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Nigerian (NSE) Market Analysis & Valuation

UpdatedJul 25, 2026
DataAggregated Company Financials
Companies132
  • 7D2.0%
  • 3M1.6%
  • 1Y75.5%
  • YTD47.2%

The market has climbed 2.0% in the last 7 days, lead by the Financials sector with a gain of 7.9%. In contrast, the Consumer Staples sector is lagging, dropping 5.4%. As for the past 12 months, the market is up 76%. Looking forward, earnings are forecast to grow by 24% annually.

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 25 Jul 2026₦129.6t₦44.5t₦10.9t18.8x11.9x2.9x
Mon, 22 Jun 2026₦128.4t₦43.7t₦10.3t18.6x12.5x2.9x
Wed, 20 May 2026₦139.9t₦43.6t₦10.3t19x13.6x3.2x
Fri, 17 Apr 2026₦116.0t₦41.0t₦9.7t16x11.9x2.8x
Sun, 15 Mar 2026₦109.3t₦40.5t₦9.4t14.9x11.7x2.7x
Tue, 10 Feb 2026₦95.1t₦39.6t₦9.0t14.7x10.6x2.4x
Thu, 08 Jan 2026₦87.0t₦39.7t₦9.3t11.9x9.3x2.2x
Sat, 06 Dec 2025₦78.8t₦39.8t₦9.3t10.7x8.5x2x
Mon, 03 Nov 2025₦82.8t₦39.7t₦9.4t11.1x8.8x2.1x
Wed, 01 Oct 2025₦64.6t₦33.2t₦7.8t11.9x8.3x1.9x
Fri, 29 Aug 2025₦64.5t₦33.5t₦8.2t11.3x7.9x1.9x
Sun, 27 Jul 2025₦61.2t₦33.2t₦7.8t11.1x7.8x1.8x
Tue, 24 Jun 2025₦52.4t₦33.0t₦7.2t9.4x7.3x1.6x
Thu, 22 May 2025₦48.9t₦33.1t₦7.2t8x6.8x1.5x
Sat, 19 Apr 2025₦46.4t₦30.9t₦6.6t8.3x7x1.5x
Mon, 17 Mar 2025₦46.8t₦30.3t₦6.9t8.8x6.8x1.5x
Wed, 12 Feb 2025₦44.8t₦27.8t₦7.1t9.2x6.3x1.6x
Fri, 10 Jan 2025₦43.6t₦26.5t₦6.9t8.6x6.3x1.6x
Sun, 08 Dec 2024₦41.1t₦29.6t₦7.0t7.5x5.9x1.4x
Tue, 05 Nov 2024₦106.6t₦29.0t₦6.9t7.6x15.5x3.7x
Thu, 03 Oct 2024₦105.1t₦25.8t₦6.0t7.9x17.6x4.1x
Sat, 31 Aug 2024₦119.4t₦24.7t₦5.7t7x20.9x4.8x
Mon, 29 Jul 2024₦38.1t₦23.2t₦5.8t7.3x6.6x1.6x
Wed, 26 Jun 2024₦39.0t₦22.5t₦5.7t7.4x6.8x1.7x
Fri, 24 May 2024₦38.3t₦21.9t₦5.4t6.9x7.1x1.8x
Sun, 21 Apr 2024₦40.0t₦20.0t₦4.1t7.5x9.7x2x
Tue, 19 Mar 2024₦42.1t₦19.4t₦3.6t8.7x11.7x2.2x
Thu, 15 Feb 2024₦44.6t₦21.3t₦4.0t8.7x11.3x2.1x
Sat, 13 Jan 2024₦35.3t₦20.1t₦3.6t9.7x9.7x1.8x
Mon, 11 Dec 2023₦29.9t₦19.9t₦3.6t8.4x8.4x1.5x
Wed, 08 Nov 2023₦29.6t₦19.8t₦3.6t8x8.3x1.5x
Fri, 06 Oct 2023₦29.4t₦18.4t₦3.3t8.4x8.8x1.6x
Sun, 03 Sep 2023₦30.0t₦17.7t₦2.7t8.2x10.9x1.7x
Tue, 01 Aug 2023₦27.8t₦17.1t₦2.6t7.9x10.7x1.6x
Price to Earnings Ratio

10.7x


Total Market Cap: ₦27.8tTotal Earnings: ₦2.6tTotal Revenue: ₦17.1tTotal Market Cap vs Earnings and Revenue0%0%0%
Nigerian Market Price to Earnings3Y Average 9.6x202420252026
Current Market PE
  • Investors are optimistic on the Nigerian market, and appear confident in strong long term growth rates.
  • The market is trading at a PE ratio of 11.9x which is higher than its 3-year average PE of 9.6x.
Past Earnings Growth
  • The earnings for Nigerian listed companies have grown 61% 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 Market1.96%
Real Estate10.09%
Financials7.90%
Tech5.22%
Materials5.04%
Telecom2.84%
Consumer Discretionary0.28%
Energy0.042%
Industrials-0.33%
Utilities-1.10%
Consumer Staples-5.45%
Healthcare-14.05%
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 80.3x.
    • It looks like investors are confident that earnings will grow faster in the future than they have historically.
  • The Real Estate sector is the least preferred by investors for future growth, which is trading below its 3-year average of 14.0x.
Forecasted Growth
  • Analysts are most optimistic on the Utilities sector, expecting annual earnings growth of 40% over the next 5 years.
  • This is better than its past earnings decline of 0.3% per year.
  • In contrast, the Financials sector is expected to see its earnings grow by 19% 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
BUACEMENT BUA Cement₦324.0017.6%
+₦1.6t		140.0%PE21.9xMaterials
FIRSTHOLDCO First HoldCo₦120.5025.6%
+₦1.2t		232.9%PB1.5xFinancials
ZENITHBANK Zenith Bank₦126.5011.0%
+₦513.4b		70.9%PB1xFinancials
MTNN MTN Nigeria Communications₦850.002.8%
+₦492.8b		112.5%PE13.4xTelecom
HBMNG HBM Nigeria₦349.504.3%
+₦233.6b		179.5%PE17.5xMaterials
See more

