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Nigerian (NSE) Market Analysis & Valuation

UpdatedDec 27, 2025
DataAggregated Company Financials
Companies129
  • 7D1.1%
  • 3M9.5%
  • 1Y62.1%
  • YTD60.0%

The market has climbed 1.1% in the last 7 days, lead by the Consumer Staples sector with a gain of 3.1%. In contrast, the Communication Services sector is lagging, dropping 5.2%. The market is up 62% over the last 12 months. Earnings are forecast to grow by 22% annually.

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 27 Dec 2025₦82.8t₦39.8t₦9.4t10.7x8.9x2.1x
Mon, 24 Nov 2025₦76.7t₦39.8t₦9.3t9.7x8.2x1.9x
Wed, 22 Oct 2025₦70.3t₦33.2t₦7.8t12.2x9x2.1x
Fri, 19 Sep 2025₦65.6t₦33.4t₦8.2t11.8x8x2x
Sun, 17 Aug 2025₦66.9t₦34.0t₦8.2t11.5x8.2x2x
Tue, 15 Jul 2025₦56.8t₦33.1t₦7.4t11x7.7x1.7x
Thu, 12 Jun 2025₦50.8t₦33.0t₦7.2t9.2x7.1x1.5x
Sat, 10 May 2025₦48.4t₦33.2t₦7.4t8.3x6.6x1.5x
Mon, 07 Apr 2025₦46.9t₦30.6t₦6.9t8.8x6.8x1.5x
Wed, 05 Mar 2025₦46.0t₦29.0t₦7.0t8.9x6.6x1.6x
Fri, 31 Jan 2025₦43.0t₦26.6t₦6.9t8.4x6.2x1.6x
Sun, 29 Dec 2024₦42.8t₦29.5t₦7.0t8.5x6.1x1.4x
Tue, 26 Nov 2024₦40.8t₦29.7t₦7.0t7.5x5.8x1.4x
Thu, 24 Oct 2024₦112.8t₦26.4t₦6.2t7.4x18.1x4.3x
Sat, 21 Sep 2024₦111.5t₦25.4t₦6.1t7.6x18.4x4.4x
Mon, 19 Aug 2024₦37.5t₦24.7t₦5.7t6.8x6.6x1.5x
Wed, 17 Jul 2024₦39.5t₦22.7t₦5.7t7.3x6.9x1.7x
Fri, 14 Jun 2024₦38.9t₦22.4t₦5.7t7x6.8x1.7x
Sun, 12 May 2024₦39.2t₦21.7t₦5.2t7.5x7.5x1.8x
Tue, 09 Apr 2024₦41.7t₦19.3t₦3.8t8.1x10.9x2.2x
Thu, 07 Mar 2024₦40.7t₦19.5t₦3.6t8x11.3x2.1x
Sat, 03 Feb 2024₦46.4t₦21.6t₦3.9t9.3x11.8x2.1x
Mon, 01 Jan 2024₦31.3t₦20.0t₦3.6t9x8.7x1.6x
Wed, 29 Nov 2023₦29.8t₦19.9t₦3.6t8.3x8.4x1.5x
Fri, 27 Oct 2023₦29.4t₦18.6t₦3.4t7.8x8.7x1.6x
Sun, 24 Sep 2023₦29.8t₦18.3t₦3.2t8.4x9.3x1.6x
Tue, 22 Aug 2023₦28.3t₦17.3t₦2.5t8x11.2x1.6x
Thu, 20 Jul 2023₦28.6t₦17.0t₦2.5t8.3x11.3x1.7x
Sat, 17 Jun 2023₦26.2t₦16.7t₦2.5t7.7x10.5x1.6x
Mon, 15 May 2023₦22.8t₦16.4t₦2.5t7x9.1x1.4x
Wed, 12 Apr 2023₦22.9t₦15.9t₦2.5t6.6x9x1.4x
Fri, 10 Mar 2023₦23.7t₦15.8t₦2.6t7x9.2x1.5x
Sun, 05 Feb 2023₦22.3t₦15.6t₦2.4t7.1x9.1x1.4x
Tue, 03 Jan 2023₦20.9t₦15.1t₦2.4t7.2x8.7x1.4x
Price to Earnings Ratio

8.7x


Total Market Cap: ₦20.9tTotal Earnings: ₦2.4tTotal Revenue: ₦15.1tTotal Market Cap vs Earnings and Revenue0%0%0%
Nigerian Market Price to Earnings3Y Average 9.2x20242025
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 Market1.15%
Healthcare11.15%
Consumer Discretionary9.07%
Consumer Staples3.10%
Financials2.50%
Tech1.47%
Materials0.93%
Industrials0.37%
Utilities0%0
Energy-0.017%
Real Estate-1.50%
Telecom-5.21%
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?

