Chapel Hill Denham CardinalStone Maintain Stronghold As Leading Brokers Dominate NGX Activity

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The Nigerian Exchange Limited (NGX) witnessed concentrated brokerage activity in the final quarter of 2025, with Chapel Hill Denham Securities Ltd and CardinalStone Securities Ltd firmly maintaining their positions as market leaders. According to the latest Broker Performance Report for October through December, the top 10 firms accounted for over 64% of shares traded and nearly 63% of transaction value, reflecting a highly concentrated trading landscape.

Volume Leaders

Chapel Hill Denham topped the charts in trade volume, handling 41,421,097,747 units, representing 28.92% of all shares traded during the quarter. CardinalStone followed with 17,635,245,204 units (12.31%), while ABSA Securities Nigeria Ltd secured third place with 10,789,141,645 shares (7.53%). Meristem Stockbrokers came fourth, executing 4,425,714,002 shares (3.09%).

Other top contributors included:

Stanbic IBTC Stockbrokers – 3,456,281,283 shares
Coronation Securities – 3,257,958,778 shares
Morgan Capital Securities – 2,968,859,215 shares
CSL Stockbrokers – 2,928,194,706 shares
TRW Stockbrokers – 2,560,080,028 shares
Cordros Securities – 2,526,395,514 shares

Together, these top 10 firms handled 91,968,968,122 shares, representing more than 64% of total market trades for Q4 2025.

Market Value Dominance

While Chapel Hill Denham led in sheer volume, CardinalStone Securities emerged as the market value leader, with trades worth ₦453,569,479,610.25, accounting for 13.35% of total market value. ABSA Securities ranked second with ₦362,748,192,623.70 (10.68%), followed by Chapel Hill Denham at ₦257,128,730,321.12 (7.57%).

Other high-value firms included:

Stanbic IBTC Stockbrokers – ₦231,371,823,315.13
Cordros Securities – ₦196,574,290,092.59
APT Securities and Funds – ₦137,284,321,829.46
Meristem Stockbrokers – ₦131,434,493,116.99
EFG Hermes Nigeria Ltd – ₦126,791,318,859.58
Coronation Securities – ₦124,471,182,330.24
First Securities Brokers – ₦111,688,322,416.34

Combined, the top 10 firms executed ₦2,133,062,154,515.40 worth of trades, equating to over 62% of total market value in the quarter.

Analyst Perspective

A capital market analyst commented on the sustained influence of these brokerages:

“The performance of Chapel Hill Denham and CardinalStone highlights their crucial role in maintaining liquidity and stability. They manage a significant portion of both volume and high-value transactions, boosting confidence among investors.”

The expert further noted that the dominance of these firms underlines their continued relevance in shaping market dynamics and supporting both institutional and retail investor activities.

TAGS: Nigerian Exchange Limited (NGX)