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Nigerian (NSE) Market Analysis & Valuation

UpdatedNov 05, 2025
DataAggregated Company Financials
Companies130
  • 7D-1.9%
  • 3M5.6%
  • 1Y72.4%
  • YTD58.7%

Over the last 7 days, the market has dropped 1.9%, driven by a pullback of 17% in the Energy sector. As for the longer term, the market has actually risen by 72% in the last year. As for the next few years, earnings are expected to grow by 19% per annum.

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 05 Nov 2025₦82.1t₦39.7t₦9.4t10.8x8.7x2.1x
Fri, 03 Oct 2025₦64.7t₦33.2t₦7.8t11.8x8.3x2x
Sun, 31 Aug 2025₦64.4t₦33.5t₦8.2t11.5x7.9x1.9x
Tue, 29 Jul 2025₦61.4t₦33.2t₦7.8t11.5x7.8x1.9x
Thu, 26 Jun 2025₦54.2t₦33.0t₦7.2t9.3x7.5x1.6x
Sat, 24 May 2025₦48.6t₦33.1t₦7.2t8.5x6.7x1.5x
Mon, 21 Apr 2025₦46.4t₦30.8t₦6.6t8.3x7.1x1.5x
Wed, 19 Mar 2025₦46.4t₦30.4t₦6.9t8.8x6.7x1.5x
Fri, 14 Feb 2025₦46.4t₦27.8t₦7.1t9.5x6.5x1.7x
Sun, 12 Jan 2025₦43.6t₦26.5t₦6.9t8.7x6.3x1.6x
Tue, 10 Dec 2024₦41.1t₦29.6t₦7.0t7.5x5.9x1.4x
Thu, 07 Nov 2024₦106.8t₦29.0t₦6.9t7.8x15.5x3.7x
Sat, 05 Oct 2024₦110.8t₦25.9t₦6.0t7.6x18.5x4.3x
Mon, 02 Sep 2024₦119.4t₦25.1t₦5.8t7x20.5x4.8x
Wed, 31 Jul 2024₦38.1t₦23.9t₦5.6t7.3x6.8x1.6x
Fri, 28 Jun 2024₦39.1t₦22.4t₦5.7t7.2x6.9x1.7x
Sun, 26 May 2024₦38.1t₦21.9t₦5.4t6.9x7.1x1.7x
Tue, 23 Apr 2024₦40.0t₦20.0t₦4.1t7.5x9.7x2x
Thu, 21 Mar 2024₦42.1t₦19.4t₦3.6t8x11.7x2.2x
Sat, 17 Feb 2024₦45.9t₦21.3t₦3.9t8.8x11.6x2.2x
Mon, 15 Jan 2024₦35.3t₦20.1t₦3.6t9.7x9.7x1.8x
Wed, 13 Dec 2023₦30.0t₦19.8t₦3.6t8.5x8.4x1.5x
Fri, 10 Nov 2023₦29.7t₦19.9t₦3.6t7.6x8.3x1.5x
Sun, 08 Oct 2023₦28.9t₦18.5t₦3.4t8.2x8.6x1.6x
Tue, 05 Sep 2023₦30.2t₦17.8t₦2.7t8.2x11x1.7x
Thu, 03 Aug 2023₦27.8t₦17.2t₦2.6t7.8x10.7x1.6x
Sat, 01 Jul 2023₦26.8t₦16.9t₦2.5t8.1x10.7x1.6x
Mon, 29 May 2023₦23.4t₦16.4t₦2.5t7.3x9.4x1.4x
Wed, 26 Apr 2023₦22.7t₦16.1t₦2.5t7x9.2x1.4x
Fri, 24 Mar 2023₦23.2t₦15.8t₦2.6t6.7x9.1x1.5x
Sun, 19 Feb 2023₦22.5t₦15.6t₦2.5t7.1x9.2x1.4x
Tue, 17 Jan 2023₦21.8t₦15.1t₦2.4t7.2x9x1.4x
Thu, 15 Dec 2022₦20.3t₦15.0t₦2.4t6.9x8.5x1.4x
Sat, 12 Nov 2022₦18.4t₦15.0t₦2.4t6.6x7.7x1.2x
Price to Earnings Ratio

7.7x


Total Market Cap: ₦18.4tTotal Earnings: ₦2.4tTotal Revenue: ₦15.0tTotal Market Cap vs Earnings and Revenue0%0%0%
Nigerian Market Price to Earnings3Y Average 9.1x202320242025
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 9.1x.
Past Earnings Growth
  • The earnings for Nigerian listed companies have grown 58% 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 Market-1.86%
Utilities0.34%
Telecom-0.021%
Consumer Discretionary-0.24%
Healthcare-0.62%
Materials-0.77%
Consumer Staples-1.41%
Industrials-1.75%
Financials-2.03%
Tech-12.45%
Real Estate-15.30%
Energy-16.71%
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 2.5x.
Forecasted Growth
  • Analysts are most optimistic on the Energy sector, expecting annual earnings growth of 57% over the next 5 years.
  • However this is lower than its past earnings growth rate of 170% per year.
  • In contrast, the Financials sector is expected to see its earnings grow by 13% 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
OKOMUOIL Okomu Oil Palm₦1.11k8.8%
+₦85.9b		228.3%PE14.7xConsumer Staples
STANBIC Stanbic IBTC Holdings₦112.352.1%
+₦37.4b		90.9%PE5.6xFinancials
JBERGER Julius Berger Nigeria₦151.8013.3%
+₦28.5b		-12.0%PE11.3xIndustrials
TRANSCORP Transnational Corporation of Nigeria₦50.004.1%
+₦19.8b		11.1%PE8.3xUtilities
ETI Ecobank Transnational₦38.202.0%
+₦18.4b		57.9%PB0.4xFinancials
See more

Market Insights

Header cover image
🏦 Room to Run: A Look at Where the Financial Sector Could Go
Richard Bowman avatar
Richard Bowman
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The AI capex boom is getting all of the attention, but behind that flurry of spending is an entire corner of the market that many are overlooking: Financials. Three key factors underpin the sector’s medium-term potential: a steepening yield curve, heightened IPO activity, and surging business spending together could boost financial stocks and ETFs higher.
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1Y
95.5%
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42.6%

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MTNN
₦489.20
MTN Nigeria Communications
7D
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1Y
188.3%

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recent valuation
INTBREW
₦12.00
International Breweries
7D
-14.3%
1Y
200.0%

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JBERGER
₦140.00
Julius Berger Nigeria
7D
1.4%
1Y
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recent valuation
ARADEL
₦717.50
Aradel Holdings
7D
-10.3%
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78.9%

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STERLINGNG
₦7.90
Sterling Financial Holdings
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3.9%
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55.5%

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GTCO
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Guaranty Trust Holding
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1Y
59.0%

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UBA
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United Bank for Africa
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3.7%
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28.2%

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CUSTODIAN
₦42.45
Custodian Investment
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4.9%
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253.8%

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DANGSUGAR
₦55.60
Dangote Sugar Refinery
7D
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80.5%
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7D
2.3%
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91.5%
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₦1,110.00
Okomu Oil Palm
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8.8%
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228.3%
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1Y
90.9%

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₦130.00
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-8.8%
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239.9%

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FIDELITYBK
₦19.00
Fidelity Bank
7D
1.1%
1Y
28.4%