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Nigerian (NSE) Market Analysis & Valuation

UpdatedJun 01, 2026
DataAggregated Company Financials
Companies131
  • 7D-0.3%
  • 3M24.3%
  • 1Y134.2%
  • YTD57.8%

The Energy sector gained 9.0% while the market remained flat over the last week. As for the longer term, the market has risen 134% in the past 12 months. 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
Tue, 02 Jun 2026₦139.2t₦43.6t₦10.3t20.6x13.6x3.2x
Thu, 30 Apr 2026₦128.2t₦40.9t₦9.4t16.8x13.6x3.1x
Sat, 28 Mar 2026₦109.9t₦40.5t₦9.4t15x11.7x2.7x
Mon, 23 Feb 2026₦106.7t₦39.7t₦9.0t15.7x11.8x2.7x
Wed, 21 Jan 2026₦90.3t₦39.8t₦9.3t13.4x9.7x2.3x
Fri, 19 Dec 2025₦80.8t₦39.8t₦9.4t10.7x8.6x2x
Sun, 16 Nov 2025₦78.7t₦39.7t₦9.3t10.3x8.5x2x
Tue, 14 Oct 2025₦66.4t₦33.1t₦7.8t12.1x8.6x2x
Thu, 11 Sep 2025₦64.5t₦33.5t₦8.2t11.4x7.9x1.9x
Sat, 09 Aug 2025₦67.1t₦34.0t₦8.2t11.6x8.2x2x
Mon, 07 Jul 2025₦54.4t₦33.0t₦7.2t10x7.6x1.6x
Wed, 04 Jun 2025₦50.2t₦33.1t₦7.2t8.9x7x1.5x
Fri, 02 May 2025₦47.4t₦32.3t₦7.1t8.3x6.7x1.5x
Sun, 30 Mar 2025₦46.4t₦30.4t₦6.7t8.7x6.9x1.5x
Tue, 25 Feb 2025₦46.7t₦28.9t₦7.0t9.1x6.7x1.6x
Thu, 23 Jan 2025₦41.7t₦26.5t₦7.0t8.8x6x1.6x
Sat, 21 Dec 2024₦42.6t₦29.5t₦7.0t7.8x6.1x1.4x
Mon, 18 Nov 2024₦40.9t₦29.6t₦7.0t7.6x5.9x1.4x
Wed, 16 Oct 2024₦104.7t₦26.0t₦6.1t7.2x17.3x4x
Fri, 13 Sep 2024₦111.7t₦25.3t₦6.1t7.4x18.4x4.4x
Sun, 11 Aug 2024₦38.3t₦24.7t₦5.7t6.3x6.7x1.5x
Tue, 09 Jul 2024₦39.4t₦22.5t₦5.7t7.2x6.9x1.8x
Thu, 06 Jun 2024₦38.6t₦22.2t₦5.6t7.1x6.9x1.7x
Sat, 04 May 2024₦39.8t₦21.3t₦4.5t7x8.8x1.9x
Mon, 01 Apr 2024₦42.3t₦19.4t₦3.8t8.3x11x2.2x
Wed, 28 Feb 2024₦43.2t₦21.5t₦3.9t8.3x11x2x
Fri, 26 Jan 2024₦45.3t₦20.0t₦3.6t10.3x12.6x2.3x
Sun, 24 Dec 2023₦30.9t₦20.0t₦3.6t8.4x8.6x1.5x
Tue, 21 Nov 2023₦29.8t₦19.9t₦3.6t8.3x8.3x1.5x
Thu, 19 Oct 2023₦29.4t₦18.5t₦3.4t8.2x8.8x1.6x
Sat, 16 Sep 2023₦30.0t₦18.3t₦3.2t8.2x9.3x1.6x
Mon, 14 Aug 2023₦28.3t₦17.3t₦2.6t7.7x11x1.6x
Wed, 12 Jul 2023₦29.6t₦17.0t₦2.5t9.5x11.7x1.7x
Fri, 09 Jun 2023₦25.0t₦16.4t₦2.4t7.5x10.2x1.5x
Price to Earnings Ratio

