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Nigerian (NSE) Market Analysis & Valuation

UpdatedDec 21, 2025
DataAggregated Company Financials
Companies129
  • 7D1.9%
  • 3M8.7%
  • 1Y62.6%
  • YTD58.1%

Over the last 7 days, the market has risen 1.9%, driven by gains of 4.0% in the Consumer Staples sector. The market is up 63% over the last 12 months. Looking forward, earnings are forecast to grow by 22% annually.

Market Valuation and Performance

Has the Nigerian Market valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 21 Dec 2025₦81.9t₦39.8t₦9.4t10.7x8.7x2.1x
Tue, 18 Nov 2025₦77.6t₦39.7t₦9.3t10.2x8.3x2x
Thu, 16 Oct 2025₦66.5t₦33.2t₦7.8t12x8.6x2x
Sat, 13 Sep 2025₦64.7t₦33.5t₦8.2t11.5x7.9x1.9x
Mon, 11 Aug 2025₦67.1t₦34.0t₦8.2t11.6x8.2x2x
Wed, 09 Jul 2025₦54.6t₦33.0t₦7.4t10.3x7.4x1.7x
Fri, 06 Jun 2025₦50.8t₦33.1t₦7.2t9x7.1x1.5x
Sun, 04 May 2025₦47.5t₦32.9t₦7.3t7.4x6.5x1.4x
Tue, 01 Apr 2025₦46.6t₦30.9t₦6.8t8.7x6.9x1.5x
Thu, 27 Feb 2025₦46.7t₦28.9t₦7.0t9.1x6.7x1.6x
Sat, 25 Jan 2025₦42.7t₦26.5t₦7.0t8.2x6.1x1.6x
Mon, 23 Dec 2024₦42.6t₦29.5t₦7.0t7.8x6.1x1.4x
Wed, 20 Nov 2024₦41.0t₦29.7t₦7.0t7.6x5.9x1.4x
Fri, 18 Oct 2024₦108.0t₦26.1t₦6.1t7.4x17.7x4.1x
Sun, 15 Sep 2024₦115.6t₦25.4t₦6.1t7.4x19x4.6x
Tue, 13 Aug 2024₦37.8t₦24.7t₦5.7t6.6x6.6x1.5x
Thu, 11 Jul 2024₦39.3t₦22.6t₦5.7t7.3x6.9x1.7x
Sat, 08 Jun 2024₦38.5t₦22.3t₦5.6t6.6x6.8x1.7x
Mon, 06 May 2024₦39.8t₦21.7t₦4.7t7.1x8.6x1.8x
Wed, 03 Apr 2024₦42.3t₦19.4t₦3.8t8.3x11x2.2x
Fri, 01 Mar 2024₦42.9t₦21.5t₦3.9t8.3x10.9x2x
Sun, 28 Jan 2024₦45.4t₦20.1t₦3.6t10x12.5x2.3x
Tue, 26 Dec 2023₦30.9t₦20.0t₦3.6t8.4x8.6x1.5x
Thu, 23 Nov 2023₦29.8t₦19.9t₦3.6t8.3x8.3x1.5x
Sat, 21 Oct 2023₦29.3t₦18.5t₦3.3t7.9x8.8x1.6x
Mon, 18 Sep 2023₦30.0t₦18.4t₦3.2t8.2x9.3x1.6x
Wed, 16 Aug 2023₦28.2t₦17.3t₦2.6t7.5x10.9x1.6x
Fri, 14 Jul 2023₦28.1t₦16.9t₦2.5t8.5x11.1x1.7x
Sun, 11 Jun 2023₦24.9t₦16.4t₦2.4t7.4x10.2x1.5x
Tue, 09 May 2023₦22.9t₦16.4t₦2.5t6.7x9.2x1.4x
Thu, 06 Apr 2023₦23.0t₦15.8t₦2.5t6.7x9.1x1.5x
Sat, 04 Mar 2023₦23.5t₦15.8t₦2.6t7.2x9.2x1.5x
Mon, 30 Jan 2023₦21.8t₦15.2t₦2.4t7.1x9x1.4x
Wed, 28 Dec 2022₦20.7t₦15.1t₦2.4t7x8.6x1.4x
Price to Earnings Ratio

8.6x


Total Market Cap: ₦20.7tTotal Earnings: ₦2.4tTotal Revenue: ₦15.1tTotal Market Cap vs Earnings and Revenue0%0%0%
Nigerian Market Price to Earnings3Y Average 9.2x202320242025
Current Market PE
  • Investors are relatively neutral on the Nigerian market at the moment, indicating that they expect earnings will grow in line with historical growth rates.
  • The market is trading close to its 3-year average PE ratio of 9.2x.
Past Earnings Growth
  • The earnings for Nigerian listed companies have grown 57% per year over the last three years.
  • Revenues for these companies have grown 38% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Sector Trends

Which sectors have driven the changes within the Nigerian Market?

