Investing IdeasBrowse All StocksMarkets
Have your own idea? Try our Stock Screener
Header cover image

Nigerian (NSE) Market Analysis & Valuation

UpdatedSep 15, 2025
DataAggregated Company Financials
Companies132
  • 7D1.3%
  • 3M26.4%
  • 1Y51.6%
  • YTD37.2%

Over the last 7 days, the market has risen 1.3%, driven by gains in every sector, especially the Financials sector. In the last year, the market has climbed 52%. 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
Tue, 16 Sep 2025₦64.6t₦33.5t₦8.2t11.5x7.9x1.9x
Thu, 14 Aug 2025₦67.3t₦34.0t₦8.2t12.2x8.2x2x
Sat, 12 Jul 2025₦55.5t₦33.0t₦7.4t11x7.5x1.7x
Mon, 09 Jun 2025₦50.8t₦33.1t₦7.2t9x7.1x1.5x
Wed, 07 May 2025₦48.1t₦33.1t₦7.4t7.6x6.5x1.5x
Fri, 04 Apr 2025₦46.5t₦30.5t₦6.8t8.8x6.8x1.5x
Sun, 02 Mar 2025₦46.5t₦29.0t₦7.0t8.9x6.6x1.6x
Tue, 28 Jan 2025₦42.7t₦26.5t₦7.0t8.2x6.1x1.6x
Thu, 26 Dec 2024₦42.9t₦29.5t₦7.0t8.4x6.1x1.5x
Sat, 23 Nov 2024₦40.9t₦29.7t₦7.0t7.4x5.8x1.4x
Mon, 21 Oct 2024₦112.7t₦26.1t₦6.1t7.4x18.5x4.3x
Wed, 18 Sep 2024₦115.7t₦25.4t₦6.1t7.4x19x4.5x
Fri, 16 Aug 2024₦37.5t₦24.7t₦5.7t6.8x6.6x1.5x
Sun, 14 Jul 2024₦39.3t₦22.6t₦5.7t7.1x6.9x1.7x
Tue, 11 Jun 2024₦38.5t₦22.2t₦5.6t7x6.8x1.7x
Thu, 09 May 2024₦39.2t₦21.6t₦5.2t7.3x7.5x1.8x
Sat, 06 Apr 2024₦41.9t₦19.4t₦3.8t8.5x10.9x2.2x
Mon, 04 Mar 2024₦38.0t₦19.4t₦3.6t8x10.6x2x
Wed, 31 Jan 2024₦46.6t₦20.2t₦3.7t10.1x12.6x2.3x
Fri, 29 Dec 2023₦30.8t₦20.0t₦3.6t8.6x8.5x1.5x
Sun, 26 Nov 2023₦29.9t₦20.0t₦3.6t8.3x8.3x1.5x
Tue, 24 Oct 2023₦29.2t₦18.5t₦3.4t7.8x8.7x1.6x
Thu, 21 Sep 2023₦30.4t₦18.4t₦3.2t8.4x9.5x1.7x
Sat, 19 Aug 2023₦28.2t₦17.3t₦2.5t8x11.2x1.6x
Mon, 17 Jul 2023₦28.0t₦16.9t₦2.5t8.1x11.1x1.7x
Wed, 14 Jun 2023₦25.8t₦16.4t₦2.4t7.6x10.6x1.6x
Fri, 12 May 2023₦22.7t₦16.4t₦2.5t7x9.1x1.4x
Sun, 09 Apr 2023₦23.0t₦15.9t₦2.5t6.6x9x1.4x
Tue, 07 Mar 2023₦23.5t₦15.8t₦2.6t7.1x9.2x1.5x
Thu, 02 Feb 2023₦22.0t₦15.5t₦2.4t7.3x9x1.4x
Sat, 31 Dec 2022₦21.0t₦15.1t₦2.4t7.2x8.7x1.4x
Mon, 28 Nov 2022₦19.7t₦15.0t₦2.4t6.4x8.3x1.3x
Wed, 26 Oct 2022₦18.6t₦14.4t₦2.4t6.8x7.8x1.3x
Fri, 23 Sep 2022₦18.3t₦14.4t₦2.4t7.3x7.6x1.3x
Price to Earnings Ratio

7.6x


Total Market Cap: ₦18.3tTotal Earnings: ₦2.4tTotal Revenue: ₦14.4tTotal Market Cap vs Earnings and Revenue0%0%0%
Nigerian Market Price to Earnings3Y Average 9.1x202320242025
Current Market PE
  • Investors are pessimistic on the Nigerian market, indicating that they anticipate earnings will not grow as fast as they have historically.
  • The market is trading at a PE ratio of 7.9x which is lower than its 3-year average PE of 9.1x.
Past Earnings Growth
  • The earnings for Nigerian listed companies have grown 51% per year over the last three years.
  • Revenues for these companies have grown 33% 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 Market1.35%
Telecom14.34%
Tech7.98%
Energy5.60%
Utilities3.08%
Healthcare2.32%
Real Estate2.09%
Financials2.08%
Industrials1.39%
Materials0.59%
Consumer Staples0.34%
Consumer Discretionary0.091%
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 61.6x.
    • It looks like investors are confident that earnings will grow faster in the future than they have historically.
Forecasted Growth
  • Analysts are most optimistic on the Energy sector, expecting annual earnings growth of 44% over the next 5 years.
  • This is better than its past earnings decline of 84% per year.
  • In contrast, the Financials sector is expected to see its earnings grow by 14% 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₦629.706.7%
+₦714.6b		59.5%PE28.7xConsumer Staples
WAPCO Lafarge Africa₦128.0013.3%
+₦241.6b		241.8%PE10.1xMaterials
ARADEL Aradel Holdings₦545.006.6%
+₦146.9b		n/aPE8xEnergy
ZENITHBANK Zenith Bank₦68.003.4%
+₦92.4b		78.9%PB0.6xFinancials
ACCESSCORP Access Holdings₦27.005.1%
+₦67.8b		40.3%PB0.4xFinancials
See more

