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Nigerian (NSE) Market Analysis & Valuation

UpdatedMay 09, 2026
DataAggregated Company Financials
Companies129
  • 7D-0.3%
  • 3M40.6%
  • 1Y135.7%
  • YTD54.5%

Over the last 7 days, the market has remained flat, although notably the Healthcare sector gained 11% in that time. Meanwhile, the market is actually up 136% over the past year. As for the next few years, earnings are expected to grow by 18% per annum.

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 10 May 2026₦131.0t₦42.2t₦9.9t18.2x13.2x3.1x
Tue, 07 Apr 2026₦111.0t₦41.0t₦9.7t15x11.5x2.7x
Thu, 05 Mar 2026₦108.2t₦40.5t₦9.4t15.5x11.5x2.7x
Sat, 31 Jan 2026₦89.9t₦39.8t₦9.5t13.1x9.5x2.3x
Mon, 29 Dec 2025₦82.8t₦39.8t₦9.4t10.7x8.9x2.1x
Wed, 26 Nov 2025₦76.8t₦39.8t₦9.3t9.6x8.2x1.9x
Fri, 24 Oct 2025₦72.5t₦33.8t₦7.9t11.8x9.2x2.1x
Sun, 21 Sep 2025₦65.4t₦33.3t₦8.0t11.8x8.2x2x
Tue, 19 Aug 2025₦67.0t₦34.0t₦8.2t11.6x8.2x2x
Thu, 17 Jul 2025₦58.0t₦33.1t₦7.4t11.4x7.9x1.8x
Sat, 14 Jun 2025₦51.1t₦33.0t₦7.2t9.3x7.1x1.5x
Mon, 12 May 2025₦48.4t₦33.2t₦7.4t8.3x6.5x1.5x
Wed, 09 Apr 2025₦46.3t₦30.7t₦6.9t8x6.7x1.5x
Fri, 07 Mar 2025₦46.4t₦29.7t₦6.8t8.7x6.8x1.6x
Sun, 02 Feb 2025₦43.2t₦27.7t₦7.3t9.2x5.9x1.6x
Tue, 31 Dec 2024₦43.2t₦29.5t₦7.0t8.6x6.2x1.5x
Thu, 28 Nov 2024₦40.6t₦29.7t₦7.0t7.6x5.8x1.4x
Sat, 26 Oct 2024₦108.7t₦27.0t₦6.4t7.6x17.1x4x
Mon, 23 Sep 2024₦111.5t₦25.7t₦6.1t7.6x18.2x4.3x
Wed, 21 Aug 2024₦36.7t₦24.7t₦5.7t6.8x6.4x1.5x
Fri, 19 Jul 2024₦39.5t₦22.6t₦5.7t7.2x6.9x1.7x
Sun, 16 Jun 2024₦38.9t₦22.4t₦5.7t7.4x6.9x1.7x
Tue, 14 May 2024₦39.1t₦21.8t₦5.3t7.2x7.5x1.8x
Thu, 11 Apr 2024₦41.8t₦19.9t₦4.2t8.1x10x2.1x
Sat, 09 Mar 2024₦40.8t₦19.5t₦3.6t7.8x11.4x2.1x
Mon, 05 Feb 2024₦46.4t₦21.7t₦3.9t9.3x11.8x2.1x
Wed, 03 Jan 2024₦31.6t₦20.0t₦3.6t9x8.8x1.6x
Fri, 01 Dec 2023₦29.8t₦19.9t₦3.6t8.3x8.3x1.5x
Sun, 29 Oct 2023₦29.3t₦19.2t₦3.5t7.5x8.3x1.5x
Tue, 26 Sep 2023₦29.6t₦18.5t₦3.4t8.3x8.8x1.6x
Thu, 24 Aug 2023₦28.9t₦17.3t₦2.5t7.6x11.4x1.7x
Sat, 22 Jul 2023₦29.3t₦17.1t₦2.6t8.6x11.1x1.7x
Mon, 19 Jun 2023₦26.2t₦16.7t₦2.5t7.7x10.5x1.6x
Wed, 17 May 2023₦22.8t₦16.4t₦2.5t6.9x9.1x1.4x
Price to Earnings Ratio