NG Market1.94%
Healthcare25.94%
Tech4.61%
Consumer Staples4.03%
Financials2.91%
Real Estate2.05%
Industrials1.93%
Consumer Discretionary0.77%
Materials0.45%
Telecom0.0045%
Energy-0.20%
Utilities-0.22%
Sector PE
  • Investors favour the Consumer Discretionary sector the most for future growth even though it's trading below its 3-year average PE ratio of 62.2x.
    • It looks like investors are confident that earnings will grow faster in the future than they have historically.
  • The Financials sector is the least preferred by investors for future growth. Although, investor sentiment seems to have improved given that it's trading above its 3-year average of 2.6x.
Forecasted Growth
  • Analysts are most optimistic on the Energy sector, expecting annual earnings growth of 66% over the next 5 years.
  • However this is lower than its past earnings growth rate of 170% per year.
  • In contrast, the Materials sector is expected to see its earnings grow by 15% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuationSector
BUAFOODS BUA Foods₦734.206.0%
+₦750.6b		85.9%PE28.1xConsumer Staples
FIRSTHOLDCO First HoldCo₦44.9542.9%
+₦565.4b		67.7%PB0.6xFinancials
BUACEMENT BUA Cement₦170.004.9%
+₦270.9b		82.8%PE18.3xMaterials
GUINNESS Guinness Nigeria₦289.7033.0%
+₦157.5b		332.4%PE14xConsumer Staples
NESTLE Nestlé Nigeria₦1.96k10.0%
+₦141.1b		123.8%PE16.8xConsumer Staples
See more

Market Insights

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GUINNESS
₦289.70
Guinness Nigeria
7D
33.0%
1Y
332.4%
PRESCO
₦1,430.00
Presco
7D
-1.4%
1Y
207.5%
BUAFOODS
₦734.20
BUA Foods
7D
6.0%
1Y
85.9%
BUACEMENT
₦170.00
BUA Cement
7D
4.9%
1Y
82.8%
MECURE
₦55.00
Mecure Industries
7D
44.9%
1Y
380.3%
ETI
₦37.90
Ecobank Transnational
7D
3.8%
1Y
35.4%
STANBIC
₦95.20
Stanbic IBTC Holdings
7D
-9.3%
1Y
62.6%
NESTLE
₦1,958.00
Nestlé Nigeria
7D
10.0%
1Y
123.8%
GTCO
₦88.10
Guaranty Trust Holding
7D
-2.0%
1Y
54.6%

GTCO Margins Are Expected To Support Higher Future Share Price

Analysts have raised their price target on Guaranty Trust Holding from ₦121.05 to ₦130.00, citing expectations of structurally higher profit margins and a modestly richer valuation multiple that more than offsets slightly slower projected revenue growth. What's in the News Board meeting scheduled for January 27, 2026, to review audited financial statements for the year ending December 31, 2025 (company filing) Full year dividend considerations are expected to be tabled at the January 27, 2026, board meeting (company filing) Directors will also discuss other strategic and operational business matters during the upcoming board session (company filing) Valuation Changes The fair value estimate has risen modestly from NGN 121.05 to NGN 130.00, reflecting a higher assessed intrinsic value per share.
FIRSTHOLDCO
₦44.95
First HoldCo
7D
42.9%
1Y
67.7%
ZENITHBANK
₦63.30
Zenith Bank
7D
-1.1%
1Y
38.1%

ZENITHBANK: Future Earnings Momentum Will Drive Upside As Margins Improve

Analysts have raised their price target for Zenith Bank by approximately 7 percent to align with an updated fair value estimate of about $84. This change reflects slightly stronger expected revenue growth and a marginally lower discount rate, which more than offset a small reduction in projected profit margins and a modestly higher future price-to-earnings multiple.
NB
₦79.50
Nigerian Breweries
7D
-3.5%
1Y
174.1%
DANGCEM
₦610.00
Dangote Cement
7D
-0.8%
1Y
27.4%

DANGCEM: Lower Discount Rate Will Support Stable Margins And Earnings Outlook

Analysts have nudged their price target on Dangote Cement slightly higher to N654.06 per share from N654.06 per share, citing marginal improvements in the company’s long term discount rate assumptions and sustained expectations for robust revenue growth and stable profit margins. What's in the News Board meeting scheduled for October 27, 2025 to review and discuss the unaudited financial statements for the quarter ending September 30, 2025, along with other strategic matters (company disclosure) Valuation Changes Fair Value: Unchanged at NGN 654.06 per share, indicating no revision to the core valuation estimate.
OKOMUOIL
₦1,109.00
Okomu Oil Palm
7D
6.8%
1Y
202.2%
TRANSCORP
₦41.00
Transnational Corporation of Nigeria
7D
-2.8%
1Y
-4.5%

TRANSCORP PLC – Strategic Expansion in Power & Hospitality Drives Resilient Performance in Q3 2025

Author: Adebara Qudus (Founder of Wane Investment House) Executive Summary Transnational Corporation Plc delivered robust revenue and earnings growth in Q3 2025, underscoring the resilience and strategic execution of its diversified portfolio across power, hospitality, and energy sectors. The Group reported power sector revenue of ₦341.1 billion with ₦93.2 billion PBT, surpassing the full-year 2024 performance, while the hospitality segment achieved ₦72.3 billion revenue and ₦22.4 billion PBT, reflecting operational efficiency, market recovery, and strong consumer demand.
WAPCO
₦133.00
Lafarge Africa
7D
-5.0%
1Y
94.2%

Lafarge Africa Plc Q3 – Strong Momentum Sustained into Q3 2025 as Profit Soars 246% YoY

WaneInvestmentHouse made no meaningful changes to valuation assumptions.