CompanyLast Price7D1YValuationSector
INTBREW International Breweries₦14.5020.8%
+₦420.7b		161.3%PE42.8xConsumer Staples
FIRSTHOLDCO First HoldCo₦53.0017.9%
+₦337.1b		88.6%PB0.7xFinancials
BUAFOODS BUA Foods₦748.001.9%
+₦248.4b		89.4%PE28.7xConsumer Staples
BUACEMENT BUA Cement₦175.002.9%
+₦169.3b		88.2%PE18.8xMaterials
TRANSCOHOT Transcorp Hotels₦170.909.8%
+₦156.7b		47.3%PE89.7xConsumer Discretionary
See more

Market Insights

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INTBREW
₦14.50
International Breweries
7D
20.8%
1Y
161.3%
TRANSCOHOT
₦170.90
Transcorp Hotels
7D
9.8%
1Y
47.3%
DANGCEM
₦609.00
Dangote Cement
7D
-0.2%
1Y
27.2%

DANGCEM: Higher Required Return Will Keep Margins And Earnings Outlook Steady

Narrative Update on Analyst Price Target Analysts have modestly raised their price target for Dangote Cement by ₦0.00 per share. This reflects slightly higher long term discount rate assumptions and a marginally richer future price to earnings multiple, while fair value, revenue growth, and profit margin forecasts remain essentially unchanged.
BUAFOODS
₦748.00
BUA Foods
7D
1.9%
1Y
89.4%

BUA Foods Plc – Development of Nigeria’s Largest Integrated Sugar Facility (LASUCO)

Author: Qudus Adebara (Founder of wane Investment House) Project Overview BUA Foods Plc has announced that it is nearing completion of what is set to become Nigeria’s largest integrated sugar production facility , as the company accelerates efforts to deepen local sugar production and reduce the country’s heavy reliance on imports. The project, Lafiagi Sugar Company Limited (LASUCO) , is located in Lafiagi, Kwara State and is currently about 80% completed.
MTNN
₦504.00
MTN Nigeria Communications
7D
-5.2%
1Y
159.8%
GUINNESS
₦318.60
Guinness Nigeria
7D
10.0%
1Y
375.5%
BUACEMENT
₦175.00
BUA Cement
7D
2.9%
1Y
88.2%
MECURE
₦65.20
Mecure Industries
7D
18.5%
1Y
467.0%
CHAMPION
₦15.00
Champion Breweries
7D
-11.5%
1Y
258.9%
FIRSTHOLDCO
₦53.00
First HoldCo
7D
17.9%
1Y
88.6%
ZENITHBANK
₦63.00
Zenith Bank
7D
-0.5%
1Y
37.1%

ZENITHBANK: Future Earnings Momentum Will Drive Upside As Margins Improve

Analysts have raised their price target for Zenith Bank by approximately 7 percent to align with an updated fair value estimate of about $84. This change reflects slightly stronger expected revenue growth and a marginally lower discount rate, which more than offset a small reduction in projected profit margins and a modestly higher future price-to-earnings multiple.
OKOMUOIL
₦1,095.00
Okomu Oil Palm
7D
-1.3%
1Y
171.2%
NASCON
₦105.50
Nascon Allied Industries
7D
-2.3%
1Y
240.3%
NEM
₦24.10
NEM Insurance
7D
-8.4%
1Y
119.1%
UBA
₦42.00
United Bank for Africa
7D
5.0%
1Y
21.6%

United Bank for Africa Plc (H1 2025 Results)

WaneInvestmentHouse made no meaningful changes to valuation assumptions.
MANSARD
₦13.00
AXA Mansard Insurance
7D
-7.1%
1Y
52.9%