Market Insights

Header cover image
Healthcare just hit its lowest market weight since 1994. But dig deeper into the sector, and the collapse starts to look like a costume in some ways.
Continue reading
A brand’s strength doesn’t always last

Latest News

BUACEMENT
₦324.00
BUA Cement
7D
17.6%
1Y
140.0%
ACCESSCORP
₦29.20
Access Holdings
7D
16.8%
1Y
5.4%
ZENITHBANK
₦126.50
Zenith Bank
7D
11.0%
1Y
70.9%
UNILEVER
₦147.95
Unilever Nigeria
7D
19.3%
1Y
116.9%
Narrative Update • Jul 23

Delivers (Unaudited) Strong Revenue Growth in H1 2026 Amid Margin Resilience and Robust Cash Position

Executive Summary Analyst: Qudus Adebara (Research Analyst, DLM Capital Group) Unilever Nigeria Plc delivered a solid financial performance for the six months ended June 30, 2026, driven by strong revenue growth, improved gross profit, and sustained finance income. The company continued to benefit from pricing actions, product portfolio optimization, and increasing export sales despite persistent inflationary pressures and rising operating expenses.
MECURE
₦62.40
Mecure Industries
7D
-27.0%
1Y
457.1%
FIRSTHOLDCO
₦120.50
First HoldCo
7D
25.6%
1Y
232.9%
HBMNG
₦349.50
HBM Nigeria
7D
4.3%
1Y
179.5%
Narrative Update • Jul 17

HBM Nigeria Plc – Ashaka Plant Expansion and Strategic Transformation Under Huaxin Building Materials Group

HBM Nigeria Plc has reaffirmed its commitment to delivering long-term shareholder value through a major capacity expansion programme, operational transformation, and sustainability-driven initiatives following its integration into China's Huaxin Building Materials Group. The company disclosed that the ongoing expansion of its Ashaka Cement Plant in Gombe State will significantly enhance production capacity, improve operational efficiency, strengthen market competitiveness, and position the business to capitalize on growing demand from Nigeria’s housing and infrastructure sectors.
MTNN
₦850.00
MTN Nigeria Communications
7D
2.8%
1Y
112.5%
BUAFOODS
₦845.10
BUA Foods
7D
-10.0%
1Y
84.1%
Narrative Update • Jul 16

BUA Foods Plc – Expansion of Manufacturing Capacity and Product Diversification Strategy

Author: Qudus Adebara (Research Analyst, DLM Capital Group) BUA Foods Plc has unveiled a comprehensive expansion programme aimed at significantly increasing its manufacturing capacity, diversifying its product portfolio, and strengthening Nigeria’s domestic food production ecosystem. The initiative forms part of the company’s long-term growth strategy as it seeks to capitalize on rising food demand, enhance food security, and reinforce its leadership position within Nigeria’s food manufacturing sector.
GTCO
₦132.00
Guaranty Trust Holding
7D
2.2%
1Y
40.4%
Narrative Update • Jul 15

GTCO: Higher Margins And Dividend Policy Will Support Future Upside Potential

Analysts have revised their fair value estimate for Guaranty Trust Holding to NGN147.39 from NGN86.39, citing updated assumptions for revenue growth, profit margins, and future P/E expectations as key drivers of the higher price target. What’s in the News for Guaranty Trust Holding Guaranty Trust Holding has scheduled a board meeting for July 28, 2026, to consider the audited financial statements for the half year ending June 30, 2026, with potential discussion of half year dividend matters and other business items.
DANGCEM
₦1,034.00
Dangote Cement
7D
-1.2%
1Y
109.7%
Narrative Update • Jul 14

DANGCEM: Higher Long Run Margins And Lower P/E Will Support Undervalued Shares

Analysts have raised their NGN fair value estimate for Dangote Cement from NGN1,077.80 to NGN1,359.79, citing updated assumptions for revenue growth, profit margins, and a lower future P/E multiple as the key drivers of the higher price target. What's in the News for Dangote Cement Board meeting scheduled for Jul 29, 2026, to review and discuss the Unaudited Financial Statements for the quarter ending Jun 30, 2026.
PRESCO
₦2,070.00
Presco
7D
-10.0%
1Y
33.5%
Narrative Update • Jul 13

Presco Plc Delivers Strong FY 2025 Earnings Growth on Robust Revenue Expansion, Biological Asset Gains, and Improved Operating Leverage

Analyst: Qudus Adebara Executive Summary Presco Plc reported a strong financial performance for the year ended 31 December 2025 , driven by robust revenue growth, improved operating efficiency, and significant gains from biological asset valuation. Group revenue rose by 59.6% YoY to ₦331.2 billion (FY 2024: ₦207.5 billion), reflecting higher palm oil prices, increased production volumes, and expanded regional sales.
FIDELITYBK
₦21.00
Fidelity Bank
7D
-3.9%
1Y
-0.9%
STANBIC
₦163.00
Stanbic IBTC Holdings
7D
-2.3%
1Y
63.4%
NESTLE
₦2,812.50
Nestlé Nigeria
7D
-10.0%
1Y
48.8%
UACN
₦184.45
UAC of Nigeria
7D
-7.8%
1Y
235.7%