Key Highlights
The top 10 brokers on the Nigerian Exchange (NGX) dominated trading activities between February 2 and February 6, 2026, accounting for the bulk of transaction values across equities, bonds, and exchange-traded funds (ETFs).
In the bond market, the top 10 brokers controlled 98.24% of trades, with a total transaction value of N806.52 billion.
The total equity transaction value for the period stood at N51.33 billion, with First Securities Brokers, Meristem Stockbrokers, and EFG Hermes Nigeria executing between N13 billion and N15 billion worth of trades each.
ETF trading was also concentrated, with the top 10 brokers accounting for 79.41% of transactions.
Trading activities on the Nigerian Exchange (NGX) in early February 2026 reveal a concentrated market structure, with a small number of brokers facilitating the majority of transaction values across equities, bonds, and exchange-traded funds (ETFs). Data sourced from NGX trade reports between February 2 and February 6, 2026, indicate that market liquidity was largely channeled through established intermediaries.
This concentration signifies substantial institutional participation and a rising preference for well-capitalized brokers capable of executing high-value trades across various asset classes. The data underscores a market primarily driven by institutional flows and large-ticket transactions routed through a narrow group of dominant players.
Equities Market
The total equity transaction value for the period was N51.33 billion. First Securities Brokers, Meristem Stockbrokers, and EFG Hermes Nigeria each executed trades worth between N13 billion and N15 billion. Cordros, APT Securities, and Stonex also posted meaningful volumes in equities trading.
Fixed Income Market
The bond market recorded a total transaction value of N806.52 billion. Notably, the top 10 brokers controlled 98.24% of the bond trades, demonstrating significant concentration in this asset class.
Exchange Traded Funds (ETFs)
ETF trading mirrored the trend observed in equities and bonds, with the top 10 brokers accounting for 79.41% of all ETF transactions.
Market Concentration and Trends
The NGX broker performance trends consistently show a high level of concentration, with a small group of intermediaries shaping market liquidity and direction. This trend points to increasing institutional participation in bonds and ETFs, where transaction sizes are typically larger and more centralized.
As NGX trading patterns extend into early 2026, the sustained dominance of top-tier brokers suggests that market liquidity will remain closely tied to the activities of a few influential intermediaries. This concentration highlights the importance of scale, institutional relationships, and execution capacity in shaping participation across NGX asset classes.
