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Nigerian (NSE) Market Analysis & Valuation

UpdatedSep 07, 2025
DataAggregated Company Financials
Companies132
  • 7D-1.2%
  • 3M24.9%
  • 1Y50.4%
  • YTD35.2%

Over the last 7 days, the market has dropped 1.2%, driven by losses in the Financials and Materials sectors of 1.7% and 1.7%, respectively. In the last year, the market is actually up 50%. 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
Sun, 07 Sep 2025₦63.6t₦33.5t₦8.2t11.6x7.8x1.9x
Tue, 05 Aug 2025₦65.7t₦33.9t₦8.2t11.4x8x1.9x
Thu, 03 Jul 2025₦53.8t₦33.0t₦7.2t10x7.5x1.6x
Sat, 31 May 2025₦50.0t₦33.1t₦7.2t8.5x6.9x1.5x
Mon, 28 Apr 2025₦47.3t₦32.0t₦7.0t8.3x6.8x1.5x
Wed, 26 Mar 2025₦46.4t₦30.3t₦6.9t8.8x6.7x1.5x
Fri, 21 Feb 2025₦47.0t₦28.9t₦7.0t9.1x6.7x1.6x
Sun, 19 Jan 2025₦41.7t₦26.5t₦7.0t8.7x6x1.6x
Tue, 17 Dec 2024₦41.9t₦29.5t₦7.0t7.5x6x1.4x
Thu, 14 Nov 2024₦40.7t₦29.6t₦7.0t7.6x5.8x1.4x
Sat, 12 Oct 2024₦104.7t₦26.0t₦6.1t7.2x17.3x4x
Mon, 09 Sep 2024₦117.7t₦25.2t₦5.9t7.1x20.1x4.7x
Wed, 07 Aug 2024₦37.9t₦24.8t₦5.7t6.2x6.6x1.5x
Fri, 05 Jul 2024₦39.5t₦22.5t₦5.7t7x6.9x1.8x
Sun, 02 Jun 2024₦38.6t₦21.9t₦5.6t7.3x6.9x1.8x
Tue, 30 Apr 2024₦39.5t₦20.6t₦4.2t7.2x9.3x1.9x
Thu, 28 Mar 2024₦42.2t₦19.2t₦3.5t8.5x11.9x2.2x
Sat, 24 Feb 2024₦43.6t₦21.3t₦3.9t8.3x11.2x2x
Mon, 22 Jan 2024₦41.4t₦20.0t₦3.6t10.1x11.5x2.1x
Wed, 20 Dec 2023₦30.4t₦19.9t₦3.6t8.6x8.5x1.5x
Fri, 17 Nov 2023₦29.9t₦20.0t₦3.6t7.7x8.3x1.5x
Sun, 15 Oct 2023₦29.3t₦18.5t₦3.4t8.3x8.8x1.6x
Tue, 12 Sep 2023₦30.1t₦17.8t₦2.7t8x11x1.7x
Thu, 10 Aug 2023₦27.8t₦17.3t₦2.6t7.7x10.8x1.6x
Sat, 08 Jul 2023₦28.2t₦16.9t₦2.5t9x11.2x1.7x
Mon, 05 Jun 2023₦25.0t₦16.4t₦2.4t7.5x10.3x1.5x
Wed, 03 May 2023₦22.9t₦16.4t₦2.5t6.8x9.1x1.4x
Fri, 31 Mar 2023₦23.0t₦15.8t₦2.5t6.9x9.1x1.5x
Sun, 26 Feb 2023₦22.9t₦15.6t₦2.4t7.1x9.3x1.5x
Tue, 24 Jan 2023₦21.7t₦15.1t₦2.4t7.4x9x1.4x
Thu, 22 Dec 2022₦20.6t₦15.1t₦2.4t7.1x8.5x1.4x
Sat, 19 Nov 2022₦18.7t₦15.0t₦2.4t6.1x7.8x1.2x
Mon, 17 Oct 2022₦18.3t₦14.3t₦2.4t7x7.7x1.3x
Wed, 14 Sep 2022₦18.5t₦14.3t₦2.4t7.4x7.7x1.3x
Price to Earnings Ratio

