Investing IdeasBrowse All StocksMarkets
Have your own idea? Try our Stock Screener
Header cover image

Nigerian (NSE) Market Analysis & Valuation

UpdatedJan 20, 2026
DataAggregated Company Financials
Companies127
  • 7D1.5%
  • 3M10.9%
  • 1Y75.3%
  • YTD6.2%

The market is up 1.5% in the last 7 days, led by the Communication Services and Financials sectors. As for the past 12 months, the market is up 75%. 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
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
Sun, 07 May 2023₦22.9t₦16.4t₦2.5t7x9.2x1.4x
Tue, 04 Apr 2023₦23.1t₦15.8t₦2.5t6.7x9.2x1.5x
Thu, 02 Mar 2023₦23.5t₦15.7t₦2.5t7.2x9.3x1.5x
Sat, 28 Jan 2023₦21.8t₦15.2t₦2.4t7.1x9x1.4x
Price to Earnings Ratio

9x


Total Market Cap: ₦21.8tTotal Earnings: ₦2.4tTotal Revenue: ₦15.2tTotal 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 Market-0.24%
Healthcare16.88%
Tech10.98%
Energy4.99%
Industrials4.46%
Financials1.12%
Utilities0.32%
Consumer Discretionary0.28%
Materials-0.23%
Consumer Staples-0.78%
Real Estate-2.29%
Telecom-4.10%
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 62.7x.
    • 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
ARADEL Aradel Holdings₦794.805.8%
+₦190.3b		45.0%PE8.8xEnergy
ZENITHBANK Zenith Bank₦72.005.9%
+₦164.3b		52.5%PB0.6xFinancials
NESTLE Nestlé Nigeria₦2.15k10.0%
+₦155.2b		146.1%PE18.5xConsumer Staples
ETI Ecobank Transnational₦50.0011.1%
+₦118.7b		64.5%PB0.5xFinancials
MECURE Mecure Industries₦104.0026.8%
+₦88.0b		648.2%PE79.5xHealthcare
See more

Market Insights

Header cover image
Why Didn’t Oil React to Venezuela? 🇻🇪
Stella Ong avatar
Stella Ong
|
|
Maduro is out, the US stepped in… and oil markets barely reacted? Let’s look at why.
Continue reading
Which Markets Will Sink or Swim in 2026? 🌍
Last Week

Which Markets Will Sink or Swim in 2026? 🌍

Latest News

GTCO
₦95.00
Guaranty Trust Holding
7D
-4.5%
1Y
61.0%

GTCO: Fair Outlook Will Hinge On Margins And Upcoming Board Decisions

Analysts have raised their price target on Guaranty Trust Holding to ₦105.37 from ₦97.18, citing updated assumptions that combine a slightly lower revenue growth outlook with a higher profit margin and a revised future P/E of about 6x. 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).
JBERGER
₦168.00
Julius Berger Nigeria
7D
9.9%
1Y
20.2%
ZENITHBANK
₦72.00
Zenith Bank
7D
5.9%
1Y
52.5%

ZENITHBANK: Board Review And Dividend Decision Will Shape Measured Outlook

Analysts have raised their price target for Zenith Bank from ₦53.90 to ₦72.01, citing updated assumptions around revenue growth, profit margins, discount rate and forward P/E that, in their view, support a higher valuation range. What's in the News A board meeting is scheduled for January 29, 2026, to review Zenith Bank Group's audited financial statements for the year ending December 31, 2025.
NESTLE
₦2,153.80
Nestlé Nigeria
7D
10.0%
1Y
146.1%
IKEJAHOTEL
₦32.60
Ikeja Hotel
7D
-16.3%
1Y
141.5%
INTBREW
₦14.90
International Breweries
7D
-0.7%
1Y
189.3%
MTNN
₦580.00
MTN Nigeria Communications
7D
-4.1%
1Y
126.3%
WAPCO
₦157.10
Lafarge Africa
7D
-1.8%
1Y
121.4%
CHAMPION
₦20.95
Champion Breweries
7D
30.1%
1Y
433.1%
UBA
₦45.00
United Bank for Africa
7D
-2.1%
1Y
32.4%
MECURE
₦104.00
Mecure Industries
7D
26.8%
1Y
648.2%
ARADEL
₦794.80
Aradel Holdings
7D
5.8%
1Y
45.0%
ETI
₦50.00
Ecobank Transnational
7D
11.1%
1Y
64.5%

Ecobank Group – Strategic Partnership with Bank of China Strengthens China–Africa Trade and Payments Corridor

Author: Qudus Adebara (Founder of Wane Investment House) Executive Summary Ecobank Group has signed a Memorandum of Understanding (MoU) with Bank of China (Mauritius) Limited on December 22, 2025, reinforcing a long-standing partnership that dates back over 15 years. The agreement is designed to deepen cooperation in trade finance, cross-border payments, and financial services that support the rapidly expanding economic relationship between China and Africa.
STERLINGNG
₦7.80
Sterling Financial Holdings
7D
6.1%
1Y
44.4%
NB
₦80.15
Nigerian Breweries
7D
-7.1%
1Y
155.7%
DANGSUGAR
₦68.00
Dangote Sugar Refinery
7D
-2.2%
1Y
76.6%

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.