Chapel Hill Denham Securities Ltd and CardinalStone Securities Ltd emerged as the top-performing stockbrokers on the Nigerian Exchange during the fourth quarter of 2025, commanding a significant portion of trading activity by both volume and value, according to the latest Broker Performance Report.
The report, covering the period 1 October to 31 December 2025, shows that the top 10 brokers accounted for 64.22 per cent of total market volume and 62.78 per cent of total market value, underscoring the concentration of trading activity among a handful of leading brokerage firms.
Chapel Hill Denham Securities Ltd dominated trading in terms of volume, executing 41,421,097,747 shares, representing 28.92 per cent of total market volume in the quarter.
CardinalStone Securities followed with 17,635,245,204 shares, or 12.31 per cent of total volume, while ABSA Securities Nigeria Ltd and Meristem Stockbrokers Ltd completed the top four by volume, handling 10,789,141,645 shares (7.53 per cent) and 4,425,714,002 shares (3.09 per cent), respectively.
Other brokers rounding out the top 10 by volume included Stanbic IBTC Stockbrokers with 3,456,281,283 shares, Coronation Securities with 3,257,958,778 shares, Morgan Capital Securities with 2,968,859,215 shares, CSL Stockbrokers with 2,928,194,706 shares, TRW Stockbrokers with 2,560,080,028 shares, and Cordros Securities with 2,526,395,514 shares. In aggregate, these top 10 brokers executed a combined 91,968,968,122 shares, accounting for over 64 per cent of all trades on the NGX during the quarter.
While Chapel Hill Denham led in volume, CardinalStone Securities claimed the top spot in terms of transaction value, posting N453,569,479,610.25 in trades, representing 13.35 per cent of total market value. ABSA Securities followed with N362,748,192,623.70 (10.68 per cent), and Chapel Hill Denham was third, recording N257,128,730,321.12 (7.57 per cent).
Other notable brokers in the top 10 by value included Stanbic IBTC Stockbrokers with N231,371,823,315.13, Cordros Securities with N196,574,290,092.59, APT Securities and Funds with N137,284,321,829.46, Meristem Stockbrokers with N131,434,493,116.99, EFG Hermes Nig Ltd with N126,791,318,859.58, Coronation Securities with N124,471,182,330.24, and First Securities Brokers with N111,688,322,416.34.
Together, the top 10 brokers handled trades valued at N2,133,062,154,515.40, representing over 62 per cent of the market’s total value in the last quarter of the year.
“The dominance of Chapel Hill Denham and CardinalStone demonstrates their critical role in maintaining market depth and liquidity,” said a market expert. “These brokers not only handle a significant portion of shares traded but also execute some of the largest value transactions, providing confidence to both retail and institutional investors.”
