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Nigerian (NSE) Market Analysis & Valuation

UpdatedNov 10, 2025
DataAggregated Company Financials
Companies130
  • 7D-2.7%
  • 3M3.3%
  • 1Y67.3%
  • YTD55.2%

In the last week, the market has fallen 3.3%, dragged down most by the Communication Services. As for the longer term, the market has actually risen by 66% in the last year. Looking forward, earnings are forecast to grow by 19% annually.

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 11 Nov 2025₦79.8t₦39.7t₦9.4t10.3x8.5x2x
Thu, 09 Oct 2025₦65.2t₦33.2t₦7.8t11.8x8.4x2x
Sat, 06 Sep 2025₦63.6t₦33.5t₦8.2t11.6x7.8x1.9x
Mon, 04 Aug 2025₦63.9t₦33.9t₦8.2t11.1x7.8x1.9x
Wed, 02 Jul 2025₦53.6t₦33.0t₦7.2t9.8x7.5x1.6x
Fri, 30 May 2025₦50.1t₦33.1t₦7.2t8.5x7x1.5x
Sun, 27 Apr 2025₦47.3t₦32.0t₦7.0t8.3x6.8x1.5x
Tue, 25 Mar 2025₦46.5t₦30.3t₦6.9t8.7x6.7x1.5x
Thu, 20 Feb 2025₦45.3t₦27.8t₦7.1t9.3x6.4x1.6x
Sat, 18 Jan 2025₦41.7t₦26.5t₦6.9t8.7x6x1.6x
Mon, 16 Dec 2024₦41.6t₦29.5t₦7.0t7.5x6x1.4x
Wed, 13 Nov 2024₦40.6t₦29.6t₦7.0t7.6x5.8x1.4x
Fri, 11 Oct 2024₦104.7t₦26.0t₦6.1t7.2x17.3x4x
Sun, 08 Sep 2024₦117.7t₦25.2t₦5.9t7.1x20.1x4.7x
Tue, 06 Aug 2024₦38.4t₦24.8t₦5.7t6.1x6.7x1.5x
Thu, 04 Jul 2024₦39.3t₦22.4t₦5.7t6.9x6.9x1.8x
Sat, 01 Jun 2024₦38.6t₦21.6t₦5.6t7.3x6.9x1.8x
Mon, 29 Apr 2024₦39.6t₦20.6t₦4.2t7.3x9.3x1.9x
Wed, 27 Mar 2024₦42.1t₦19.1t₦3.5t8.4x11.9x2.2x
Fri, 23 Feb 2024₦43.5t₦21.5t₦3.9t8.3x11.1x2x
Sun, 21 Jan 2024₦41.4t₦20.0t₦3.6t10.1x11.5x2.1x
Tue, 19 Dec 2023₦30.3t₦19.8t₦3.6t8.6x8.5x1.5x
Thu, 16 Nov 2023₦29.9t₦20.0t₦3.6t7.7x8.3x1.5x
Sat, 14 Oct 2023₦29.3t₦18.5t₦3.4t8.3x8.8x1.6x
Mon, 11 Sep 2023₦30.3t₦17.8t₦2.7t8.2x11.1x1.7x
Wed, 09 Aug 2023₦28.3t₦17.3t₦2.6t7.8x11.1x1.6x
Fri, 07 Jul 2023₦27.7t₦16.9t₦2.5t8.5x11x1.6x
Sun, 04 Jun 2023₦25.0t₦16.4t₦2.4t7.5x10.3x1.5x
Tue, 02 May 2023₦22.9t₦16.4t₦2.5t6.7x9.1x1.4x
Thu, 30 Mar 2023₦22.7t₦15.8t₦2.5t6.7x9x1.4x
Sat, 25 Feb 2023₦22.7t₦15.6t₦2.5t7.1x9.3x1.5x
Mon, 23 Jan 2023₦21.7t₦15.1t₦2.4t7.3x9x1.4x
Wed, 21 Dec 2022₦20.5t₦15.1t₦2.4t6.9x8.5x1.4x
Fri, 18 Nov 2022₦18.4t₦15.0t₦2.4t6.4x7.7x1.2x
Price to Earnings Ratio

7.7x


Total Market Cap: ₦18.4tTotal Earnings: ₦2.4tTotal Revenue: ₦15.0tTotal Market Cap vs Earnings and Revenue0%0%0%
Nigerian Market Price to Earnings3Y Average 9.1x202320242025
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 9.1x.
Past Earnings Growth
  • The earnings for Nigerian listed companies have grown 58% 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-3.31%
Energy0.92%
Consumer Discretionary-0.075%
Materials-0.88%
Utilities-1.03%
Real Estate-3.02%
Consumer Staples-3.29%
Financials-4.57%
Healthcare-5.52%
Telecom-8.28%
Tech-8.84%
Industrials-12.06%
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 62.6x.
    • 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 2.5x.
Forecasted Growth
  • Analysts are most optimistic on the Energy sector, expecting annual earnings growth of 57% over the next 5 years.
  • However this is lower than its past earnings growth rate of 170% per year.
  • In contrast, the Financials sector is expected to see its earnings grow by 13% 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₦717.501.1%
+₦32.6b		34.4%PE8xEnergy
FIDELITYBK Fidelity Bank₦19.602.6%
+₦25.1b		34.2%PB1.1xFinancials
HONYFLOUR Honeywell Flour Mills₦19.759.7%
+₦13.9b		365.8%PE11.4xConsumer Staples
JAIZBANK Jaiz Bank₦4.553.2%
+₦6.2b		96.1%PB3xFinancials
STANBIC Stanbic IBTC Holdings₦112.350.3%
+₦5.6b		90.9%PE5.6xFinancials
See more

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₦11.00
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7D
-17.9%
1Y
175.0%
HONYFLOUR
₦19.75
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7D
9.7%
1Y
365.8%
ARADEL
₦717.50
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7D
1.1%
1Y
34.4%

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NESTLE
₦1,730.00
Nestlé Nigeria
7D
-9.7%
1Y
95.5%
OANDO
₦40.00
Oando
7D
-16.8%
1Y
-31.5%

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ZENITHBANK
₦59.60
Zenith Bank
7D
-5.4%
1Y
43.3%

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MTNN
₦477.00
MTN Nigeria Communications
7D
-8.3%
1Y
182.2%

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recent valuation
GTCO
₦84.50
Guaranty Trust Holding
7D
-5.6%
1Y
57.6%

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FIRSTHOLDCO
₦31.50
First HoldCo
7D
0.2%
1Y
15.4%

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JAIZBANK
₦4.55
Jaiz Bank
7D
3.2%
1Y
96.1%
EUNISELL
₦70.90
Eunisell Interlinked
7D
20.2%
1Y
686.0%
ABBEYBDS
₦7.20
Abbey Mortgage Bank
7D
2.9%
1Y
170.7%
STANBIC
₦112.35
Stanbic IBTC Holdings
7D
0.3%
1Y
90.9%

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NB
₦65.20
Nigerian Breweries
7D
-8.8%
1Y
141.5%
WAPCO
₦131.00
Lafarge Africa
7D
-6.4%
1Y
242.9%

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FIDELITYBK
₦19.60
Fidelity Bank
7D
2.6%
1Y
34.2%