9.1x


Total Market Cap: ₦22.8tTotal Earnings: ₦2.5tTotal Revenue: ₦16.4tTotal Market Cap vs Earnings and Revenue0%0%0%
Nigerian Market Price to Earnings3Y Average 9.4x202420252026
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 13.2x which is higher than its 3-year average PE of 9.4x.
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 37% 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-0.33%
Healthcare10.75%
Materials5.39%
Consumer Discretionary1.89%
Financials1.54%
Consumer Staples1.04%
Utilities-0.29%
Industrials-3.97%
Tech-5.79%
Energy-6.73%
Real Estate-6.76%
Telecom-12.43%
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 67.7x.
    • 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 14.7x.
Forecasted Growth
  • Analysts are most optimistic on the Energy sector, expecting annual earnings growth of 65% over the next 5 years.
  • This is better than its past earnings decline of 38% per year.
  • In contrast, the Materials sector is expected to see its earnings grow by 11% 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
DANGCEM Dangote Cement₦1.09k12.2%
+₦2.0t		147.3%PE16.4xMaterials
BUACEMENT BUA Cement₦427.902.4%
+₦335.3b		411.2%PE32.1xMaterials
DANGSUGAR Dangote Sugar Refinery₦95.3036.7%
+₦311.0b		152.1%PS1.4xConsumer Staples
STANBIC Stanbic IBTC Holdings₦177.007.3%
+₦190.8b		172.3%PE6.9xFinancials
ETI Ecobank Transnational₦88.009.2%
+₦175.6b		206.6%PB0.8xFinancials
See more

Market Insights

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Latest News

MTNN
₦801.10
MTN Nigeria Communications
7D
-12.4%
1Y
181.2%
Narrative Update • May 07

MTN Nigeria Communications Plc – Proposed Sale of 60% Stake in Fintech Subsidiaries

Strategic Partnership with MTN Group to Accelerate Fintech Growth & Optimize Capital Allocation Author: Qudus Adebara (Research Analyst) Transaction Overview MTN Nigeria Communications Plc has announced plans to divest a 60% stake in its fintech subsidiaries— MoMo Payment Service Bank and Y’ello Digital Financial Services (YDFS) —to its parent, MTN Group Limited , in a transaction valued at approximately ₦152.06 billion. Stake Sold: 60% Retained Stake (MTN Nigeria): 40% Transaction Value: ₦152.06 billion Implied Valuation: ₦95.5 billion (fair value basis) Structure: Primary capital injection + secondary share sale Completion Timeline: Targeted by December 31, 2026 (subject to approvals) The transaction will be presented for shareholder approval at the company’s AGM scheduled for April 30, 2026.
UBA
₦40.00
United Bank for Africa
7D
-6.4%
1Y
15.8%
INTBREW
₦13.00
International Breweries
7D
7.4%
1Y
43.6%
Narrative Update • May 07

International Breweries Plc Delivers Strong FY 2025 Earnings Turnaround Driven by Revenue Growth, Margin Expansion, and Balance Sheet Streng

Analyst: Qudus Adebara Executive Summary International Breweries Plc recorded a significant financial turnaround for the year ended December 31, 2025, driven by strong revenue growth, improved gross margins, lower finance costs, and disciplined cost management. Group revenue increased by 26.8% YoY to ₦620.15 billion , supported by improved pricing, stronger market penetration, and volume growth.
ACCESSCORP
₦24.00
Access Holdings
7D
-11.1%
1Y
12.7%
Narrative Update • May 07

Access Reports Strong FY 2025 Earnings Growth Supported by Trading Gains and Balance Sheet Expansion Amid Rising Impairments and Cost Pressu

Executive Summary Analyst: Qudus Adebara (Research Analyst, DLM Securities) Access Holdings Plc delivered a solid financial performance for the year ended December 31, 2025, driven by strong growth in non-interest income, particularly trading gains, and significant expansion in its balance sheet. Profit Before Tax (PBT) increased by 16% YoY to ₦1.01 trillion, while Profit After Tax (PAT) rose by 16% YoY to ₦743.0 billion.
STANBIC
₦177.00
Stanbic IBTC Holdings
7D
7.3%
1Y
172.3%
Narrative Update • May 06

Stanbic IBTC Holdings Plc Delivers Strong FY 2025 Earnings Growth Driven by Interest Income Expansion and Improved Asset Quality

Analyst: Qudus Adebara (Research Analyst, DLM Capital Group) Executive Summary Stanbic IBTC Holdings Plc recorded a strong financial performance for the year ended 31 December 2025, underpinned by robust growth in interest income, higher non-interest revenue, and improved asset quality. Net interest income rose to ₦585.01 billion (+43% YoY), supported by growth in loans and investment yields.
ETI
₦88.00
Ecobank Transnational
7D
9.2%
1Y
206.6%
Narrative Update • May 06

Ecobank Group Reports Resilient Q1 2026 Earnings Growth Amid Elevated Impairments and Strong Operating Income Expansion

Executive Summary Analyst: Qudus Adebara (Research Analyst, DLM Capital Group) Ecobank Transnational Incorporated delivered a solid financial performance for the three months ended March 31, 2026, supported by strong growth in interest income and operating revenue. Gross earnings rose 12% YoY, driven by higher yields on loans and investment securities, while net interest income surged 20%.
GTCO
₦139.50
Guaranty Trust Holding
7D
3.3%
1Y
102.0%
Narrative Update • May 06

