Tier-one stocks on the Nigerian Exchange (NGX) usually grab investor attention, but 2026 is turning out differently.
So far this year, lower-priced technology equities are delivering stronger returns than some of the market’s biggest and most established companies.
Across the tech and telecom sector, investors are tilting toward penny and mid-tier stocks, drawn by their potential for high percentage profits and price appreciation.
Top Performing NGX Tech Stocks
A closer look at the sector highlights the top-performing penny stocks, mid-tier stocks and large-capitalised tech stocks listed on the NGX.
Penny Stocks
- NCR Nigeria has been the best-performing NGX tech stock so far this year. An investment at the start of January would have returned about 174%, with the share price climbing from N72.70 to N199. This rally has lifted its market value to N21.5 billion.
- Omatek Ventures is also seeing strong demand, having delivered a 108% return, rising from N1.13 to N2.53 as investors increase demand in anticipation of further upside.
Mid-Tier Stocks
Some of the mid-priced tech stocks have also performed comparatively well.
- eTranzact International: This payment giant has seen its share price rise by 59.5%, moving from N11.35 to N18.10. With more Nigerians adopting digital transfers as a mode of making payment, investors are betting big on eTranzact’s N167 billion platform.
- CWG & Chams: These mid-tier players are also in the green. CWG is up 21.1% at N21.80, while Chams Plc has recorded a steady 2.56% gain to close at N4.10.
Large-Cap Stocks
In contrast, the top-tier large-cap tech stocks are moving much more slowly.
- MTN Nigeria: The communication giant gained7% to reach N760, with a market value of N16 trillion.
- Airtel Africa: Currently the most expensive tech stock on the NGX at about N2,270, Airtel has remained flat this year.
Why the Shift is Happening
Market analysts believe two things are driving this trend:
- Accessibility: Many young and retail investors find it easier to buy thousands of units of a N2 stock like Omatek than to buy just one share of Airtel at N2,270.
- Percentage Power: It is much easier for a N1 stock to move to N2 (100% gain) than it is for a N700 stock to move to N1,400.
While telecom giants like MTN and Airtel Africa provide stability for the market, smaller tech stocks are currently providing higher year-to-date returns.
With confidence in Nigeria’s digital economy at an all-time high, and demand for data, payments and software services still growing, interest in tech equities, particularly in the lower price bracket, shows no sign of easing.
