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Nigerian (NSE) Market Analysis & Valuation

UpdatedJan 10, 2026
DataAggregated Company Financials
Companies128
  • 7D3.9%
  • 3M12.4%
  • 1Y65.3%
  • YTD3.9%

The Materials sector has led the market, which has gained 3.9%. The market is up 65% over the last 12 months. As for the next few years, earnings are expected to grow by 20% per annum.

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 10 Jan 2026₦88.1t₦39.7t₦9.3t12.5x9.4x2.2x
Mon, 08 Dec 2025₦78.8t₦39.3t₦9.4t10.7x8.4x2x
Wed, 05 Nov 2025₦82.1t₦39.7t₦9.4t10.8x8.7x2.1x
Fri, 03 Oct 2025₦64.7t₦33.2t₦7.8t11.8x8.3x2x
Sun, 31 Aug 2025₦64.4t₦33.5t₦8.2t11.5x7.9x1.9x
Tue, 29 Jul 2025₦61.4t₦33.2t₦7.8t11.5x7.8x1.9x
Thu, 26 Jun 2025₦54.2t₦33.0t₦7.2t9.3x7.5x1.6x
Sat, 24 May 2025₦48.6t₦33.1t₦7.2t8.5x6.7x1.5x
Mon, 21 Apr 2025₦46.4t₦30.8t₦6.6t8.3x7.1x1.5x
Wed, 19 Mar 2025₦46.4t₦30.4t₦6.9t8.8x6.7x1.5x
Fri, 14 Feb 2025₦46.4t₦27.8t₦7.1t9.5x6.5x1.7x
Sun, 12 Jan 2025₦43.6t₦26.5t₦6.9t8.7x6.3x1.6x
Tue, 10 Dec 2024₦41.1t₦29.6t₦7.0t7.5x5.9x1.4x
Thu, 07 Nov 2024₦106.8t₦29.0t₦6.9t7.8x15.5x3.7x
Sat, 05 Oct 2024₦110.8t₦25.9t₦6.0t7.6x18.5x4.3x
Mon, 02 Sep 2024₦119.4t₦25.1t₦5.8t7x20.5x4.8x
Wed, 31 Jul 2024₦38.1t₦23.9t₦5.6t7.3x6.8x1.6x
Fri, 28 Jun 2024₦39.1t₦22.4t₦5.7t7.2x6.9x1.7x
Sun, 26 May 2024₦38.1t₦21.9t₦5.4t6.9x7.1x1.7x
Tue, 23 Apr 2024₦40.0t₦20.0t₦4.1t7.5x9.7x2x
Thu, 21 Mar 2024₦42.1t₦19.4t₦3.6t8x11.7x2.2x
Sat, 17 Feb 2024₦45.9t₦21.3t₦3.9t8.8x11.6x2.2x
Mon, 15 Jan 2024₦35.3t₦20.1t₦3.6t9.7x9.7x1.8x
Wed, 13 Dec 2023₦30.0t₦19.8t₦3.6t8.5x8.4x1.5x
Fri, 10 Nov 2023₦29.7t₦19.9t₦3.6t7.6x8.3x1.5x
Sun, 08 Oct 2023₦28.9t₦18.5t₦3.4t8.2x8.6x1.6x
Tue, 05 Sep 2023₦30.2t₦17.8t₦2.7t8.2x11x1.7x
Thu, 03 Aug 2023₦27.8t₦17.2t₦2.6t7.8x10.7x1.6x
Sat, 01 Jul 2023₦26.8t₦16.9t₦2.5t8.1x10.7x1.6x
Mon, 29 May 2023₦23.4t₦16.4t₦2.5t7.3x9.4x1.4x
Wed, 26 Apr 2023₦22.7t₦16.1t₦2.5t7x9.2x1.4x
Fri, 24 Mar 2023₦23.2t₦15.8t₦2.6t6.7x9.1x1.5x
Sun, 19 Feb 2023₦22.5t₦15.6t₦2.5t7.1x9.2x1.4x
Tue, 17 Jan 2023₦21.8t₦15.1t₦2.4t7.2x9x1.4x
Price to Earnings Ratio

9x


Total Market Cap: ₦21.8tTotal 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 Market3.91%
Healthcare30.49%
Telecom7.60%
Materials4.71%
Industrials3.73%
Financials3.66%
Consumer Staples3.18%
Tech0.45%
Energy0.36%
Utilities0.018%
Consumer Discretionary-0.27%
Real Estate-0.56%
Sector PE
  • Investors favour the Healthcare sector the most for future growth, which is trading above its 3-year average PE ratio of 25.7x.
    • Analysts are expecting annual earnings growth of 26.8%, which is lower than the prior year's growth of 116.3% per year.
  • 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
MTNN MTN Nigeria Communications₦550.007.6%
+₦817.8b		127.3%PE13.3xTelecom
DANGCEM Dangote Cement₦635.004.3%
+₦435.6b		32.6%PE11.1xMaterials
WAPCO Lafarge Africa₦150.0011.5%
+₦249.7b		114.3%PE9.7xMaterials
GTCO Guaranty Trust Holding₦99.207.5%
+₦218.9b		71.0%PB1xFinancials
PRESCO Presco₦1.64k12.8%
+₦185.0b		208.5%PE12.1xConsumer Staples
See more