10.2x


Total Market Cap: ₦25.0tTotal Earnings: ₦2.4tTotal Revenue: ₦16.4tTotal Market Cap vs Earnings and Revenue0%0%0%
Nigerian Market Price to Earnings3Y Average 9.5x202420252026
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 13.6x which is higher than its 3-year average PE of 9.5x.
Past Earnings Growth
  • The earnings for Nigerian listed companies have grown 61% per year over the last three years.
  • Revenues for these companies have grown 39% 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-0.31%
Energy9.02%
Real Estate2.12%
Tech1.19%
Consumer Discretionary0.34%
Telecom-0.0018%
Materials-0.04%
Healthcare-0.73%
Consumer Staples-0.93%
Financials-1.97%
Industrials-2.78%
Utilities-4.14%
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 70.4x.
    • 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 14.5x.
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 37% per year.
  • In contrast, the Materials sector is expected to see its earnings grow by 13% 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
ARADEL Aradel Holdings₦1.93k9.6%
+₦735.6b		264.9%PE21.1xEnergy
NASCON Nascon Allied Industries₦219.504.5%
+₦25.7b		275.2%PE16.6xConsumer Staples
INTBREW International Breweries₦12.650.8%
+₦16.8b		31.1%PE51.7xConsumer Staples
IKEJAHOTEL Ikeja Hotel₦43.7018.1%
+₦14.5b		201.4%PE6.6xConsumer Discretionary
NEM NEM Insurance₦32.908.9%
+₦13.5b		123.8%PE10.9xFinancials
See more

Market Insights

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IKEJAHOTEL
₦43.70
Ikeja Hotel
7D
18.1%
1Y
201.4%
CONHALLPLC
₦6.87
Consolidated Hallmark Holdings
7D
17.4%
1Y
140.2%
FIDELITYBK
₦20.25
Fidelity Bank
7D
-14.7%
1Y
6.6%
OANDO
₦48.05
Oando
7D
-12.5%
1Y
12.2%
ZENITHBANK
₦128.85
Zenith Bank
7D
-2.3%
1Y
163.2%
STERLINGNG
₦7.85
Sterling Financial Holdings
7D
1.9%
1Y
40.2%
TRANSPOWER
₦245.50
Transcorp Power
7D
-10.0%
1Y
-25.3%
FIRSTHOLDCO
₦67.00
First HoldCo
7D
-4.2%
1Y
162.7%
Narrative Update • May 14

Reports Sharp Earnings Decline in FY 2025 Amid Elevated Impairments, Trading Losses, and Rising Operating Costs Despite Strong Balance Sheet

Executive Summary Analyst: Qudus Adebara (Research Analyst) First HoldCo Plc delivered a significantly weaker financial performance for the year ended December 31, 2025, as elevated impairment charges, trading losses, and higher operating expenses offset strong growth in interest income and balance sheet expansion. Gross earnings remained resilient, supported by a 25% YoY increase in interest income to ₦2.99 trillion, driven by growth in customer lending and investment securities yields.
GTCO
₦136.00
Guaranty Trust Holding
7D
-5.8%
1Y
104.2%
Narrative Update • May 14

GTCO: Dividend Timetable And Margin Assumptions Will Shape Measured Future Upside

Analysts have raised their NGN fair value estimate for Guaranty Trust Holding from NGN131.83 to NGN162.00, reflecting updated assumptions around discount rates, revenue growth, profit margins and future P/E multiples. What's in the News Shareholders approved a final dividend for the 2025 financial year totaling NGN 429,830,699,084.64K, payable at NGN 11.76K per 50 Kobo ordinary share, bringing total dividend for 2025 to NGN 12.76K per ordinary share.
DANGSUGAR
₦71.15
Dangote Sugar Refinery
7D
-18.2%
1Y
81.5%
NEM
₦32.90
NEM Insurance
7D
8.9%
1Y
123.8%
INTBREW
₦12.65
International Breweries
7D
0.8%
1Y
31.1%
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.
ETRANZACT
₦18.00
eTranzact International
7D
5.3%
1Y
192.7%
NASCON
₦219.50
Nascon Allied Industries
7D
4.5%
1Y
275.2%
Narrative Update • May 06

Nascon Allied Industries Plc Delivers Exceptional FY 2025 Earnings Growth Driven by Strong Revenue Expansion and Finance Income Surge

Analyst: Qudus Adebara (Research Analyst) Executive Summary Nascon Allied Industries Plc delivered an outstanding FY 2025 performance, underpinned by strong revenue growth across its Salt and Seasoning segments, improved operating efficiency, and a significant increase in finance income. Revenue increased by 26.8% YoY to ₦152.69 billion , driven primarily by strong performance in the Salt segment.
BUACEMENT
₦378.00
BUA Cement
7D
-10.0%
1Y
351.6%
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).
ARADEL
₦1,933.80
Aradel Holdings
7D
9.6%
1Y
264.9%