Market Insights

Header cover image
💸 Finding Quality Dividend Yields in a Rate-Cutting Environment
Richard Bowman avatar
Richard Bowman
|
|
The market has already priced in a 25bps rate cut from the Fed next week like it’s a done deal. So this week, we’re zooming in on what’s really been going on in the bond market, and what it all means for dividend investors who want to maintain yield.
Continue reading
💸 How to Navigate Lofty Valuations in 2025
Last Week

💸 How to Navigate Lofty Valuations in 2025

Latest News

UACN
₦67.15
UAC of Nigeria
7D
-8.0%
1Y
190.1%
BUAFOODS
₦629.70
BUA Foods
7D
6.7%
1Y
59.5%
NEM
₦27.45
NEM Insurance
7D
-12.0%
1Y
266.0%
NB
₦70.25
Nigerian Breweries
7D
2.6%
1Y
150.9%
GTCO
₦94.20
Guaranty Trust Holding
7D
2.4%
1Y
104.8%

HabariPay And East Africa Expansion Will Bring Opportunities And Risks

Despite a slight moderation in forecasted revenue growth and a marginally higher future P/E, analysts have increased their fair value estimate for Guaranty Trust Holding from NGN83.61 to NGN86.89. What's in the News Guaranty Trust Holding will change its Nigerian Stock Exchange ticker symbol to GTCO, effective August 1.
WAPCO
₦128.00
Lafarge Africa
7D
13.3%
1Y
241.8%
STANBIC
₦98.00
Stanbic IBTC Holdings
7D
-2.0%
1Y
70.4%
JAIZBANK
₦4.51
Jaiz Bank
7D
-3.0%
1Y
99.6%
CORNERST
₦7.25
Cornerstone Insurance
7D
-3.3%
1Y
190.0%
ZENITHBANK
₦68.00
Zenith Bank
7D
3.4%
1Y
78.9%

Digital Transformation And Global Expansion Will Improve Banking Operations

Despite a substantial drop in projected revenue growth, Zenith Bank’s consensus price target has been raised, primarily driven by a notable improvement in net profit margin, which has boosted fair value from NGN65.57 to NGN69.28. What's in the News Board meeting scheduled to review audited H1 2025 financial statements.
INTBREW
₦12.00
International Breweries
7D
-2.4%
1Y
157.0%

International Breweries: A Challenging Year

Financial Highlights (H1 2025 vs H1 2024) Metric H1 2025 (₦’000) H1 2024 (₦’000) YoY Change Revenue 340,990,220 223,198,927 +52.7% Cost of Sales (219,412,477) (160,586,622) +36.6% Gross Profit 121,577,744 62,612,305 +94.1% Operating Expenses (59,269,904) (48,176,380) +23.0% Other Expense (6,208,822) (134,006,036) Significant Drop Profit Before Tax 61,527,171 (150,234,757) Turnaround Income Tax (20,239,432) 43,451,650 Reversal Net Profit 41,287,739 (106,783,107) Turnaround EPS (₦) 0.25 (3.98) Positive ✅ Balance Sheet Snapshot (as of June 2025 vs Dec 2024) Metric June 2025 (₦’000) Dec 2024 (₦’000) Change Total Assets 706,648,025 727,872,297 -2.9% Total Liabilities 216,446,210 278,958,220 -22.4% Equity 490,201,815 448,914,077 +9.2% Cash & Cash Equivalents 86,636,062 109,038,307 -20.5% Retained Losses (200,658,683) (241,946,422) Improved ✅ Key Observations 1. Strong Revenue Growth Revenue surged 53% YoY , reflecting higher beer demand and possible pricing adjustments.
ARADEL
₦545.00
Aradel Holdings
7D
6.6%
1Y
n/a

Aradel Holdings Plc H1/Q2 Result - Solid Half-Year Performance Despite Cost Pressures

Aradel Holdings Plc: Earnings Strength Masked by Margin Squeeze Aradel Holdings Plc delivered a robust H1 2025, with revenue rising 37.2% YoY to ₦368.1 billion and profit after tax (PAT) surging 40.2% YoY to ₦146.4 billion. The growth was fueled by increased crude, refined products and gas volumes, alongside a substantial one-off boost from associates (₦71.3 billion share of profits).
DANGCEM
₦511.20
Dangote Cement
7D
-1.7%
1Y
-3.9%
HONYFLOUR
₦20.90
Honeywell Flour Mills
7D
-9.1%
1Y
366.5%
ACCESSCORP
₦27.00
Access Holdings
7D
5.1%
1Y
40.3%
UBA
₦48.35
United Bank for Africa
7D
3.4%
1Y
104.0%