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Nigerian (NSE) Market Analysis & Valuation

UpdatedFeb 03, 2026
DataAggregated Company Financials
Companies128
  • 7D-0.1%
  • 3M9.0%
  • 1Y69.4%
  • YTD5.6%

In the last week, the market has stayed flat, however the Industrials sector stood out, gaining 7.1%. Meanwhile, the market is actually up 69% over the past year. Earnings are forecast to grow by 20% annually.

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 04 Feb 2026₦90.1t₦40.2t₦9.6t13.2x9.4x2.2x
Fri, 02 Jan 2026₦84.1t₦39.8t₦9.4t11.1x9x2.1x
Sun, 30 Nov 2025₦76.6t₦39.7t₦9.3t9.6x8.2x1.9x
Tue, 28 Oct 2025₦73.1t₦33.9t₦7.9t12x9.3x2.2x
Thu, 25 Sep 2025₦65.2t₦33.2t₦7.8t11.7x8.4x2x
Sat, 23 Aug 2025₦64.9t₦34.0t₦8.2t11.4x7.9x1.9x
Mon, 21 Jul 2025₦59.6t₦33.1t₦7.4t11.7x8.1x1.8x
Wed, 18 Jun 2025₦50.6t₦33.0t₦7.2t9.2x7.1x1.5x
Fri, 16 May 2025₦48.9t₦33.1t₦7.2t8x6.8x1.5x
Sun, 13 Apr 2025₦46.6t₦30.8t₦6.8t8.4x6.8x1.5x
Tue, 11 Mar 2025₦46.5t₦30.3t₦6.9t8.8x6.7x1.5x
Thu, 06 Feb 2025₦43.6t₦27.8t₦7.1t8.6x6.1x1.6x
Sat, 04 Jan 2025₦43.6t₦29.5t₦7.0t8.9x6.3x1.5x
Mon, 02 Dec 2024₦40.9t₦29.7t₦7.0t7.6x5.8x1.4x
Wed, 30 Oct 2024₦106.9t₦27.3t₦6.4t7.6x16.7x3.9x
Fri, 27 Sep 2024₦110.3t₦25.8t₦6.1t7.6x17.9x4.3x
Sun, 25 Aug 2024₦109.0t₦24.7t₦5.7t6.6x19.1x4.4x
Tue, 23 Jul 2024₦39.5t₦22.7t₦5.7t7.2x6.9x1.7x
Thu, 20 Jun 2024₦39.0t₦22.4t₦5.7t7.5x6.9x1.7x
Sat, 18 May 2024₦38.7t₦21.9t₦5.3t7x7.4x1.8x
Mon, 15 Apr 2024₦41.4t₦20.1t₦4.2t7.8x9.9x2.1x
Wed, 13 Mar 2024₦41.6t₦19.5t₦3.6t8.1x11.6x2.1x
Fri, 09 Feb 2024₦44.5t₦21.3t₦3.9t8.7x11.4x2.1x
Sun, 07 Jan 2024₦33.5t₦20.1t₦3.6t9.4x9.3x1.7x
Tue, 05 Dec 2023₦29.8t₦19.9t₦3.6t8.2x8.3x1.5x
Thu, 02 Nov 2023₦30.0t₦19.5t₦3.6t8.3x8.3x1.5x
Sat, 30 Sep 2023₦29.0t₦18.5t₦3.4t8.3x8.7x1.6x
Mon, 28 Aug 2023₦28.9t₦17.3t₦2.5t7.6x11.4x1.7x
Wed, 26 Jul 2023₦29.4t₦17.1t₦2.6t8.6x11.1x1.7x
Fri, 23 Jun 2023₦26.3t₦16.9t₦2.5t7.7x10.5x1.6x
Sun, 21 May 2023₦23.0t₦16.4t₦2.5t7x9.2x1.4x
Tue, 18 Apr 2023₦22.5t₦15.9t₦2.6t6.8x8.8x1.4x
Thu, 16 Mar 2023₦23.5t₦15.8t₦2.6t7x9.2x1.5x
Sat, 11 Feb 2023₦22.4t₦15.6t₦2.5t7x9.1x1.4x
Price to Earnings Ratio