Market Insights

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Latest News

CONOIL
₦169.00
Conoil
7D
-9.7%
1Y
-56.4%
BUACEMENT
₦183.00
BUA Cement
7D
2.5%
1Y
96.8%

BUACEMENT: Elevated Funding Costs Will Likely Sustain Pressure On Future Profit Margins

Analysts have kept their fair value estimate for BUA Cement steady at ₦132.77 per share, with only marginal tweaks to inputs such as the discount rate and future P/E. This reflects fine tuning of their valuation framework rather than a change in their broader view of the company.
WAPCO
₦150.00
Lafarge Africa
7D
11.5%
1Y
114.3%
ACCESSCORP
₦22.65
Access Holdings
7D
-1.5%
1Y
-7.6%
GTCO
₦99.20
Guaranty Trust Holding
7D
7.5%
1Y
71.0%

GTCO: Stable Metrics And Upcoming Board Decisions Will Shape Future Returns

Analysts have kept their price target for Guaranty Trust Holding unchanged, citing stable fair value estimates, discount rate assumptions, revenue growth expectations, profit margin outlook and a forward P/E of about 5.53x as the key factors behind maintaining this view. What's in the News Board meeting scheduled for January 27, 2026 to consider the audited financial statements for the year ending December 31, 2025 (Key Developments) Full year dividend matters are expected to be discussed at the January 27, 2026 board meeting (Key Developments) Other business issues will also be taken up at the upcoming board meeting, providing more clarity on the holding company's near term priorities (Key Developments) Valuation Changes Fair Value Estimate: Fair value is unchanged at 97.18, indicating no revision to the core valuation output.
PRESCO
₦1,635.00
Presco
7D
12.8%
1Y
208.5%

Presco Plc – Rights Issue Records 103% Subscription, Underscoring Strong Investor Confidence

Author: Qudus Adebara (Founder of Wane Investment House) Executive Summary Presco Plc, Nigeria’s leading fully integrated edible oils and fats company, has successfully completed its recently concluded Rights Issue, achieving a 103% subscription level. The oversubscription reflects strong shareholder participation and deep investor confidence in Presco’s strategic direction, operational resilience, and long-term growth prospects.
UPDC
₦5.00
UPDC
7D
-6.5%
1Y
170.3%
FIRSTHOLDCO
₦46.10
First HoldCo
7D
-5.5%
1Y
52.6%
DANGCEM
₦635.00
Dangote Cement
7D
4.3%
1Y
32.6%
HONYFLOUR
₦22.50
Honeywell Flour Mills
7D
-2.2%
1Y
124.6%
IKEJAHOTEL
₦40.00
Ikeja Hotel
7D
-10.9%
1Y
187.8%
FCMB
₦11.25
FCMB Group
7D
-2.2%
1Y
11.4%

FCMB Group Plc Secures Shareholder Approval to Raise N400 Billion to Strengthen Capital and Support Strategic Growth

Key Highlights Offer Size: Up to N400 billion Offer Structure: Fresh equity capital through public/private placement Share Capital Increase: From N30.00 billion to reflect new share issuance Existing Shares: 60,004,339,565 ordinary shares of 50 kobo each Eligibility: Existing and potential investors, subject to regulatory approvals Regulatory Approvals: SEC, CBN, and NGX Strategic Objective: Align with CBN minimum capital requirements for international banks Overview FCMB Group Plc, a leading Nigerian financial services conglomerate, has obtained shareholder approval to raise up to N400 billion in fresh equity capital. The approval was granted during an Extraordinary General Meeting (EGM) held in Lagos, reflecting strong shareholder confidence in the Group’s leadership and growth ambitions.
MTNN
₦550.00
MTN Nigeria Communications
7D
7.6%
1Y
127.3%
NB
₦80.00
Nigerian Breweries
7D
7.0%
1Y
150.0%
SOVRENINS
₦3.38
Sovereign Trust Insurance
7D
-11.3%
1Y
156.1%
DANGSUGAR
₦71.00
Dangote Sugar Refinery
7D
17.9%
1Y
115.2%

Dangote Sugar Refinery Plc – $700 Million Backward Integration Drive to Achieve Sugar Self-Sufficiency

Analyst: Qudus Adebara (Founder of Wane Investment House and Wane Trading Club) Investment Overview Dangote Sugar Refinery Plc (“DSR” or “the Company”), a member of the Dangote Group, has announced a significant $700 million investment commitment to accelerate its Backward Integration Programme (BIP) under Nigeria’s National Sugar Master Plan (NSMP). The investment covers: Land acquisition and development for sugarcane plantations Procurement of machinery and processing equipment Infrastructure and irrigation systems Manpower development and community engagement Corporate Social Responsibility (CSR) initiatives The programme is designed to ensure Nigeria achieves self-sufficiency in refined sugar production and eliminates the importation of raw sugar in the medium term.