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

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Chapel Hill Denham Securities Ltd and CardinalStone Securities Ltd solidified their positions as top-performing brokerage firms on the Nigerian Exchange Limited (NGX) during the fourth quarter of 2025, tightening their control over market activity in both trade volume and transaction value.

According to Gossip News Now, figures from the Broker Performance Report covering October 1 to December 31, 2025, revealed a highly concentrated trading environment. The data shows that the top 10 brokerage firms were responsible for 64.22% of the total shares traded and 62.78% of the total value of all transactions recorded within the period.

The report indicated that Chapel Hill Denham Securities Ltd led the pack in trade volume, executing 41,421,097,747 units of shares—representing 28.92% of all shares traded in the quarter.

CardinalStone Securities Ltd ranked second with 17,635,245,204 shares, accounting for 12.31% of market volume. ABSA Securities Nigeria Ltd followed in third place with 10,789,141,645 shares (7.53%), while Meristem Stockbrokers Ltd came fourth with 4,425,714,002 shares (3.09%).

Other major players on the top 10 volume chart included Stanbic IBTC Stockbrokers with 3,456,281,283 shares, Coronation Securities with 3,257,958,778 shares, and Morgan Capital Securities with 2,968,859,215 shares.

Also featured among the leaders were CSL Stockbrokers, which traded 2,928,194,706 shares, TRW Stockbrokers with 2,560,080,028 shares, and Cordros Securities, which accounted for 2,526,395,514 shares.

Collectively, the top 10 brokerage firms by volume executed 91,968,968,122 shares—amounting to more than 64% of total trades recorded on the exchange within the review period.

CardinalStone Leads in Market Value

While Chapel Hill Denham dominated in volume, CardinalStone Securities Ltd took the lead in market value, executing transactions worth ₦453,569,479,610.25, which represented 13.35% of the entire market value for Q4 2025.

ABSA Securities Nigeria Ltd placed second, handling trades worth ₦362,748,192,623.70 (10.68%), while Chapel Hill Denham Securities Ltd secured the third position with transactions valued at ₦257,128,730,321.12—equivalent to 7.57% of total market value.

Others making the top 10 list by value included Stanbic IBTC Stockbrokers with ₦231,371,823,315.13; Cordros Securities with ₦196,574,290,092.59; and APT Securities and Funds, which carried out trades valued at ₦137,284,321,829.46.

Meristem Stockbrokers also featured strongly with ₦131,434,493,116.99 in transaction value, followed by EFG Hermes Nigeria Ltd with ₦126,791,318,859.58. Coronation Securities recorded ₦124,471,182,330.24, while First Securities Brokers rounded off the top 10 with ₦111,688,322,416.34 in executed trades.

Combined, the top 10 firms processed ₦2,133,062,154,515.40 worth of transactions—representing over 62% of total market value for the quarter.

A capital market analyst noted that the performance of these key brokerage houses demonstrates their continued relevance and influence in the Nigerian capital market.

“The strength shown by Chapel Hill Denham and CardinalStone highlights their role in ensuring liquidity and stability within the market,” the expert told The PUNCH.

“They not only oversee a major portion of trading activity but also handle some of the most significant high-value transactions, which boosts confidence among both institutional and retail investors.”

TAGS: Nigerian Exchange Limited (NGX)