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Nigerian (NSE) Market Analysis & Valuation

UpdatedJan 15, 2026
DataAggregated Company Financials
Companies127
  • 7D4.1%
  • 3M14.4%
  • 1Y76.8%
  • YTD6.8%

The market has climbed 4.1% in the last 7 days, lead by the Communication Services sector with a gain of 18%. The market is up 77% over the last 12 months. Looking forward, earnings are forecast to grow by 21% annually.

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 15 Jan 2026₦90.7t₦39.8t₦9.3t12.9x9.7x2.3x
Sat, 13 Dec 2025₦80.3t₦39.8t₦9.4t10.7x8.6x2x
Mon, 10 Nov 2025₦80.3t₦39.7t₦9.4t10.4x8.5x2x
Wed, 08 Oct 2025₦65.1t₦33.1t₦7.8t12.1x8.4x2x
Fri, 05 Sep 2025₦63.6t₦33.5t₦8.2t11.6x7.8x1.9x
Sun, 03 Aug 2025₦63.9t₦33.9t₦8.2t11.1x7.8x1.9x
Tue, 01 Jul 2025₦53.6t₦33.0t₦7.2t9.8x7.5x1.6x
Thu, 29 May 2025₦49.8t₦33.1t₦7.2t8.5x6.9x1.5x
Sat, 26 Apr 2025₦47.3t₦31.7t₦6.8t8.4x6.9x1.5x
Mon, 24 Mar 2025₦46.2t₦30.4t₦6.9t8.6x6.7x1.5x
Wed, 19 Feb 2025₦45.3t₦27.8t₦7.1t9.3x6.4x1.6x
Fri, 17 Jan 2025₦41.7t₦26.5t₦6.9t8.8x6x1.6x
Sun, 15 Dec 2024₦41.6t₦29.5t₦7.0t7.5x6x1.4x
Tue, 12 Nov 2024₦40.6t₦29.6t₦7.0t7.6x5.8x1.4x
Thu, 10 Oct 2024₦104.7t₦25.9t₦6.0t7.2x17.3x4x
Sat, 07 Sep 2024₦117.7t₦25.2t₦5.9t7.1x20.1x4.7x
Mon, 05 Aug 2024₦38.3t₦24.8t₦5.7t6.3x6.7x1.5x
Wed, 03 Jul 2024₦39.2t₦22.4t₦5.7t6.9x6.9x1.8x
Fri, 31 May 2024₦38.6t₦21.6t₦5.6t7.1x6.9x1.8x
Sun, 28 Apr 2024₦39.6t₦20.6t₦4.2t7.3x9.3x1.9x
Tue, 26 Mar 2024₦42.1t₦19.2t₦3.5t8.3x11.9x2.2x
Thu, 22 Feb 2024₦43.6t₦21.5t₦3.9t8.5x11.1x2x
Sat, 20 Jan 2024₦41.4t₦20.0t₦3.6t10.1x11.5x2.1x
Mon, 18 Dec 2023₦30.3t₦19.9t₦3.6t8.6x8.5x1.5x
Wed, 15 Nov 2023₦29.8t₦20.0t₦3.6t7.7x8.3x1.5x
Fri, 13 Oct 2023₦29.3t₦18.5t₦3.3t8.1x8.7x1.6x
Sun, 10 Sep 2023₦30.3t₦17.8t₦2.7t8.2x11.1x1.7x
Tue, 08 Aug 2023₦28.3t₦17.3t₦2.6t7.8x11x1.6x
Thu, 06 Jul 2023₦27.0t₦16.9t₦2.5t8.5x10.7x1.6x
Sat, 03 Jun 2023₦24.9t₦16.4t₦2.5t7.5x10x1.5x
Mon, 01 May 2023₦22.9t₦16.3t₦2.5t7.1x9.2x1.4x
Wed, 29 Mar 2023₦22.7t₦15.8t₦2.6t6.9x8.9x1.4x
Fri, 24 Feb 2023₦22.7t₦15.6t₦2.5t7.1x9.3x1.5x
Sun, 22 Jan 2023₦21.7t₦15.1t₦2.4t7.3x9x1.4x
Price to Earnings Ratio

