Equities on the Nigerian Exchange continued their upward trajectory in early June, with the all-share index (ASI) reaching a historic high of 114,616.75 with CardinalStone Securities Limited emerging as the leading stockbroker during the period.
The rally came as the country marked the second anniversary of the current administration, an era defined by bold economic reforms that have reshaped the investment landscape.
Over the past two years, policy changes such as the liberalisation of the foreign exchange regime, removal of fuel subsidies, re-adoption of orthodox monetary tools, and the end of deficit financing through the central bank have collectively restored macroeconomic discipline and boosted investor sentiment.
This wave of reform has translated into improved market fundamentals. The naira has shown relative stability even amid global risk-off trends, providing much-needed relief to companies previously affected by currency volatility. Particularly in the fast-moving consumer goods (FMCG) and telecommunications sectors, corporate performance is rebounding on the back of more stable operating conditions.
Against this backdrop, CardinalStone Securities played a central role in channelling investor participation. From June 2 to 5, the firm dominated market activity by both volume and value executing over N55.5 billion in transactions and trading more than 2.4 billion shares.
This accounted for 37.76 per cent of total market volume and 36.4 per cent of value traded within the short span, underscoring its capacity and reach.
CardinalStone’s leadership in early June is not an isolated success. Between January and May 2025, the firm consistently ranked among the top two brokers on the Nigerian Exchange. During that period, it facilitated over N325 billion worth of trades and handled more than 8.7 billion shares, reinforcing its reputation as a key player in the capital market.
Managing Director of CardinalStone Securities, Peter Omoregie said: “As investor confidence continues to strengthen and policy reforms take root, we’re proud to serve as a trusted partner in navigating the evolving market landscape. Our performance is a testament to the trust our clients place in us and our unwavering commitment to delivering consistent value.”
Analysts say CardinalStone’s ability to capture nearly 40 per cent of trading activity in such a short window signals its dominance in connecting investors with high-quality Nigerian securities.
The firm’s robust research capabilities, efficient execution, and deep market insight have positioned it as a trusted intermediary for both local and international investors.
Trading data from the Nigerian Exchange also indicates a healthy level of activity across the broader market. While CardinalStone led the pack, other major firms made significant contributions.
EFG Hermes Nigeria posted the second-highest value traded, while APT Securities and Funds ranked second by volume. Stanbic IBTC Stockbrokers maintained a strong presence in both categories, reflecting the depth and competitiveness of Nigeria’s brokerage landscape.
As the market enters the second half of 2025, investor sentiment remains upbeat. With policy reforms gaining traction, macroeconomic indicators stabilising, and leading market players driving liquidity, Nigeria continues to strengthen its position as one of Africa’s most attractive investment destinations.
