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Nigerian (NSE) Market Analysis & Valuation
UpdatedFeb 11, 2026
DataAggregated Company Financials
Companies129
- 7D7.2%
- 3M23.9%
- 1Y78.1%
- YTD13.6%
Over the last 7 days, the market has risen 7.2%, driven by gains in every sector, especially the Materials sector. The market is up 78% over the last 12 months. Looking forward, earnings are forecast to grow by 20% annually.
Market Valuation and Performance
Has the Nigerian Market valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Wed, 11 Feb 2026 | ₦96.9t | ₦39.6t | ₦9.0t | 14.9x | 10.8x | 2.4x |
| Fri, 09 Jan 2026 | ₦87.1t | ₦39.7t | ₦9.3t | 12.2x | 9.3x | 2.2x |
| Sun, 07 Dec 2025 | ₦78.8t | ₦39.3t | ₦9.4t | 10.7x | 8.4x | 2x |
| Tue, 04 Nov 2025 | ₦82.6t | ₦39.7t | ₦9.4t | 10.6x | 8.8x | 2.1x |
| Thu, 02 Oct 2025 | ₦64.6t | ₦33.2t | ₦7.8t | 12x | 8.3x | 1.9x |
| Sat, 30 Aug 2025 | ₦64.4t | ₦33.5t | ₦8.2t | 11.3x | 7.9x | 1.9x |
| Mon, 28 Jul 2025 | ₦61.2t | ₦33.2t | ₦7.8t | 11.1x | 7.8x | 1.8x |
| Wed, 25 Jun 2025 | ₦53.1t | ₦33.0t | ₦7.2t | 9.4x | 7.4x | 1.6x |
| Fri, 23 May 2025 | ₦48.6t | ₦33.1t | ₦7.2t | 8.5x | 6.8x | 1.5x |
| Sun, 20 Apr 2025 | ₦46.4t | ₦30.9t | ₦6.6t | 8.3x | 7x | 1.5x |
| Tue, 18 Mar 2025 | ₦46.7t | ₦30.4t | ₦6.9t | 8.8x | 6.8x | 1.5x |
| Thu, 13 Feb 2025 | ₦45.5t | ₦27.8t | ₦7.1t | 9.4x | 6.4x | 1.6x |
| Sat, 11 Jan 2025 | ₦43.6t | ₦26.5t | ₦6.9t | 8.7x | 6.3x | 1.6x |
| Mon, 09 Dec 2024 | ₦41.1t | ₦29.6t | ₦7.0t | 7.5x | 5.9x | 1.4x |
| Wed, 06 Nov 2024 | ₦106.8t | ₦29.0t | ₦6.9t | 7.7x | 15.6x | 3.7x |
| Fri, 04 Oct 2024 | ₦110.8t | ₦25.9t | ₦6.0t | 7.6x | 18.5x | 4.3x |
| Sun, 01 Sep 2024 | ₦119.4t | ₦25.0t | ₦5.8t | 7x | 20.7x | 4.8x |
| Tue, 30 Jul 2024 | ₦38.1t | ₦23.3t | ₦5.7t | 7.4x | 6.6x | 1.6x |
| Thu, 27 Jun 2024 | ₦39.0t | ₦22.4t | ₦5.7t | 7.3x | 6.9x | 1.7x |
| Sat, 25 May 2024 | ₦38.2t | ₦21.9t | ₦5.4t | 6.9x | 7.1x | 1.7x |
| Mon, 22 Apr 2024 | ₦40.0t | ₦20.0t | ₦4.1t | 7.5x | 9.7x | 2x |
| Wed, 20 Mar 2024 | ₦42.2t | ₦19.4t | ₦3.6t | 8.6x | 11.8x | 2.2x |
| Fri, 16 Feb 2024 | ₦45.0t | ₦21.3t | ₦4.0t | 8.8x | 11.4x | 2.1x |
| Sun, 14 Jan 2024 | ₦35.3t | ₦20.1t | ₦3.6t | 9.7x | 9.7x | 1.8x |
| Tue, 12 Dec 2023 | ₦30.0t | ₦19.8t | ₦3.6t | 8.5x | 8.4x | 1.5x |
| Thu, 09 Nov 2023 | ₦29.7t | ₦19.9t | ₦3.6t | 7.8x | 8.3x | 1.5x |
| Sat, 07 Oct 2023 | ₦29.4t | ₦18.5t | ₦3.3t | 8.2x | 8.8x | 1.6x |
| Mon, 04 Sep 2023 | ₦30.0t | ₦17.8t | ₦2.7t | 8.4x | 11x | 1.7x |
| Wed, 02 Aug 2023 | ₦27.8t | ₦17.1t | ₦2.6t | 7.7x | 10.6x | 1.6x |
| Fri, 30 Jun 2023 | ₦26.8t | ₦16.9t | ₦2.5t | 7.8x | 10.7x | 1.6x |
| Sun, 28 May 2023 | ₦23.4t | ₦16.4t | ₦2.5t | 7.3x | 9.4x | 1.4x |
| Tue, 25 Apr 2023 | ₦22.5t | ₦16.1t | ₦2.5t | 7x | 9.1x | 1.4x |
| Thu, 23 Mar 2023 | ₦23.2t | ₦15.8t | ₦2.6t | 6.9x | 9.1x | 1.5x |
| Sat, 18 Feb 2023 | ₦22.5t | ₦15.6t | ₦2.5t | 7.1x | 9.2x | 1.4x |
Price to Earnings Ratio
9.2x
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 Market | 7.19% | |
| Industrials | 21.36% | |
| Energy | 18.86% | |
| Telecom | 12.44% | |
| Materials | 12.11% | |
| Healthcare | 5.60% | |
| Financials | 5.46% | |
| Real Estate | 4.49% | |
| Consumer Discretionary | 3.12% | |
| Tech | 3.04% | |
| Consumer Staples | 1.74% | |
| Utilities | 0.65% | |
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 63.1x.
- 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 11% 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?
| Company | Last Price | 7D | 1Y | Valuation | Sector | |
|---|---|---|---|---|---|---|
| DANGCEM Dangote Cement | ₦739.90 | 14.9% +₦1.6t | 78.3% | PE13x | Materials | |
| MTNN MTN Nigeria Communications | ₦643.00 | 12.4% +₦1.5t | 152.2% | PE15.6x | Telecom | |
| ARADEL Aradel Holdings | ₦991.00 | 20.9% +₦743.0b | 74.1% | PE10.8x | Energy | |
| WAPCO Lafarge Africa | ₦186.80 | 19.0% +₦480.0b | 149.2% | PE12.1x | Materials | |
| BUACEMENT BUA Cement | ₦192.00 | 4.9% +₦304.8b | 106.5% | PE20.7x | Materials |
