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Nigerian (NSE) Market Analysis & Valuation

UpdatedJan 13, 2026
DataAggregated Company Financials
Companies127
  • 7D2.6%
  • 3M12.4%
  • 1Y66.6%
  • YTD4.6%

The market is up 2.6% in the last 7 days, led by the Materials and Communication Services sectors. As for the past 12 months, the market is up 67%. As for the next few years, earnings are expected to grow by 21% per annum.

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 13 Jan 2026₦88.7t₦39.8t₦9.3t12.9x9.5x2.2x
Thu, 11 Dec 2025₦78.7t₦39.8t₦9.4t10.6x8.4x2x
Sat, 08 Nov 2025₦80.3t₦39.7t₦9.4t10.4x8.5x2x
Mon, 06 Oct 2025₦65.0t₦33.2t₦7.8t11.9x8.4x2x
Wed, 03 Sep 2025₦63.4t₦33.5t₦8.2t11.3x7.8x1.9x
Fri, 01 Aug 2025₦63.1t₦33.8t₦8.1t11.9x7.8x1.9x
Sun, 29 Jun 2025₦53.6t₦33.0t₦7.2t9.6x7.5x1.6x
Tue, 27 May 2025₦49.4t₦33.1t₦7.2t8.3x6.9x1.5x
Thu, 24 Apr 2025₦47.0t₦30.9t₦6.7t8.3x7x1.5x
Sat, 22 Mar 2025₦46.2t₦30.4t₦6.9t8.6x6.7x1.5x
Mon, 17 Feb 2025₦45.5t₦27.8t₦7.1t9.5x6.4x1.6x
Wed, 15 Jan 2025₦42.6t₦26.4t₦6.9t8.1x6.2x1.6x
Fri, 13 Dec 2024₦41.3t₦29.5t₦7.0t7.5x5.9x1.4x
Sun, 10 Nov 2024₦40.5t₦29.6t₦7.0t7.7x5.8x1.4x
Tue, 08 Oct 2024₦110.9t₦25.9t₦6.0t7.5x18.5x4.3x
Thu, 05 Sep 2024₦117.7t₦25.1t₦5.8t7.2x20.1x4.7x
Sat, 03 Aug 2024₦38.1t₦24.6t₦5.7t7x6.7x1.5x
Mon, 01 Jul 2024₦39.2t₦22.4t₦5.7t7x6.9x1.7x
Wed, 29 May 2024₦38.3t₦21.9t₦5.6t7x6.9x1.8x
Fri, 26 Apr 2024₦39.7t₦20.2t₦4.2t7.5x9.5x2x
Sun, 24 Mar 2024₦42.4t₦19.2t₦3.5t8.3x11.9x2.2x
Tue, 20 Feb 2024₦44.1t₦21.3t₦3.9t8.6x11.2x2.1x
Thu, 18 Jan 2024₦37.9t₦20.0t₦3.6t10.1x10.5x1.9x
Sat, 16 Dec 2023₦30.3t₦19.9t₦3.6t8.6x8.5x1.5x
Mon, 13 Nov 2023₦29.8t₦19.9t₦3.6t7.7x8.3x1.5x
Wed, 11 Oct 2023₦29.3t₦18.5t₦3.3t8.3x8.7x1.6x
Fri, 08 Sep 2023₦30.3t₦17.8t₦2.7t8.3x11.1x1.7x
Sun, 06 Aug 2023₦28.3t₦17.3t₦2.6t7.8x11x1.6x
Tue, 04 Jul 2023₦27.2t₦16.9t₦2.5t8.4x10.8x1.6x
Thu, 01 Jun 2023₦24.9t₦16.4t₦2.5t7.5x10x1.5x
Sat, 29 Apr 2023₦22.8t₦16.3t₦2.5t7.1x9.2x1.4x
Mon, 27 Mar 2023₦23.2t₦15.8t₦2.6t6.9x9.1x1.5x
Wed, 22 Feb 2023₦22.5t₦15.6t₦2.5t7.1x9.2x1.4x
Fri, 20 Jan 2023₦21.8t₦15.1t₦2.4t7.5x9x1.4x
Price to Earnings Ratio

9x


Total Market Cap: ₦21.8tTotal Earnings: ₦2.4tTotal Revenue: ₦15.1tTotal 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 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 Market2.61%
Healthcare27.16%
Telecom7.60%
Materials4.60%
Tech3.12%
Industrials2.23%
Consumer Staples2.07%
Real Estate0.20%
Utilities0.18%
Financials0.0054%
Consumer Discretionary-0.27%
Energy-2.60%
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 62.5x.
    • 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
MTNN MTN Nigeria Communications₦550.007.6%
+₦817.8b		127.3%PE13.3xTelecom
DANGCEM Dangote Cement₦635.004.3%
+₦435.6b		32.6%PE11.1xMaterials
WAPCO Lafarge Africa₦159.0017.8%
+₦386.6b		127.1%PE10.3xMaterials
PRESCO Presco₦1.64k12.8%
+₦185.0b		203.9%PE12.1xConsumer Staples
NB Nigerian Breweries₦83.206.7%
+₦161.1b		160.0%PE28.6xConsumer Staples
See more

Market Insights

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DANGCEM: Steady Assumptions And Upcoming Board Meeting Will Shape Outlook

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Guaranty Trust Holding
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UBA
₦44.00
United Bank for Africa
7D
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1Y
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PRESCO
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Presco
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ARADEL
₦751.00
Aradel Holdings
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25.6%
ETI
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INTBREW
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FCMB Group
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Key Highlights Offer Size: Up to N400 billion Offer Structure: Fresh equity capital through public/private placement Share Capital Increase: From N30.00 billion to reflect new share issuance Existing Shares: 60,004,339,565 ordinary shares of 50 kobo each Eligibility: Existing and potential investors, subject to regulatory approvals Regulatory Approvals: SEC, CBN, and NGX Strategic Objective: Align with CBN minimum capital requirements for international banks Overview FCMB Group Plc, a leading Nigerian financial services conglomerate, has obtained shareholder approval to raise up to N400 billion in fresh equity capital. The approval was granted during an Extraordinary General Meeting (EGM) held in Lagos, reflecting strong shareholder confidence in the Group’s leadership and growth ambitions.
MTNN
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MTN Nigeria Communications
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7.6%
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STANBIC
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Stanbic IBTC Holdings
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6.9%
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NB
₦83.20
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6.7%
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Oando
7D
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1Y
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