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Nigerian (NSE) Market Analysis & Valuation

UpdatedJan 26, 2026
DataAggregated Company Financials
Companies128
  • 7D-0.4%
  • 3M7.1%
  • 1Y69.5%
  • YTD5.7%

Over the last 7 days, the market has remained flat, although notably the Information Technology sector gained 30% in that time. More promisingly, the market is up 70% over the past year. 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
Mon, 26 Jan 2026₦89.9t₦39.9t₦9.3t13.4x9.6x2.3x
Wed, 24 Dec 2025₦82.7t₦39.8t₦9.4t10.7x8.8x2.1x
Fri, 21 Nov 2025₦77.0t₦39.7t₦9.3t10.2x8.3x1.9x
Sun, 19 Oct 2025₦69.8t₦33.2t₦7.8t12.2x9x2.1x
Tue, 16 Sep 2025₦65.3t₦33.5t₦8.2t11.3x8x2x
Thu, 14 Aug 2025₦67.3t₦34.0t₦8.2t12.2x8.2x2x
Sat, 12 Jul 2025₦55.5t₦33.0t₦7.4t11x7.5x1.7x
Mon, 09 Jun 2025₦50.8t₦33.1t₦7.2t9x7.1x1.5x
Wed, 07 May 2025₦48.1t₦33.1t₦7.4t7.6x6.5x1.5x
Fri, 04 Apr 2025₦46.5t₦30.5t₦6.8t8.8x6.8x1.5x
Sun, 02 Mar 2025₦46.5t₦29.0t₦7.0t8.9x6.6x1.6x
Tue, 28 Jan 2025₦42.7t₦26.5t₦7.0t8.2x6.1x1.6x
Thu, 26 Dec 2024₦42.9t₦29.5t₦7.0t8.4x6.1x1.5x
Sat, 23 Nov 2024₦40.9t₦29.7t₦7.0t7.4x5.8x1.4x
Mon, 21 Oct 2024₦112.7t₦26.1t₦6.1t7.4x18.5x4.3x
Wed, 18 Sep 2024₦115.7t₦25.4t₦6.1t7.4x19x4.5x
Fri, 16 Aug 2024₦37.5t₦24.7t₦5.7t6.8x6.6x1.5x
Sun, 14 Jul 2024₦39.3t₦22.6t₦5.7t7.1x6.9x1.7x
Tue, 11 Jun 2024₦38.5t₦22.2t₦5.6t7x6.8x1.7x
Thu, 09 May 2024₦39.2t₦21.6t₦5.2t7.3x7.5x1.8x
Sat, 06 Apr 2024₦41.9t₦19.4t₦3.8t8.5x10.9x2.2x
Mon, 04 Mar 2024₦38.0t₦19.4t₦3.6t8x10.6x2x
Wed, 31 Jan 2024₦46.6t₦20.2t₦3.7t10.1x12.6x2.3x
Fri, 29 Dec 2023₦30.8t₦20.0t₦3.6t8.6x8.5x1.5x
Sun, 26 Nov 2023₦29.9t₦20.0t₦3.6t8.3x8.3x1.5x
Tue, 24 Oct 2023₦29.2t₦18.5t₦3.4t7.8x8.7x1.6x
Thu, 21 Sep 2023₦30.4t₦18.4t₦3.2t8.4x9.5x1.7x
Sat, 19 Aug 2023₦28.2t₦17.3t₦2.5t8x11.2x1.6x
Mon, 17 Jul 2023₦28.0t₦16.9t₦2.5t8.1x11.1x1.7x
Wed, 14 Jun 2023₦25.8t₦16.4t₦2.4t7.6x10.6x1.6x
Fri, 12 May 2023₦22.7t₦16.4t₦2.5t7x9.1x1.4x
Sun, 09 Apr 2023₦23.0t₦15.9t₦2.5t6.6x9x1.4x
Tue, 07 Mar 2023₦23.5t₦15.8t₦2.6t7.1x9.2x1.5x
Thu, 02 Feb 2023₦22.0t₦15.5t₦2.4t7.3x9x1.4x
Price to Earnings Ratio

9x


Total Market Cap: ₦22.0tTotal Earnings: ₦2.4tTotal Revenue: ₦15.5tTotal 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 56% 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 Market-0.39%
Tech29.85%
Healthcare9.20%
Industrials8.95%
Energy3.08%
Consumer Discretionary1.18%
Telecom0.051%
Materials-0.085%
Utilities-0.65%
Consumer Staples-1.21%
Financials-1.41%
Real Estate-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 62.9x.
    • 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₦780.003.7%
+₦121.2b		44.4%PE8.7xEnergy
GTCO Guaranty Trust Holding₦98.501.1%
+₦34.9b		58.0%PB0.9xFinancials
SKYAVN Skyway Aviation Handling₦109.8024.1%
+₦28.9b		201.6%PE17.3xIndustrials
MECURE Mecure Industries₦104.006.4%
+₦25.2b		648.2%PE79.5xHealthcare
JBERGER Julius Berger Nigeria₦182.008.3%
+₦22.4b		30.2%PE13.6xIndustrials
See more

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₦65.00
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7D
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