September 22, (THEWILL) — Nigeria’s equities market maintained its positive momentum on Friday, September 19, 2025, with small- and mid-cap stocks emerging as the key drivers of investor activity. The session closed with an improvement in turnover and volume, as market participants positioned around select gainers.
According to data from the Nigerian Exchange (NGX), a total of 431 million shares exchanged hands across 24,290 deals, valued at ₦13.49 billion. This reflected a 33% increase in volume, a 60% jump in value, and about 7% more deals compared to the previous day. The NGX market capitalization closed at approximately ₦89.8 trillion.
The Industrial Goods and Fintech segments were at the heart of the rally. Industrial stocks such as Beta Glass Plc sustained strong investor interest, while fintech names like E-Tranzact International Plc continued to attract attention despite short-term price pullbacks.
Among the notable movers, Beta Glass Plc (BETAGLAS) continued to consolidate its position as one of the strongest performing industrial goods stocks. The counter closed at ₦486.00 per share, sustaining gains that have seen it deliver over 900% in returns year-on-year.
The rally has been underpinned by robust financial performance, with the company posting a 334% year-on-year growth in half-year profit after tax to ₦18.7 billion, alongside a 63% jump in revenue to ₦78.2 billion.
E-Tranzact International Plc (ETRANZACT) also remained in focus despite a marginal decline of 2.9% on the day to close at ₦16.70. The fintech stock has nevertheless recorded a 157% year-to-date gain, supported by expectations around regulatory-driven innovations such as e-invoicing. Trading activity on the counter has been consistently strong, averaging about 750,000 shares daily over the past quarter.
Investor sentiment has also been shaped by ongoing regulatory actions, particularly reforms in the financial services sector. The push for digitization through initiatives like e-invoicing is reinforcing confidence in listed fintechs, while government emphasis on local manufacturing has supported industrial plays such as Beta Glass.
The bullish sentiment in small- and mid-cap counters reflects investors’ preference for companies delivering earnings resilience and growth catalysts despite prevailing macroeconomic headwinds. Analysts note that selective buying patterns suggest investors are rewarding firms with strong fundamentals rather than chasing broad market gains.
As the market approaches the final quarter, focus will be on Beta Glass’s ability to defend its margins against mounting input costs, while E-Tranzact faces pressure to preserve profitability despite slower revenue growth. At the broader level, inflation, interest rates, and FX stability remain decisive factors for sustaining momentum in small- and mid-cap stocks.
***Written by Ogochukwu Onwaeze.
