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Nigerian (NSE) Market Analysis & Valuation

UpdatedFeb 12, 2026
DataAggregated Company Financials
Companies129
  • 7D6.3%
  • 3M23.3%
  • 1Y76.7%
  • YTD14.4%

The market has climbed by 6.3% over the past week, with every sector up and the Materials sector leading the way. As for the past 12 months, the market is up 77%. 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
Thu, 12 Feb 2026₦97.6t₦39.7t₦9.0t15x10.8x2.5x
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
Price to Earnings Ratio

9.2x


Total Market Cap: ₦22.5tTotal Earnings: ₦2.5tTotal Revenue: ₦15.6tTotal Market Cap vs Earnings and Revenue0%0%0%
Nigerian Market Price to Earnings3Y Average 9.2x202420252026
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 10.8x which is higher than its 3-year average PE of 9.2x.
Past Earnings Growth
  • The earnings for Nigerian listed companies have grown 54% per year over the last three years.
  • Revenues for these companies have grown 37% 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 Market6.31%
Industrials21.58%
Energy15.11%
Consumer Discretionary11.54%
Materials10.80%
Telecom10.47%
Healthcare4.98%
Financials4.54%
Real Estate1.98%
Tech1.43%
Consumer Staples1.11%
Utilities0.79%
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 63.2x.
    • 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.
  • This is better than its past earnings decline of 34% per year.
  • In contrast, the Materials sector is expected to see its earnings grow by 16% 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
DANGCEM Dangote Cement₦739.9013.8%
+₦1.5t		71.7%PE13xMaterials
MTNN MTN Nigeria Communications₦650.0010.5%
+₦1.3t		154.9%PE15.8xTelecom
ARADEL Aradel Holdings₦991.0016.6%
+₦612.6b		74.1%PE10.8xEnergy
WAPCO Lafarge Africa₦186.0012.7%
+₦338.3b		142.3%PE12.1xMaterials
BUACEMENT BUA Cement₦192.004.9%
+₦304.8b		106.5%PE20.7xMaterials
See more

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