Nigerian Stock Market Hits N7.29 Trillion in 8 Months

Trading on the Nigerian stock market surged to N7.294 trillion over eight months leading up to August, driven by significant institutional participation and robust domestic liquidity. The top three stockbroking firms were CardinalStone Securities Limited, which led with N1.77 trillion (13.22% market share), followed by Cordros Securities Limited at N1.07 trillion (7.99%), and First Securities Brokers Limited with N1.02 trillion (7.63%).

Collectively, these firms accounted for 54.37% of the total trading value on the Nigerian Exchange Limited (NGX), which totaled approximately N13.416 trillion during this period. Other notable firms included Stanbic IBTC Stockbrokers Limited, EFG Hermes Nigeria Limited, and Meristem Stockbrokers Limited, among others.

The market experienced a strong bull run, with a year-to-date return of 56.93% as of August 31, reflecting aggressive bargain-hunting across various sectors, including banking and consumer goods.