Stockbroking firm CardinalStone Securities Limited performed about N55.5bn worth of transactions in the latest rally on the Nigerian Exchange Limited, which saw the All Share Index hit the historic high of 114,616.75.
With this performance, CardinalStone Securities accounted for 37.76 per cent of total market volume and 36.36 per cent of total value traded between June 2nd and June 5th. The volume of shares traded was more than 2.4 billion shares.
The historic high of the ASI, which measures the movement of share prices of listed entities on the local bourse, coincided with the second anniversary of the current administration. Over the past two years, the government’s economic reforms, including foreign exchange liberalisation, removal of fuel subsidies, a return to orthodox monetary policy, and an end to deficit monetisation, have been well-received by investors.
Before the June market high, CardinalStone had ranked high among the top stockbrokers in both volume and value traded on the NGX in the first five months of 2025. Within this period, the firm handled over N325bn in transactions involving more than 8.7 billion shares.
The Managing Director of CardinalStone Securities, Peter Omoregie, speaking on the new feat of the firm in a statement on Tuesday, said, “As investor confidence continues to strengthen and policy reforms take root, we’re proud to serve as a trusted partner in navigating the evolving market landscape. Our performance is a testament to the trust our clients place in us and our unwavering commitment to delivering consistent value.”
Contributing to the positive outlook of the domestic market was the relative stability of the naira, which has supported the recovery of companies previously hit by significant foreign exchange losses, particularly in the fast-moving consumer goods and telecommunications sectors.
Recently, Moody’s upgraded Nigeria’s rating, citing improvements in Nigeria’s external and fiscal positions. The new rating for the country also signals growing optimism about Nigeria’s economic outlook on the global stage, bolsters investor confidence and leads to increased market participation. Similarly, local investors continue to play a pivotal role, contributing to a more balanced investor base and enhancing overall market liquidity.
CardinalStone Securities affirmed that its leadership in the market is backed by a robust research platform, efficient trade execution, and deep market expertise.
It is projected that as the second half of 2025 approaches, the strong start to June reflects sustained optimism in the Nigerian stock market.
“Supported by a favourable policy environment, strengthening economic fundamentals, and the active participation of leading market intermediaries like CardinalStone, Nigeria is well-positioned to attract continued capital inflows,” the firm stated.
Meanwhile, trading data from the Nigerian Exchange reveals a robust ecosystem, with the top 10 brokers accounting for 67.96 per cent of market volume and 69.83 per cent of value traded. Despite the concentration, the market remains competitive, with several firms posting notable performances. Among them, EFG Hermes Nigeria Limited secured the second spot by value traded with over N14.4bn. APT Securities and Funds ranked second by volume, with over 416 million shares traded, and Stanbic IBTC Stockbrokers Limited featured prominently across both value and volume rankings.
