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Nigerian (NSE) Market Analysis & Valuation

UpdatedJan 01, 2026
DataAggregated Company Financials
Companies129
  • 7D1.6%
  • 3M10.4%
  • 1Y63.0%
  • YTD62.5%

The market has climbed 1.6% in the last 7 days, lead by the Consumer Staples sector with a gain of 3.5%. In the last year, the market has climbed 63%. Looking forward, earnings are forecast to grow by 20% annually.

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 02 Jan 2026₦84.1t₦39.8t₦9.4t11.1x9x2.1x
Sun, 30 Nov 2025₦76.6t₦39.7t₦9.3t9.6x8.2x1.9x
Tue, 28 Oct 2025₦73.1t₦33.9t₦7.9t12x9.3x2.2x
Thu, 25 Sep 2025₦65.2t₦33.2t₦7.8t11.7x8.4x2x
Sat, 23 Aug 2025₦64.9t₦34.0t₦8.2t11.4x7.9x1.9x
Mon, 21 Jul 2025₦59.6t₦33.1t₦7.4t11.7x8.1x1.8x
Wed, 18 Jun 2025₦50.6t₦33.0t₦7.2t9.2x7.1x1.5x
Fri, 16 May 2025₦48.9t₦33.1t₦7.2t8x6.8x1.5x
Sun, 13 Apr 2025₦46.6t₦30.8t₦6.8t8.4x6.8x1.5x
Tue, 11 Mar 2025₦46.5t₦30.3t₦6.9t8.8x6.7x1.5x
Thu, 06 Feb 2025₦43.6t₦27.8t₦7.1t8.6x6.1x1.6x
Sat, 04 Jan 2025₦43.6t₦29.5t₦7.0t8.9x6.3x1.5x
Mon, 02 Dec 2024₦40.9t₦29.7t₦7.0t7.6x5.8x1.4x
Wed, 30 Oct 2024₦106.9t₦27.3t₦6.4t7.6x16.7x3.9x
Fri, 27 Sep 2024₦110.3t₦25.8t₦6.1t7.6x17.9x4.3x
Sun, 25 Aug 2024₦109.0t₦24.7t₦5.7t6.6x19.1x4.4x
Tue, 23 Jul 2024₦39.5t₦22.7t₦5.7t7.2x6.9x1.7x
Thu, 20 Jun 2024₦39.0t₦22.4t₦5.7t7.5x6.9x1.7x
Sat, 18 May 2024₦38.7t₦21.9t₦5.3t7x7.4x1.8x
Mon, 15 Apr 2024₦41.4t₦20.1t₦4.2t7.8x9.9x2.1x
Wed, 13 Mar 2024₦41.6t₦19.5t₦3.6t8.1x11.6x2.1x
Fri, 09 Feb 2024₦44.5t₦21.3t₦3.9t8.7x11.4x2.1x
Sun, 07 Jan 2024₦33.5t₦20.1t₦3.6t9.4x9.3x1.7x
Tue, 05 Dec 2023₦29.8t₦19.9t₦3.6t8.2x8.3x1.5x
Thu, 02 Nov 2023₦30.0t₦19.5t₦3.6t8.3x8.3x1.5x
Sat, 30 Sep 2023₦29.0t₦18.5t₦3.4t8.3x8.7x1.6x
Mon, 28 Aug 2023₦28.9t₦17.3t₦2.5t7.6x11.4x1.7x
Wed, 26 Jul 2023₦29.4t₦17.1t₦2.6t8.6x11.1x1.7x
Fri, 23 Jun 2023₦26.3t₦16.9t₦2.5t7.7x10.5x1.6x
Sun, 21 May 2023₦23.0t₦16.4t₦2.5t7x9.2x1.4x
Tue, 18 Apr 2023₦22.5t₦15.9t₦2.6t6.8x8.8x1.4x
Thu, 16 Mar 2023₦23.5t₦15.8t₦2.6t7x9.2x1.5x
Sat, 11 Feb 2023₦22.4t₦15.6t₦2.5t7x9.1x1.4x
Mon, 09 Jan 2023₦21.2t₦15.1t₦2.4t7x8.8x1.4x
Price to Earnings Ratio

8.8x


Total Market Cap: ₦21.2tTotal 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 Market1.57%
Industrials4.77%
Healthcare3.67%
Consumer Staples3.46%
Tech3.30%
Telecom1.40%
Financials0.84%
Utilities0.80%
Materials0.67%
Consumer Discretionary0.33%
Energy-1.29%
Real Estate-2.14%
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 62.2x.
    • 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
BUAFOODS BUA Foods₦798.906.8%
+₦916.2b		92.5%PE30.6xConsumer Staples
MTNN MTN Nigeria Communications₦511.001.4%
+₦146.8b		155.5%PE12.4xTelecom
BUACEMENT BUA Cement₦178.502.0%
+₦118.5b		91.9%PE19.2xMaterials
ETI Ecobank Transnational₦41.9010.3%
+₦92.6b		49.6%PB0.4xFinancials
GUINNESS Guinness Nigeria₦349.909.8%
+₦68.6b		398.1%PE16.9xConsumer Staples
See more

Market Insights

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Three Sectors Expected to Rally in 2026 📈
With the backdrop of consistently strong broad market returns over the last few years, analysts are now looking at sector-specific plays that could outperform in 2026.
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