e-Tranzact, CWG, Chams: Which tech stocks rallied the most?

Shares of Nigeria’s listed technology firms have outpaced the market in 2025, cementing the subsector’s status as one of the Nigerian Exchange’s strongest performers.

As of September 15, e-Tranzact International Plc has gained 130 percent year to date, CWG Plc has risen 119 percent, while Chams Holdings Plc has advanced 63.3 percent. That compares with a 38.4 percent rise in the NGX All-Share Index, underscoring how digital economy stocks have become magnets for investor capital.

The outperformance of these firms stands in stark contrast to the NGX All-Share Index, which has risen about 36.5 percent over the same period.

The rally reflects investor confidence in companies demonstrating earnings resilience in a tough operating climate.

e-Tranzact’s 130 percent surge has come even as revenue slipped 5.4 percent to N13.28 billion in the first half of 2025. Profit after tax rose 18 percent to N1.51 billion, supported by higher transaction volumes, tighter settlement processes, and a leaner cost structure.

Investors appear to be betting that margin stability matters more than topline growth, rewarding the firm’s ability to defend earnings.

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CWG’s stock has nearly doubled as well, backed by robust financials. Profit after tax jumped 113 percent to N3.56 billion, on the back of an 18.3 percent rise in revenue to N28.4 billion.

Strong enterprise demand for IT and cloud services has lifted both revenue and margins, making CWG one of the exchange’s most closely watched mid-cap growth stories.

Chams has lagged its peers despite delivering 18.8 percent turnover growth to N9.88 billion. Profit after tax fell 55 percent to N339.2 million as heavy investment in digital ID systems, new platforms, and product launches pressured margins. Its 63.3 percent YTD gain keeps it ahead of the wider market but far behind E-Tranzact and CWG, signalling investor caution over its spending-heavy strategy.

Altogether, the three firms generated N51.56 billion in H1 revenue, up 8.6 percent year-on-year, while combined profit after tax rose 14.7 percent to N5.41 billion. Yet the stock market reaction has been uneven, and investors have clearly distinguished between companies turning growth into profits and those still in an investment-heavy phase.

The performance of these three stocks underlines a broader market lesson that even in an environment of currency volatility, inflation, and uneven demand, investors are prioritising profitability over revenue growth.

CWG and E-Tranzact, by showing that efficiency can drive earnings, have emerged as leaders. Chams remains in positive territory but will need to prove that its spending translates into stronger profits if it is to catch up with peers in the second half of the year.