7.7x


Total Market Cap: ₦18.5tTotal Earnings: ₦2.4tTotal Revenue: ₦14.3tTotal Market Cap vs Earnings and Revenue0%0%0%
Nigerian Market Price to Earnings3Y Average 9.1x202320242025
Current Market PE
  • Investors are pessimistic on the Nigerian market, indicating that they anticipate earnings will not grow as fast as they have historically.
  • The market is trading at a PE ratio of 7.8x which is lower than its 3-year average PE of 9.1x.
Past Earnings Growth
  • The earnings for Nigerian listed companies have grown 51% per year over the last three years.
  • Revenues for these companies have grown 33% 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-1.18%
Tech0.96%
Utilities0.50%
Energy-0.097%
Consumer Discretionary-0.29%
Healthcare-0.73%
Industrials-0.75%
Consumer Staples-0.94%
Financials-1.70%
Materials-1.70%
Real Estate-10.88%
Telecom-11.95%
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 61.4x.
    • It looks like investors are confident that earnings will grow faster in the future than they have historically.
Forecasted Growth
  • Analysts are most optimistic on the Energy sector, expecting annual earnings growth of 44% over the next 5 years.
  • This is better than its past earnings decline of 84% per year.
  • In contrast, the Financials sector is expected to see its earnings grow by 14% 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
TRANSCORP Transnational Corporation of Nigeria₦49.705.7%
+₦27.4b		9.5%PE8.4xUtilities
CORNERST Cornerstone Insurance₦7.1812.4%
+₦14.3b		204.2%PE25.1xFinancials
SOVRENINS Sovereign Trust Insurance₦2.9714.2%
+₦5.3b		312.5%PE15xFinancials
ARADEL Aradel Holdings₦511.200.2%
+₦5.2b		n/aPE7.4xEnergy
HONYFLOUR Honeywell Flour Mills₦23.202.9%
+₦5.2b		487.3%PE11.6xConsumer Staples
See more

Market Insights

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NGXGROUP
₦60.00
Nigerian Exchange Group
7D
3.8%
1Y
173.3%
NB
₦68.50
Nigerian Breweries
7D
-2.4%
1Y
153.7%
MANSARD
₦15.82
AXA Mansard Insurance
7D
1.4%
1Y
201.3%
WAPCO
₦113.00
Lafarge Africa
7D
-13.1%
1Y
211.3%
SOVRENINS
₦2.97
Sovereign Trust Insurance
7D
14.2%
1Y
312.5%
NASCON
₦90.50
Nascon Allied Industries
7D
1.7%
1Y
175.1%
CORNERST
₦7.18
Cornerstone Insurance
7D
12.4%
1Y
204.2%
ZENITHBANK
₦64.90
Zenith Bank
7D
-1.7%
1Y
73.1%

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Despite a substantial drop in projected revenue growth, Zenith Bank’s consensus price target has been raised, primarily driven by a notable improvement in net profit margin, which has boosted fair value from NGN65.57 to NGN69.28. What's in the News Board meeting scheduled to review audited H1 2025 financial statements.
TRANSCORP
₦49.70
Transnational Corporation of Nigeria
7D
5.7%
1Y
9.5%
INTBREW
₦12.30
International Breweries
7D
-2.8%
1Y
156.3%

International Breweries: A Challenging Year

Financial Highlights (H1 2025 vs H1 2024) Metric H1 2025 (₦’000) H1 2024 (₦’000) YoY Change Revenue 340,990,220 223,198,927 +52.7% Cost of Sales (219,412,477) (160,586,622) +36.6% Gross Profit 121,577,744 62,612,305 +94.1% Operating Expenses (59,269,904) (48,176,380) +23.0% Other Expense (6,208,822) (134,006,036) Significant Drop Profit Before Tax 61,527,171 (150,234,757) Turnaround Income Tax (20,239,432) 43,451,650 Reversal Net Profit 41,287,739 (106,783,107) Turnaround EPS (₦) 0.25 (3.98) Positive ✅ Balance Sheet Snapshot (as of June 2025 vs Dec 2024) Metric June 2025 (₦’000) Dec 2024 (₦’000) Change Total Assets 706,648,025 727,872,297 -2.9% Total Liabilities 216,446,210 278,958,220 -22.4% Equity 490,201,815 448,914,077 +9.2% Cash & Cash Equivalents 86,636,062 109,038,307 -20.5% Retained Losses (200,658,683) (241,946,422) Improved ✅ Key Observations 1. Strong Revenue Growth Revenue surged 53% YoY , reflecting higher beer demand and possible pricing adjustments.
ARADEL
₦511.20
Aradel Holdings
7D
0.2%
1Y
n/a

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OANDO
₦47.15
Oando
7D
-7.9%
1Y
-32.0%
HONYFLOUR
₦23.20
Honeywell Flour Mills
7D
2.9%
1Y
487.3%
DANGSUGAR
₦55.00
Dangote Sugar Refinery
7D
-5.2%
1Y
53.6%
ACCESSCORP
₦25.90
Access Holdings
7D
-2.3%
1Y
37.8%
UBA
₦46.75
United Bank for Africa
7D
-3.9%
1Y
98.9%