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Nigerian (NSE) Market Analysis & Valuation

UpdatedApr 26, 2024
DataAggregated Company Financials
Companies136
  • 7D-1.1%
  • 3M-5.1%
  • 1Y115.8%
  • YTD43.5%

Over the last 7 days, the market has dropped 1.1%, driven by a loss of 6.0% in the Financials sector. In the last year, the market is actually up 116%. As for the next few years, earnings are expected to grow by 24% per annum.

Trending IndustriesOil and Gas

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 27 Apr 2024₦39.6t₦20.6t₦4.2t7.4x9.3x1.9x
Mon, 25 Mar 2024₦42.4t₦19.2t₦3.5t8.3x11.9x2.2x
Wed, 21 Feb 2024₦43.4t₦21.5t₦4.0t8.5x10.9x2x
Fri, 19 Jan 2024₦40.1t₦20.0t₦3.6t10.6x11.1x2x
Sun, 17 Dec 2023₦30.3t₦19.9t₦3.6t8.6x8.5x1.5x
Tue, 14 Nov 2023₦29.6t₦19.9t₦3.6t7.7x8.3x1.5x
Thu, 12 Oct 2023₦29.2t₦18.5t₦3.3t8.1x8.7x1.6x
Sat, 09 Sep 2023₦30.3t₦17.8t₦2.8t8.2x11x1.7x
Mon, 07 Aug 2023₦28.3t₦17.3t₦2.6t7.8x11x1.6x
Wed, 05 Jul 2023₦27.6t₦16.9t₦2.5t8.4x10.9x1.6x
Fri, 02 Jun 2023₦25.0t₦16.4t₦2.5t7.5x10x1.5x
Sun, 30 Apr 2023₦22.9t₦16.3t₦2.5t7.2x9.2x1.4x
Tue, 28 Mar 2023₦23.2t₦15.8t₦2.6t6.7x9.1x1.5x
Thu, 23 Feb 2023₦22.4t₦15.6t₦2.5t7.1x9.2x1.4x
Sat, 21 Jan 2023₦21.8t₦15.1t₦2.4t7.3x9x1.4x
Mon, 19 Dec 2022₦20.5t₦15.1t₦2.4t7x8.5x1.4x
Wed, 16 Nov 2022₦18.3t₦15.0t₦2.4t6.4x7.7x1.2x
Fri, 14 Oct 2022₦18.3t₦14.4t₦2.4t7x7.7x1.3x
Sun, 11 Sep 2022₦18.5t₦14.3t₦2.4t7.4x7.7x1.3x
Tue, 09 Aug 2022₦19.2t₦14.0t₦2.3t7.3x8.2x1.4x
Thu, 07 Jul 2022₦20.5t₦13.4t₦2.3t8.7x8.9x1.5x
Sat, 04 Jun 2022₦21.1t₦13.4t₦2.3t8.6x9.1x1.6x
Mon, 02 May 2022₦20.9t₦13.1t₦2.2t8.5x9.5x1.6x
Wed, 30 Mar 2022₦19.8t₦12.6t₦2.1t8.1x9.4x1.6x
Fri, 25 Feb 2022₦20.1t₦12.3t₦2.1t9.6x9.7x1.6x
Sun, 23 Jan 2022₦19.8t₦11.6t₦1.9t7.8x10.4x1.7x
Tue, 21 Dec 2021₦18.0t₦11.6t₦1.9t7.2x9.4x1.5x
Thu, 18 Nov 2021₦18.7t₦11.6t₦1.8t7.2x10.1x1.6x
Sat, 16 Oct 2021₦18.1t₦11.0t₦1.8t7.5x10.1x1.6x
Mon, 13 Sep 2021₦16.9t₦11.6t₦1.8t7.2x9.4x1.5x
Wed, 11 Aug 2021₦17.2t₦11.7t₦1.8t7.3x9.5x1.5x
Sun, 06 Jun 2021₦16.2t₦10.9t₦1.7t8x9.6x1.5x
Price to Earnings Ratio

9.9x


Total Market Cap: ₦16.7tTotal Earnings: ₦1.7tTotal Revenue: ₦10.9tTotal Market Cap vs Earnings and Revenue0%0%0%
Nigerian Market Price to Earnings3Y Average 9.4x202220232024
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 9.4x.
Past Earnings Growth
  • The earnings for Nigerian listed companies have grown 35% per year over the last three years.
  • Revenues for these companies have grown 23% 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-1.09%
Real Estate3.61%
Materials0.31%
Consumer Staples0.026%
Industrials-0.089%
Utilities-0.39%
Consumer Discretionary-1.38%
Healthcare-2.90%
Telecom-3.36%
Tech-5.54%
Financials-6.02%
Energy-8.44%
Sector PE
  • Investors favour the Utilities sector the most for future growth, which is trading above its 3-year average PE ratio of 35.4x.
    • It looks like investors are confident that earnings will grow faster in the future than they have historically.
Forecasted Growth
  • Analysts are most optimistic on the Consumer Staples sector, expecting annual earnings growth of 65% over the next 5 years.
  • This is better than its past earnings growth rate of 27% per year.
  • In contrast, the Financials sector is expected to see its earnings decline by 4.1% 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
WAPCO Lafarge Africa₦36.009.1%
+₦48.3b
49.4%PE11.3xMaterials
GTCO Guaranty Trust Holding₦35.506.0%
+₦42.6b
42.9%PB0.5xFinancials
FIDELITYBK Fidelity Bank₦9.405.6%
+₦17.6b
65.8%PB0.8xFinancials
UBA United Bank for Africa₦23.001.3%
+₦10.3b
196.8%PB0.4xFinancials
UNILEVER Unilever Nigeria₦15.1011.0%
+₦8.6b
11.9%PE5.1xConsumer Staples
See more
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OANDO

₦9.25

Oando

7D

-19.6%

1Y

66.4%

FBNH

₦20.35

FBN Holdings

7D

-16.3%

1Y

87.6%

FIDELITYBK

₦9.40

Fidelity Bank

7D

5.6%

1Y

65.8%

UACN

₦12.40

UAC of Nigeria

7D

9.3%

1Y

55.0%

UNILEVER

₦15.10

Unilever Nigeria

7D

11.0%

1Y

11.9%

GTCO

₦35.50

Guaranty Trust Holding

7D

6.0%

1Y

42.9%

OKOMUOIL

₦232.50

Okomu Oil Palm

7D

-5.9%

1Y

35.6%

ACCESSCORP

₦16.60

Access Holdings

7D

-2.4%

1Y

63.5%

UBA

₦23.00

United Bank for Africa

7D

1.3%

1Y

196.8%

WAPCO

₦36.00

Lafarge Africa

7D

9.1%

1Y

49.4%

JAIZBANK

₦2.02

Jaiz Bank

7D

4.7%

1Y

112.6%

MTNN

₦202.00

MTN Nigeria Communications

7D

-9.8%

1Y

-11.7%

NESTLE

₦795.30

Nestlé Nigeria

7D

-11.6%

1Y

-23.8%

CAP

₦28.85

Chemical and Allied Products

7D

20.2%

1Y

55.9%