9x


Total Market Cap: ₦21.7tTotal Earnings: ₦2.4tTotal Revenue: ₦15.1tTotal Market Cap vs Earnings and Revenue0%0%0%
Nigerian Market Price to Earnings3Y Average 9.2x202420252026
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 Market4.10%
Healthcare24.23%
Telecom18.35%
Real Estate10.54%
Energy8.03%
Tech5.42%
Financials2.41%
Industrials1.72%
Consumer Staples1.64%
Materials1.37%
Utilities0.53%
Consumer Discretionary-0.21%
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 62.6x.
    • 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
MTNN MTN Nigeria Communications₦605.0018.4%
+₦2.0t		159.7%PE14.7xTelecom
ARADEL Aradel Holdings₦792.609.5%
+₦298.1b		32.5%PE8.8xEnergy
WAPCO Lafarge Africa₦160.009.6%
+₦225.5b		128.6%PE10.4xMaterials
NB Nigerian Breweries₦86.008.9%
+₦216.9b		168.8%PE29.5xConsumer Staples
PRESCO Presco₦1.64k6.2%
+₦95.0b		203.9%PE12.1xConsumer Staples
See more

Market Insights

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Latest News

MTNN
₦605.00
MTN Nigeria Communications
7D
18.4%
1Y
159.7%
WAPCO
₦160.00
Lafarge Africa
7D
9.6%
1Y
128.6%
CONOIL
₦169.00
Conoil
7D
-9.7%
1Y
-56.4%
WAPIC
₦3.31
Coronation Insurance
7D
-17.3%
1Y
59.1%
JAIZBANK
₦7.46
Jaiz Bank
7D
35.9%
1Y
155.5%
NEM
₦31.00
NEM Insurance
7D
-5.9%
1Y
158.3%
ZENITHBANK
₦69.00
Zenith Bank
7D
3.0%
1Y
47.0%

ZENITHBANK: Future Dividend And Earnings Strength Will Drive Share Price Upside

Analysts have nudged their price target on Zenith Bank slightly higher to reflect modest adjustments in the discount rate and future price-to-earnings assumptions, while maintaining broadly unchanged views on fair value and underlying growth and profitability. What's in the News Board meeting scheduled for January 29, 2026, to review the Group's audited financial statements for the year ending December 31, 2025 (Key Developments) Directors to consider a proposal for recommendation of the full-year dividend to shareholders at the same January 29, 2026 board meeting (Key Developments) Valuation Changes Fair Value: Unchanged at NGN 84.02 per share, indicating no revision to the analyst central valuation view.
PRESCO
₦1,635.00
Presco
7D
6.2%
1Y
203.9%

Presco Plc – Rights Issue Records 103% Subscription, Underscoring Strong Investor Confidence

Author: Qudus Adebara (Founder of Wane Investment House) Executive Summary Presco Plc, Nigeria’s leading fully integrated edible oils and fats company, has successfully completed its recently concluded Rights Issue, achieving a 103% subscription level. The oversubscription reflects strong shareholder participation and deep investor confidence in Presco’s strategic direction, operational resilience, and long-term growth prospects.
UACN
₦92.30
UAC of Nigeria
7D
-3.9%
1Y
161.8%
FIRSTHOLDCO
₦50.00
First HoldCo
7D
4.2%
1Y
72.4%
ARADEL
₦792.60
Aradel Holdings
7D
9.5%
1Y
32.5%
IKEJAHOTEL
₦38.70
Ikeja Hotel
7D
-10.6%
1Y
186.7%
FCMB
₦11.20
FCMB Group
7D
-4.3%
1Y
7.7%

FCMB Group Plc Secures Shareholder Approval to Raise N400 Billion to Strengthen Capital and Support Strategic Growth

Key Highlights Offer Size: Up to N400 billion Offer Structure: Fresh equity capital through public/private placement Share Capital Increase: From N30.00 billion to reflect new share issuance Existing Shares: 60,004,339,565 ordinary shares of 50 kobo each Eligibility: Existing and potential investors, subject to regulatory approvals Regulatory Approvals: SEC, CBN, and NGX Strategic Objective: Align with CBN minimum capital requirements for international banks Overview FCMB Group Plc, a leading Nigerian financial services conglomerate, has obtained shareholder approval to raise up to N400 billion in fresh equity capital. The approval was granted during an Extraordinary General Meeting (EGM) held in Lagos, reflecting strong shareholder confidence in the Group’s leadership and growth ambitions.
STANBIC
₦107.00
Stanbic IBTC Holdings
7D
-1.8%
1Y
79.8%
NB
₦86.00
Nigerian Breweries
7D
8.9%
1Y
168.8%
NASCON
₦115.00
Nascon Allied Industries
7D
-4.2%
1Y
198.7%