CardinalStone, Cordros, Stanbic outpace peers in cumulative N2.23trn Q1 deals

The ‘Big Ten’ stockbroking firms handled a combined N2.23 trillion in deals during the first quarter (Q1) of 2026.

This massive value represents the lion’s share of deals on the Nigerian Exchange Limited (NGX), which saw its total market capitalisation swell by nearly N30 trillion in the same period.

Leading the charge in this high-liquidity environment were CardinalStone Securities, Cordros Securities, and Stanbic IBTC Stockbrokers. Their dominance highlights a significant shift toward institutional-led trading as the market reacts to major macroeconomic triggers.

Their combined deal value represents 53.65 percent of the total value of stocks traded on Nigerian Exchange Limited (NGX) in the review period.

Sustained fiscal reforms and a stabilising Naira encouraged both domestic institutional players and foreign investors to pivot back to equities. The concentration of N2.23 trillion among just ten firms underscores the competitive edge of Nigeria’s leading investment houses.

As the market continues its bullish trajectory, the ‘Big Ten’ remain the primary gateways for both local and international capital entering the Nigerian financial system.

Other stockbroking firms in the Q1’2026 ‘Big Ten’ league are: EFG Hermes Nigeria Limited, Meristem Stockbrokers Limited, First Securities Brokers Limited, CSL Stockbrokers Limited, United Capital Securities Limited, PAC Securities Limited, and APT Securities and Funds.

These firms’ milestone in Q1 not only reflects the robust recovery of the local bourse but also cements their position as the primary engines of capital flow in Nigeria’s evolving financial landscape.

Building on its historic 2025 performance – where it became the first broker to cross the N2 trillion mark in a single year—CardinalStone continues to lead in 2026 with high value and volume execution.

The final phases of the banking sector’s capital raise, which ended on March 31, injected massive liquidity and boosted confidence in financial heavyweights.

From January 1 to March 31, CardinalStone Securities traded stocks worth N503.247billion, representing 12 percent of the whole trading value on the NGX in the review Q1.

In terms of volume, CardinalStone traded 13.313billion shares, which represents 11.29 percent of the volume of equities traded on the Nigerian Bourse in Q1’2026.

In the review first quarter, Cordros Securities Limited traded stocks worth N283.698billion or 6.80 percent of the total value of equities traded.

Stanbic IBTC Stockbrokers Limited followed with deals worth N282.498billion in Q1’2026, representing 6.77 percent of the total value traded on the NGX in the same period.

Other top stockbroking firms in terms of value of equities they traded are: EFG Hermes Nigeria Limited (N254.861billion or 6.11 percent), Meristem Stockbrokers Limited (N229.221billion or 5.49 percent); First Securities Brokers Limited (N203.538billion or 4.88 percent); and CSL Stockbrokers Limited (N144.367billion or 3.46 percent).

The ‘Big Ten’ league also comprises: United Capital Securities Limited (N134.586billion or 3.23 percent); PAC Securities Limited (N106.506billion or 2.55 percent); and APT Securities and Funds (N95.651billion or 2.29 percent).

The Nigerian Exchange Limited (NGX) indeed rewrote the record books in Q1’2026, with equity investors gaining approximately N29.83 trillion.

This historic performance represents a staggering 29 percent return for the quarter, making the Lagos Bourse one of the best-performing exchanges globally this year.

The total valuation of listed equities jumped from N99.38 trillion at the start of January to N129.21 trillion by March 31, 2026. Likewise, the All-Share Index (ASI) shattered the psychological ceiling of 200,000 points, closing the first quarter at 201,287.78 points.

FTSE Russell recently approved Nigeria’s reclassification from Unclassified to Frontier Market status, effective September 21, 2026, after previously downgrading the country in September 2023 due to FX repatriation challenges.

The market capitalisation rose by approximately N1.36 trillion within the three-day window last week following the announcement, which triggered a “buy” signal for both local and foreign institutional investors.

“Equity market is likely to remain selectively constructive this week, supported by ongoing rotation into high‑quality, dividend‑paying large‑cap stocks as investors seek income and balance‑sheet resilience. However, upside is expected to be uneven, with elevated bond yields, restrictive monetary conditions, and lingering inflation risks continuing to compete for capital.

“As a result, market performance is likely to remain highly stock‑specific, with leadership concentrated in defensive and cash‑generative names rather than broad‑based index gains,” United Capital research analysts said in their recent investment views.

The decision follows Nigeria’s placement on the FTSE Watch List in September 2025 after improvements in FX liquidity and the clearance of backlog obligations. FTSE confirmed that Nigeria now meets its Quality of Markets criteria, signalling renewed confidence in the country’s FX market functioning and capital mobility.

The Nigerian equities market saw a massive surge within three days following the FTSE Russell decision to upgrade Nigeria from “Unclassified” back to Frontier Market status.

“In the near term, market sentiment is expected to remain cautiously mixed, as investors adopt a selective approach to positioning, balancing profit-taking activities with opportunities in fundamentally sound counters,” Coronation Research analysts said.