Smaller technology stocks are emerging as a key source of returns for investors on the Nigerian Exchange (NGX) in 2026, as market activity broadens beyond large-cap names to include lower-priced, high-growth counters.
A BusinessDay analysis of selected tech and telecom-linked equities shows that while blue-chip firms continue to anchor market capitalisation, a significant share of year-to-date (YTD) gains is being driven by stocks with relatively low entry prices, reflecting a shift in investor positioning.
Among the strongest performers is NCR Nigeria, which has recorded a 174 percent YTD gain. The stock has risen from N72.70 at the start of the year to N199, bringing its market capitalisation to N21.5 billion. Its performance highlights growing investor interest in smaller, underpriced technology firms with potential for rapid repricing.
Omatek Ventures has followed a similar trajectory, posting a 108 percent return. Its share price has climbed from N1.13 to N2.53, valuing the company at N6.91 billion. The stock remains one of the most accessible in the segment, attracting retail participation amid expectations of improved performance.
In the fintech space, eTranzact International has delivered a 59.5 percent return, with its share price increasing from N11.35 to N18.10. The company’s market capitalisation has risen to N167 billion, supported by continued growth in electronic payments and digital transaction volumes.
Read also: Nigeria stocks defy shortened week to post massive N1.77trn gain
Other mid-priced technology stocks are also posting steady gains. CWG has advanced 21.1 percent to N21.80, while Chams Plc has recorded a modest 2.56 percent increase, with its share price moving from N3.90 to N4.10.
By comparison, higher-priced telecom stocks have delivered more moderate or stable performance, underscoring a divergence across price segments.
MTN Nigeria has gained 48.7 percent YTD, with its share price rising from N511 to N760. The company remains one of the most capitalised stocks on the NGX, with a market value of N16 trillion, reflecting its scale and earnings strength.
Meanwhile, Airtel Africa has recorded flat performance so far this year, with its share price holding at N2,270 and market capitalisation at N8.53 trillion, indicating a period of consolidation.
The current trend points to a broader shift in how returns are being generated on the exchange. Lower-priced stocks are increasingly attracting capital due to their accessibility and potential for higher percentage gains, particularly in a market where retail participation remains significant.
At the same time, large-cap stocks continue to provide stability and liquidity, ensuring that both segments play complementary roles in portfolio construction.
The ongoing performance also reflects strengthening confidence in Nigeria’s digital economy, as demand for technology-driven services, from payments to enterprise solutions, continues to expand.
As the NGX sustains momentum in 2026, the interplay between affordability and returns is likely to remain a defining feature of the market, shaping investment strategies across both retail and institutional segments.
<!– 
–> 