Guaranty Trust Holding Company Plc Delivers Resilient FY 2025 Performance Amid Strong Interest Income Growth

Analyst: Qudus Adebara (Research Analyst, DLM Securities) Executive Summary Guaranty Trust Holding Company Plc (GTCO) delivered a resilient financial performance for the year ended 31 December 2025, supported by strong growth in interest income, improved fee-based earnings, and lower loan impairment charges. Gross earnings remained robust, with total interest income rising significantly, while net interest income expanded to ₦1.26 trillion, driven by growth in loans, investment securities, and cash balances.
DANGCEM
₦1,088.00
Dangote Cement
7D
12.2%
1Y
147.3%
Narrative Update • May 06

Dangote Cement Plc Delivers Record FY 2025 Profit Growth Driven by Revenue Expansion and Improved Cost Efficiency

Analyst: Qudus Adebara (Research Analyst) Executive Summary Dangote Cement Plc delivered a strong FY 2025 performance, supported by significant revenue growth, improved operating efficiency, and reduced finance costs. Group revenue increased by 20% YoY to ₦4.31 trillion , driven by improved pricing and resilient demand across key markets.
WAPCO
₦324.00
Lafarge Africa
7D
-7.4%
1Y
290.6%
Narrative Update • May 05

Lafarge Africa Plc Delivers Exceptional FY 2025 Earnings Growth Driven by Revenue Expansion, Margin Improvement and Strong Cash Generation

Analyst: Qudus Adebara (Research Analyst) Executive Summary Lafarge Africa Plc delivered an outstanding financial performance for the year ended 31 December 2025, supported by strong cement revenue growth, improved cost efficiency, foreign exchange gains, and significantly lower finance costs. Revenue increased by 53% YoY to ₦1.066 trillion , driven primarily by cement sales.
ZENITHBANK
₦123.00
Zenith Bank
7D
-5.7%
1Y
151.5%
Narrative Update • May 05

Zenith Bank Plc Delivers Resilient FY 2025 Performance Amid Strong Interest Income Growth and Elevated Impairments

Analyst: Qudus Adebara (Research Analyst, DLM Securities) Executive Summary Zenith Bank Plc delivered a resilient financial performance for the year ended 31 December 2025, supported by strong growth in interest income and sustained expansion in core banking activities. Interest income rose by 35% YoY to ₦3.67 trillion, driven by higher yields on loans, treasury bills, and government securities.
DANGSUGAR
₦95.30
Dangote Sugar Refinery
7D
36.7%
1Y
152.1%
Narrative Update • May 05

Dangote Sugar Refinery Plc Returns to Profitability in Q1 2026 Amid Strong Margin Recovery and FX Gains Despite Revenue Decline

Executive Summary Analyst: Qudus Adebara (Research Analyst, DLM Capital Group) Dangote Sugar Refinery Plc delivered a remarkable turnaround performance in Q1 2026, returning to profitability after a loss position in the prior year period. Profit After Tax (PAT) stood at ₦19.15 billion, compared to a loss of ₦23.65 billion in Q1 2025, driven by improved cost efficiency, significant foreign exchange gains, and stronger operating margins.
GUINNESS
₦402.60
Guinness Nigeria
7D
-19.0%
1Y
403.3%
BUACEMENT
₦427.90
BUA Cement
7D
2.4%
1Y
411.2%
Narrative Update • May 05

BUACEMENT: Future Dividend Will Support Rich P/E Despite Softer Revenue Assumptions

Analysts have raised their price target on BUA Cement from NGN149.69 to NGN157.04, citing updated assumptions that include a slightly lower discount rate, more moderate revenue growth expectations, and a higher projected profit margin and P/E multiple. What's in the News Board meeting scheduled for February 26, 2026, to consider the audited financial statements for the year ended December 31, 2025 (company event filing).
NAHCO
₦203.95
Nigerian Aviation Handling
7D
-9.7%
1Y
180.8%
ARADEL
₦1,880.00
Aradel Holdings
7D
-7.1%
1Y
273.8%
NB
₦83.35
Nigerian Breweries
7D
5.9%
1Y
71.1%
Narrative Update • Apr 28

Nigerian Breweries Plc Delivers Resilient FY 2025 Earnings Growth Supported by Stable Revenue and Improved Operating Efficiency

Executive Summary Analyst: Qudus Adebara (Research Analyst, DLM Securities) Nigerian Breweries Plc recorded a resilient performance for the financial year ended 31 December 2025, supported by stable revenue growth, improved operating efficiency, and disciplined cost management despite persistent macroeconomic headwinds and elevated financing costs. Group revenue rose marginally by 0.3% YoY to ₦1.47 trillion, reflecting stable demand across core beer and beverage segments, alongside contributions from product portfolio expansion, including wines and spirits.