9.1x


Total Market Cap: ₦22.4tTotal Earnings: ₦2.5tTotal Revenue: ₦15.6tTotal 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 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-0.10%
Industrials7.10%
Energy4.59%
Tech2.22%
Utilities0.23%
Consumer Staples0.12%
Materials0.0021%
Consumer Discretionary-0.32%
Financials-0.88%
Telecom-1.37%
Healthcare-2.13%
Real Estate-5.57%
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.
  • 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
PRESCO Presco₦1.66k1.7%
+₦305.2b		142.8%PE14xConsumer Staples
ARADEL Aradel Holdings₦820.005.1%
+₦173.8b		44.0%PE9.1xEnergy
STANBIC Stanbic IBTC Holdings₦118.009.3%
+₦159.0b		85.8%PE5xFinancials
DANGCEM Dangote Cement₦644.001.4%
+₦150.8b		63.5%PE11.3xMaterials
WEMABANK Wema Bank₦24.9510.9%
+₦98.3b		121.8%PB1.6xFinancials
See more

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Latest News

PRESCO
₦1,663.00
Presco
7D
1.7%
1Y
142.8%
FIRSTHOLDCO
₦44.35
First HoldCo
7D
-5.7%
1Y
51.4%
GTCO
₦99.50
Guaranty Trust Holding
7D
1.0%
1Y
60.5%

GTCO: Stable Margins And Board Dividend Agenda Will Support Future Upside

Analysts have nudged their fair value estimate for Guaranty Trust Holding to ₦131.83 from ₦130.00, reflecting updated assumptions around slightly different revenue growth, profit margin and forward P/E inputs. What's in the News Guaranty Trust Holding Company Plc has scheduled a board meeting for January 27, 2026.
ZENITHBANK
₦73.20
Zenith Bank
7D
3.2%
1Y
48.8%

ZENITHBANK: Board Review And Dividend Proposal Will Guide Steady Outlook

Analysts have kept their fair value estimate for Zenith Bank broadly unchanged at $72.01, with only slight adjustments to inputs such as the discount rate, revenue growth, profit margin and future P/E to reflect updated assumptions. What's in the News Zenith Bank has scheduled a Board meeting for January 29, 2026, to review the Group's audited financial statements for the financial year ending December 31, 2025 (Key Developments).
STANBIC
₦118.00
Stanbic IBTC Holdings
7D
9.3%
1Y
85.8%
HONYFLOUR
₦20.40
Honeywell Flour Mills
7D
-11.3%
1Y
114.7%
ABBEYBDS
₦11.30
Abbey Mortgage Bank
7D
44.9%
1Y
264.5%
INTBREW
₦13.95
International Breweries
7D
-3.8%
1Y
151.4%
JAIZBANK
₦7.62
Jaiz Bank
7D
-7.6%
1Y
130.2%
WEMABANK
₦24.95
Wema Bank
7D
10.9%
1Y
121.8%
DANGCEM
₦644.00
Dangote Cement
7D
1.4%
1Y
63.5%

DANGCEM: Stable Assumptions And 2025 Board Review Will Guide Outlook

Analysts have held their fair value estimate for Dangote Cement broadly steady at about ₦654.06 per share, explaining that only very small technical tweaks to inputs such as the discount rate, revenue growth, profit margin and future P/E justify keeping the target effectively unchanged. What's in the News The board plans to meet on Feb 26, 2026 to review various matters, including the audited financial statements for the year ending Dec 31, 2025.
MTNN
₦572.00
MTN Nigeria Communications
7D
-1.4%
1Y
124.3%
FIDELITYBK
₦18.00
Fidelity Bank
7D
-8.9%
1Y
-6.5%
UBA
₦43.00
United Bank for Africa
7D
-4.1%
1Y
14.7%
ARADEL
₦820.00
Aradel Holdings
7D
5.1%
1Y
44.0%
ETI
₦44.00
Ecobank Transnational
7D
-8.3%
1Y
44.7%

Ecobank Group – Strategic Partnership with Bank of China Strengthens China–Africa Trade and Payments Corridor

Author: Qudus Adebara (Founder of Wane Investment House) Executive Summary Ecobank Group has signed a Memorandum of Understanding (MoU) with Bank of China (Mauritius) Limited on December 22, 2025, reinforcing a long-standing partnership that dates back over 15 years. The agreement is designed to deepen cooperation in trade finance, cross-border payments, and financial services that support the rapidly expanding economic relationship between China and Africa.