanced by 578.31 points, representing a 0.37% daily gain from the previous close of 155,034.72 points. This marked the third consecutive day of sustained gains and pushed the ASI decisively above the closely watched 155,000 psychological threshold. On a year-to-date basis, the market delivered a remarkable 51.19% return, the strongest annual performance recorded by the NGX in its history.

Market capitalisation mirrored the bullish sentiment, expanding by N532.94 billion, or 0.54%, to close at N99.376 trillion, compared with N98.843 trillion in the prior session. The surge in valuation underscored growing investor confidence, driven by macroeconomic reforms, improved earnings outlook across listed companies, and increased institutional participation in the equity market.

Despite the strong close, trading activity softened significantly, reflecting typical year-end dynamics. Total volume traded fell sharply by 73.75% to 1.23 billion units, down from 4.68 billion units in the previous session, while transaction value declined 9.62% to N35.13 billion. Total deals also dropped nearly 20% to 27,873, pointing to profit-taking and reduced retail participation as investors closed their books for the year.

NREIT listing boosts market size

A key driver of the day’s jump in market capitalisation was the listing by introduction of 1.59 billion units of Chapel Hill Denham Management Limited’s Nigeria Real Estate Investment Trust (NREIT) on the NGX Main Board. Priced at N103 per unit, the NREIT debuted with an implied valuation of N163.6 billion, significantly expanding the size of the market under the NGX’s broader N400 billion NREIT Issuance Programme.

This fresh listing explained the divergence between the relatively modest percentage increase in the ASI and the sharper rise in total market capitalisation. While price gains across equities were measured, the additional NREIT valuation materially lifted the Exchange’s overall market size at a critical point in the year.

Both the Main Board and Premium Board closed higher, gaining 0.55% and 0.53% respectively, supported by renewed interest in large-cap and fundamentally strong stocks. However, subdued trading metrics suggested that institutional and high-value transactions, rather than broad retail participation, drove much of the day’s upside.

NGX leadership reflects on 2025 performance

Commenting on the milestone, Temi Popoola, Group Managing Director and Chief Executive Officer of NGX Group, described the 2025 performance as a clear reflection of Nigeria’s economic resilience and the effectiveness of ongoing structural reforms.

He noted that the capital market’s ability to expand in the face of both domestic and global headwinds underscored rising investor confidence. According to Popoola, policy consistency, targeted reforms, and continuous technological upgrades played a central role in sustaining market momentum throughout the year, while improved transparency and stronger market structures broadened access to capital for issuers and investors alike.

Looking ahead to 2026, he said the NGX Group would deepen collaboration with regulators, policymakers, issuers, and market operators to consolidate the gains achieved in 2025, while further positioning Nigeria as Africa’s leading investment destination.

Sectoral performance mixed but largely positive

Sectoral indices closed largely in positive territory on the final trading day. The Insurance Index led the gainers with a 2.17% rise, reflecting strong appetite for undervalued insurance stocks. The Banking Index advanced 1.40%, buoyed by positioning ahead of expected full-year results and 2026 guidance from tier-one lenders.

Moderate gains were also recorded in the Main Board Index (+0.30%), Pension Index (+0.62%), and Consumer Goods Index (+0.20%). However, the Industrial Index slipped 0.14%, while the Oil and Gas Index declined 0.55%, weighed down by mild selloffs in select energy stocks despite strong value trades in heavyweight counters.

In terms of activity, the ICT sector dominated volumes, accounting for 58.48% of total units traded, followed by Financial Services with 27.14%, underscoring shifting liquidity patterns within the market.

Closing the year on a historic high

With 47 stocks closing in positive territory against 17 decliners, the NGX ended 2025 on a broadly optimistic note. The record close of the All-Share Index not only capped an exceptional year for Nigerian equities but also reinforced the Exchange’s growing relevance on the global emerging and frontier market stage. As the market heads into 2026, sustained reforms, earnings growth, and deepening market participation are expected to remain key drivers of investor sentiment.

Fresh trading data released by the Nigerian Exchange (NGX) reveal a high level of concentration in Nigeria’s equities market, with just ten stockbroking firms accounting for the overwhelming majority of transaction value during the week ended Friday, December 19, 2025.

According to the NGX broker performance report, the top ten brokers executed transactions valued at N612.19 billion, representing about 87% of the total equity market turnover for the week. The figures underscore the growing dominance of a small group of high-capital, institutionally connected brokerage firms in shaping trading activity on the exchange.

At the top of the ranking was ABSA Securities Nigeria Limited, which led the market by a wide margin. The firm executed equity trades worth N337.31 billion, accounting for just over 55% of the total value traded during the five-day period. The outsized performance reflects ABSA’s strong institutional client base and its role in facilitating large block trades.

Trailing far behind in second place was CardinalStone Securities Limited, which handled N52.28 billion, equivalent to 8.55% of total equity transactions. Despite the wide gap with the market leader, CardinalStone maintained its position as one of the most consistent intermediaries for high-value equity trades.

APT Securities and Funds followed closely, executing N51.16 billion worth of deals, or 8.37% of total market value. The firm has sustained a strong presence in high-liquidity stocks, largely driven by institutional investors and high-net-worth individuals. First Securities Brokers Limited ranked fourth, with N31.04 billion in transactions, representing 5.07% of the market.

Beyond the top four, activity dropped sharply but remained concentrated among a handful of firms. EFG Hermes Nigeria Limited traded N12.62 billion (2.06%), while CSL Stockbrokers and Coronation Securities posted N11.53 billion and N11.24 billion, respectively. Meristem Stockbrokers recorded N7.62 billion, with Capital Express Securities executing about N6 billion, while PAC Securities recorded slightly below that level.

Bond market shows even higher concentration

The concentration trend was even more pronounced in the NGX bond market. Data showed that the top ten brokers executed bond transactions worth N212.82 million, accounting for an estimated 97.74% of total bond market value during the same period.

Once again, APT Securities and Funds emerged as the leading intermediary, controlling 24.97% of the bond market with N54.37 million in trades. SMADAC Securities Limited followed closely with N50.46 million (23.17%), while FINMAL Finance Company Limited ranked third, executing N41.71 million, or 19.15% of total bond transactions.

Other notable contributors included Equity Capital Solutions with N23.41 million, Midpoint Capital with N20.41 million, and Trusthouse Investments Limited with N6.87 million. Smaller but still active participants included Afrinvest Securities, Stanbic IBTC Stockbrokers, and NEWDEVCO Finance Services.

Institutional dominance shaping market dynamics

Market analysts say the data point to a Nigerian capital market increasingly driven by institutional investors and the brokers that serve them. With nearly nine-tenths of equity turnover and almost all bond trades flowing through a narrow group of firms, liquidity and price discovery are being shaped by large portfolio reallocations rather than retail activity.

Commenting on the trend, David Andonri, Chief Executive Officer of Highcap Securities Limited, said the pattern reflects year-end positioning by institutional investors.

“Institutional investors are positioning for year-end dividend payouts. This is expected. Some of the heavy transactions seen during the week just ended are being reflected in the brokers’ performance report because such deals are often routed through firms with strong institutional relationships,” he said.

Looking ahead

The NGX noted that similar concentration patterns have appeared at different points in 2025, with many of the same firms consistently ranking among the top brokers by value and volume. Analysts expect this trend to persist into year-end and early 2026, as pension funds, asset managers, and other institutional players continue portfolio rebalancing ahead of dividend declarations.

As market momentum builds and the NGX continues to post record index levels, broker performance is likely to remain heavily skewed toward a familiar group of heavyweight firms that dominate Nigeria’s equity and fixed-income trading landscape.