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Nigerian (NSE) Market Analysis & Valuation
UpdatedDec 15, 2025
DataAggregated Company Financials
Companies129
- 7D1.6%
- 3M6.7%
- 1Y62.2%
- YTD55.1%
The market has climbed 1.6% in the last 7 days, lead by the Communication Services sector with a gain of 13%. Meanwhile, the Consumer Discretionary sector has underperformed, shrinking 8.9% in that time. The market is up 62% over the last 12 months. As for the next few years, earnings are expected to grow by 22% per annum.
Market Valuation and Performance
Has the Nigerian Market valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Mon, 15 Dec 2025 | ₦80.3t | ₦39.8t | ₦9.4t | 10.7x | 8.6x | 2x |
| Wed, 12 Nov 2025 | ₦75.2t | ₦39.7t | ₦9.4t | 10x | 8x | 1.9x |
| Fri, 10 Oct 2025 | ₦65.4t | ₦33.2t | ₦7.8t | 11.8x | 8.4x | 2x |
| Sun, 07 Sep 2025 | ₦63.6t | ₦33.5t | ₦8.2t | 11.6x | 7.8x | 1.9x |
| Tue, 05 Aug 2025 | ₦65.7t | ₦33.9t | ₦8.2t | 11.4x | 8x | 1.9x |
| Thu, 03 Jul 2025 | ₦53.8t | ₦33.0t | ₦7.2t | 10x | 7.5x | 1.6x |
| Sat, 31 May 2025 | ₦50.0t | ₦33.1t | ₦7.2t | 8.5x | 6.9x | 1.5x |
| Mon, 28 Apr 2025 | ₦47.3t | ₦32.0t | ₦7.0t | 8.3x | 6.8x | 1.5x |
| Wed, 26 Mar 2025 | ₦46.4t | ₦30.3t | ₦6.9t | 8.8x | 6.7x | 1.5x |
| Fri, 21 Feb 2025 | ₦47.0t | ₦28.9t | ₦7.0t | 9.1x | 6.7x | 1.6x |
| Sun, 19 Jan 2025 | ₦41.7t | ₦26.5t | ₦7.0t | 8.7x | 6x | 1.6x |
| Tue, 17 Dec 2024 | ₦41.9t | ₦29.5t | ₦7.0t | 7.5x | 6x | 1.4x |
| Thu, 14 Nov 2024 | ₦40.7t | ₦29.6t | ₦7.0t | 7.6x | 5.8x | 1.4x |
| Sat, 12 Oct 2024 | ₦104.7t | ₦26.0t | ₦6.1t | 7.2x | 17.3x | 4x |
| Mon, 09 Sep 2024 | ₦117.7t | ₦25.2t | ₦5.9t | 7.1x | 20.1x | 4.7x |
| Wed, 07 Aug 2024 | ₦37.9t | ₦24.8t | ₦5.7t | 6.2x | 6.6x | 1.5x |
| Fri, 05 Jul 2024 | ₦39.5t | ₦22.5t | ₦5.7t | 7x | 6.9x | 1.8x |
| Sun, 02 Jun 2024 | ₦38.6t | ₦21.9t | ₦5.6t | 7.3x | 6.9x | 1.8x |
| Tue, 30 Apr 2024 | ₦39.5t | ₦20.6t | ₦4.2t | 7.2x | 9.3x | 1.9x |
| Thu, 28 Mar 2024 | ₦42.2t | ₦19.2t | ₦3.5t | 8.5x | 11.9x | 2.2x |
| Sat, 24 Feb 2024 | ₦43.6t | ₦21.3t | ₦3.9t | 8.3x | 11.2x | 2x |
| Mon, 22 Jan 2024 | ₦41.4t | ₦20.0t | ₦3.6t | 10.1x | 11.5x | 2.1x |
| Wed, 20 Dec 2023 | ₦30.4t | ₦19.9t | ₦3.6t | 8.6x | 8.5x | 1.5x |
| Fri, 17 Nov 2023 | ₦29.9t | ₦20.0t | ₦3.6t | 7.7x | 8.3x | 1.5x |
| Sun, 15 Oct 2023 | ₦29.3t | ₦18.5t | ₦3.4t | 8.3x | 8.8x | 1.6x |
| Tue, 12 Sep 2023 | ₦30.1t | ₦17.8t | ₦2.7t | 8x | 11x | 1.7x |
| Thu, 10 Aug 2023 | ₦27.8t | ₦17.3t | ₦2.6t | 7.7x | 10.8x | 1.6x |
| Sat, 08 Jul 2023 | ₦28.2t | ₦16.9t | ₦2.5t | 9x | 11.2x | 1.7x |
| Mon, 05 Jun 2023 | ₦25.0t | ₦16.4t | ₦2.4t | 7.5x | 10.3x | 1.5x |
| Wed, 03 May 2023 | ₦22.9t | ₦16.4t | ₦2.5t | 6.8x | 9.1x | 1.4x |
| Fri, 31 Mar 2023 | ₦23.0t | ₦15.8t | ₦2.5t | 6.9x | 9.1x | 1.5x |
| Sun, 26 Feb 2023 | ₦22.9t | ₦15.6t | ₦2.4t | 7.1x | 9.3x | 1.5x |
| Tue, 24 Jan 2023 | ₦21.7t | ₦15.1t | ₦2.4t | 7.4x | 9x | 1.4x |
| Thu, 22 Dec 2022 | ₦20.6t | ₦15.1t | ₦2.4t | 7.1x | 8.5x | 1.4x |
Price to Earnings Ratio
8.5x
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 Market | 1.62% | |
| Healthcare | 12.99% | |
| Telecom | 12.50% | |
| Real Estate | 2.80% | |
| Consumer Staples | 1.61% | |
| Utilities | 0.036% | |
| Energy | 0.032% | |
| Materials | -0.038% | |
| Industrials | -0.70% | |
| Financials | -0.94% | |
| Tech | -5.51% | |
| Consumer Discretionary | -8.93% | |
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 62.3x.
- 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?
| Company | Last Price | 7D | 1Y | Valuation | Sector | |
|---|---|---|---|---|---|---|
| MTNN MTN Nigeria Communications | ₦531.70 | 12.5% +₦1.2t | 203.8% | PE12.9x | Telecom | |
| NB Nigerian Breweries | ₦82.40 | 9.9% +₦229.3b | 194.3% | PE28.3x | Consumer Staples | |
| INTBREW International Breweries | ₦11.95 | 4.8% +₦92.6b | 162.6% | PE35.3x | Consumer Staples | |
| DANGSUGAR Dangote Sugar Refinery | ₦60.00 | 10.7% +₦70.5b | 71.4% | PS0.9x | Consumer Staples | |
| GUINNESS Guinness Nigeria | ₦217.80 | 10.0% +₦43.4b | 235.1% | PE10.5x | Consumer Staples |