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Nigerian (NSE) Market Analysis & Valuation
UpdatedDec 30, 2025
DataAggregated Company Financials
Companies129
- 7D1.5%
- 3M9.7%
- 1Y61.2%
- YTD61.0%
Over the last 7 days, the market has risen 1.1%, driven by gains of 3.1% in the Consumer Staples sector. Meanwhile, the Communication Services sector has underperformed, shrinking 5.2% in that time. In the last year, the market has climbed 62%. Looking forward, earnings are forecast to grow by 22% annually.
Market Valuation and Performance
Has the Nigerian Market valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Tue, 30 Dec 2025 | ₦83.3t | ₦39.8t | ₦9.4t | 10.7x | 8.9x | 2.1x |
| Thu, 27 Nov 2025 | ₦76.3t | ₦39.7t | ₦9.3t | 9.6x | 8.2x | 1.9x |
| Sat, 25 Oct 2025 | ₦73.1t | ₦33.8t | ₦7.9t | 11.8x | 9.2x | 2.2x |
| Mon, 22 Sep 2025 | ₦65.4t | ₦33.3t | ₦8.0t | 11.8x | 8.2x | 2x |
| Wed, 20 Aug 2025 | ₦65.7t | ₦34.0t | ₦8.2t | 11.5x | 8x | 1.9x |
| Fri, 18 Jul 2025 | ₦58.9t | ₦33.1t | ₦7.4t | 11.1x | 8x | 1.8x |
| Sun, 15 Jun 2025 | ₦51.1t | ₦33.0t | ₦7.2t | 9.3x | 7.1x | 1.5x |
| Tue, 13 May 2025 | ₦48.3t | ₦33.2t | ₦7.4t | 8.3x | 6.5x | 1.5x |
| Thu, 10 Apr 2025 | ₦46.2t | ₦30.8t | ₦6.9t | 8.2x | 6.7x | 1.5x |
| Sat, 08 Mar 2025 | ₦46.4t | ₦29.9t | ₦6.8t | 9x | 6.8x | 1.6x |
| Mon, 03 Feb 2025 | ₦43.2t | ₦27.7t | ₦7.3t | 9.2x | 5.9x | 1.6x |
| Wed, 01 Jan 2025 | ₦43.2t | ₦29.5t | ₦7.0t | 8.6x | 6.2x | 1.5x |
| Fri, 29 Nov 2024 | ₦40.9t | ₦29.7t | ₦7.0t | 7.6x | 5.8x | 1.4x |
| Sun, 27 Oct 2024 | ₦108.7t | ₦27.1t | ₦6.4t | 7.6x | 17x | 4x |
| Tue, 24 Sep 2024 | ₦111.5t | ₦25.7t | ₦6.1t | 7.6x | 18.2x | 4.3x |
| Thu, 22 Aug 2024 | ₦112.4t | ₦24.7t | ₦5.7t | 6.6x | 19.7x | 4.5x |
| Sat, 20 Jul 2024 | ₦39.5t | ₦22.7t | ₦5.7t | 7.3x | 6.9x | 1.7x |
| Mon, 17 Jun 2024 | ₦38.9t | ₦22.4t | ₦5.7t | 7.4x | 6.9x | 1.7x |
| Wed, 15 May 2024 | ₦39.1t | ₦21.8t | ₦5.3t | 7.3x | 7.4x | 1.8x |
| Fri, 12 Apr 2024 | ₦41.8t | ₦20.2t | ₦4.3t | 7.9x | 9.8x | 2.1x |
| Sun, 10 Mar 2024 | ₦40.8t | ₦19.5t | ₦3.6t | 7.8x | 11.4x | 2.1x |
| Tue, 06 Feb 2024 | ₦45.8t | ₦21.3t | ₦3.9t | 9.4x | 11.8x | 2.2x |
| Thu, 04 Jan 2024 | ₦32.4t | ₦20.0t | ₦3.6t | 9.1x | 9x | 1.6x |
| Sat, 02 Dec 2023 | ₦29.8t | ₦19.8t | ₦3.6t | 8.2x | 8.3x | 1.5x |
| Mon, 30 Oct 2023 | ₦29.3t | ₦19.3t | ₦3.6t | 7.5x | 8.2x | 1.5x |
| Wed, 27 Sep 2023 | ₦29.4t | ₦18.5t | ₦3.4t | 8.4x | 8.8x | 1.6x |
| Fri, 25 Aug 2023 | ₦28.9t | ₦17.3t | ₦2.5t | 8x | 11.4x | 1.7x |
| Sun, 23 Jul 2023 | ₦29.3t | ₦17.1t | ₦2.6t | 8.6x | 11.1x | 1.7x |
| Tue, 20 Jun 2023 | ₦26.3t | ₦16.7t | ₦2.5t | 7.6x | 10.6x | 1.6x |
| Thu, 18 May 2023 | ₦22.9t | ₦16.4t | ₦2.5t | 7x | 9.2x | 1.4x |
| Sat, 15 Apr 2023 | ₦22.9t | ₦16.0t | ₦2.5t | 6.7x | 9x | 1.4x |
| Mon, 13 Mar 2023 | ₦23.7t | ₦15.8t | ₦2.6t | 7x | 9.2x | 1.5x |
| Wed, 08 Feb 2023 | ₦22.4t | ₦15.6t | ₦2.5t | 7x | 9.1x | 1.4x |
| Fri, 06 Jan 2023 | ₦21.2t | ₦15.1t | ₦2.4t | 7.1x | 8.7x | 1.4x |
Price to Earnings Ratio
8.7x
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 | 1.50% | |
| Consumer Discretionary | 9.38% | |
| Healthcare | 5.96% | |
| Consumer Staples | 4.73% | |
| Financials | 2.32% | |
| Materials | 0.34% | |
| Industrials | 0.32% | |
| Utilities | 0.091% | |
| Energy | -0.0042% | |
| Tech | -0.34% | |
| Real Estate | -3.61% | |
| Telecom | -4.66% | |
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 62.2x.
- 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?
| Company | Last Price | 7D | 1Y | Valuation | Sector | |
|---|---|---|---|---|---|---|
| INTBREW International Breweries | ₦15.70 | 25.6% +₦538.5b | 182.9% | PE46.3x | Consumer Staples | |
| BUAFOODS BUA Foods | ₦759.50 | 3.4% +₦455.4b | 83.0% | PE29.1x | Consumer Staples | |
| TRANSCOHOT Transcorp Hotels | ₦170.90 | 9.8% +₦156.7b | 47.3% | PE89.7x | Consumer Discretionary | |
| FIRSTHOLDCO First HoldCo | ₦49.30 | 7.2% +₦138.2b | 74.8% | PB0.6x | Financials | |
| GUINNESS Guinness Nigeria | ₦349.90 | 20.8% +₦131.9b | 398.1% | PE16.9x | Consumer Staples |
