Between January and March of Q1 2025, Chapel Hill Denham Securities Limited along with nine additional stockbrokers handled transactions totaling N1.47 trillion in stocks, marking a positive close for the stock market during this evaluation period.

As previously reported by THISDAY, the stock market witnessed an increase of ₦3.49 trillion in market capitalization during the first quarter of 2025. The average investor returns also climbed by 2.66 percent, reaching 105,660.64 basis points from their initial level of 102,926.40 basis points at the start of the year.

The increase in the stock market during the first quarter of 2025 has been fueled by the high demand for banking stocks following the Central Bank of Nigeria’s efforts to recapitalize the banking sector.

The remaining nine stockbroking firms are: Cardinalstone Securities Limited, APT Securities and Funds, Stanbic IBTC Stockbrokers Limited, Meristem Stockbrokers Limited, and Cordros Securities Limited.

Coronation Securities Limited, Global Asset Management-Nig Limited, Apel Asset Limited, and First Securities Brokers Limited have added their names to the roster.

The top 10 stockbrokerage companies accounted for 65.79 percent of the overall value of stocks traded on the Nigerian Exchange Limited (NGX) between January and March, as stated in a recent broker performance report published by the exchange.

In Q1 2025, Chapel Hill Denham Securities traded stocks valued at N680 billion, accounting for 30.41 percent of the total trading value on the NGX.

During the review period, Cardinalstone Securities executed trades amounting to N196 billion, which represents 8.79 percent of total transactions, trailed by APT Securities and Funds with stock values totaling N144.5 billion or 6.46 percent in Q1 2025.

In the period under review, Stanbic IBTC Stockbrokers handled trades valued at N107.5 billion, representing 4.81 percent of stock transactions, whereas Meristem Stockbrokers managed deals totaling N83.7 billion, accounting for 3.74 percent of the transaction value.

The report further indicates that Cordros Securities dealt with stocks valued at N81 billion, which represents 3.62 percent of the overall trading volume reported for Q1 2025.

Following closely behind was Coronation Securities with stock trades totaling N58.04 billion, representing 2.50 percent of the overall trade volume. In third place stood Global Assets Management, responsible for transactions amounting to N42.64 billion, equivalent to 1.91 percent of all stocks exchanged at the Exchange from January through March 2025.

Additionally, among the top 10 brokerage firms ranked by trading volume, APEL Securities is noted for executing trades valued at NGN 39.33 billion, equivalent to 1.76%, whereas First Securities Brokers handled transactions amounting to NGN 38.11 billion, representing 1.70%.

In the first quarter of 2025, Chapel Hill Denham Securities took the lead with a total stock trading volume of 41.05 billion shares. The firm alone accounted for 9.47 billion shares, representing 11.92 percent of the overall volume.

The 10 stockbrokers accounted for 51.69 percent of the overall trading volume from January through March 2025.

In the first quarter of 2025, Chapel Hill Denham Securities was succeeded by Cordros Securities, which saw trading volumes amounting to 5.96 billion. During this same timeframe, CardinalStone Securities handled transactions valued at 5.42 billion.

THISDAY reports that the majority of companies saw an increase due to investments from Foreign Portfolio Investors (FPIs), domestic institutional investors, and equity holdings within mutual funds.

Their primary customers include international portfolio investors, with some utilizing substantial equity positions via Collective Investment Schemes (CIS), enabling frequent high-volume trades daily.

Until recently, observers have pointed out that these businesses boast highly varied client bases that many rival firms covet. These major brokerage enterprises’ operations have caused the stock market to lean toward an oligopolistic structure—a marketplace controlled by just a handful of participants on both buying and selling sides. This setup allows them to foster a form of imperfect competition aimed at increasing their revenues and expanding their market presence.

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