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Nigerian (NSE) Market Analysis & Valuation

UpdatedDec 06, 2025
DataAggregated Company Financials
Companies129
  • 7D2.9%
  • 3M6.9%
  • 1Y62.1%
  • YTD52.2%

Over the last 7 days, the market has risen 2.9%, driven by gains of 8.7% in the Materials sector. The market is up 62% over the last 12 months. Earnings are forecast to grow by 21% annually.

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
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
Thu, 29 Jun 2023₦26.8t₦16.9t₦2.5t7.8x10.7x1.6x
Sat, 27 May 2023₦23.4t₦16.4t₦2.5t7.3x9.4x1.4x
Mon, 24 Apr 2023₦22.5t₦16.1t₦2.5t7x9.1x1.4x
Wed, 22 Mar 2023₦23.1t₦15.8t₦2.6t6.9x9.1x1.5x
Fri, 17 Feb 2023₦22.5t₦15.6t₦2.5t7x9.2x1.4x
Sun, 15 Jan 2023₦21.9t₦15.1t₦2.4t7.4x9.1x1.5x
Tue, 13 Dec 2022₦20.3t₦15.0t₦2.4t6.9x8.5x1.3x
Price to Earnings Ratio

8.5x


Total Market Cap: ₦20.3tTotal Earnings: ₦2.4tTotal Revenue: ₦15.0tTotal Market Cap vs Earnings and Revenue0%0%0%
Nigerian Market Price to Earnings3Y Average 9.2x202320242025
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 Market2.90%
Materials8.74%
Tech7.17%
Healthcare3.12%
Financials2.78%
Consumer Staples1.57%
Industrials1.34%
Utilities0%0
Telecom-0.0073%
Consumer Discretionary-0.66%
Energy-1.31%
Real Estate-2.61%
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 62.4x.
    • 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 2.5x.
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
DANGCEM Dangote Cement₦614.9015.0%
+₦1.3t		28.4%PE10.8xMaterials
NB Nigerian Breweries₦75.0012.4%
+₦255.6b		174.7%PE25.7xConsumer Staples
UBA United Bank for Africa₦40.009.7%
+₦145.7b		17.8%PB0.4xFinancials
ZENITHBANK Zenith Bank₦62.203.7%
+₦90.4b		41.5%PB0.5xFinancials
GTCO Guaranty Trust Holding₦89.003.0%
+₦82.5b		67.3%PB0.9xFinancials
See more

Market Insights

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