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Nigerian (NSE) Financials Sector Analysis

UpdatedJan 15, 2026
DataAggregated Company Financials
Companies42
  • 7D2.4%
  • 3M8.5%
  • 1Y50.5%
  • YTD6.8%

In the last week, the Financials industry is up 2.4%, with First HoldCo leading the way with a 4.2% gain. This takes the industry's 12 month performance to a gain of 51%. Earnings are forecast to grow by 17% annually.

Sector Valuation and Performance

Has the Nigerian Financials Sector valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 16 Jan 2026₦19.5t₦16.8t₦5.3t8.9x3.7x1.2x
Sun, 14 Dec 2025₦16.7t₦16.8t₦5.3t7.2x3.1x1x
Tue, 11 Nov 2025₦16.4t₦16.7t₦5.4t7.2x3.1x1x
Thu, 09 Oct 2025₦15.3t₦16.2t₦5.2t8.6x2.9x0.9x
Sat, 06 Sep 2025₦16.7t₦16.5t₦5.6t8.3x3x1x
Mon, 04 Aug 2025₦17.4t₦16.5t₦5.6t6.5x3.1x1.1x
Wed, 02 Jul 2025₦13.7t₦16.1t₦5.6t5.4x2.5x0.9x
Fri, 30 May 2025₦12.4t₦16.2t₦5.6t4.8x2.2x0.8x
Sun, 27 Apr 2025₦11.8t₦15.9t₦5.7t4.1x2.1x0.7x
Tue, 25 Mar 2025₦11.1t₦15.5t₦5.9t4.2x1.9x0.7x
Thu, 20 Feb 2025₦11.6t₦15.4t₦5.9t4.3x2x0.8x
Sat, 18 Jan 2025₦9.9t₦15.1t₦5.8t3.9x1.7x0.7x
Mon, 16 Dec 2024₦9.0t₦15.1t₦5.8t3x1.6x0.6x
Wed, 13 Nov 2024₦8.7t₦15.2t₦5.8t2.3x1.5x0.6x
Fri, 11 Oct 2024₦8.0t₦13.7t₦5.2t2.4x1.6x0.6x
Sun, 08 Sep 2024₦7.5t₦12.9t₦4.9t2.8x1.5x0.6x
Tue, 06 Aug 2024₦7.1t₦12.5t₦4.8t2.6x1.5x0.6x
Thu, 04 Jul 2024₦7.2t₦12.1t₦4.7t3.4x1.5x0.6x
Sat, 01 Jun 2024₦6.8t₦11.7t₦4.6t4.3x1.5x0.6x
Mon, 29 Apr 2024₦6.6t₦10.0t₦3.7t4.2x1.8x0.7x
Wed, 27 Mar 2024₦8.3t₦8.8t₦2.9t4.8x2.8x0.9x
Fri, 23 Feb 2024₦7.4t₦9.2t₦3.0t4.8x2.5x0.8x
Sun, 21 Jan 2024₦9.0t₦7.7t₦2.7t6.4x3.4x1.2x
Tue, 19 Dec 2023₦7.3t₦7.6t₦2.7t4x2.8x1x
Thu, 16 Nov 2023₦6.6t₦7.7t₦2.7t3.4x2.5x0.9x
Sat, 14 Oct 2023₦6.2t₦7.0t₦2.4t4.4x2.6x0.9x
Mon, 11 Sep 2023₦6.4t₦6.2t₦1.8t4.9x3.7x1x
Wed, 09 Aug 2023₦6.2t₦6.0t₦1.5t4.8x4x1x
Fri, 07 Jul 2023₦6.1t₦5.7t₦1.3t5.8x4.6x1.1x
Sun, 04 Jun 2023₦4.7t₦5.1t₦1.2t5x3.8x0.9x
Tue, 02 May 2023₦4.0t₦5.1t₦1.3t4.5x3.1x0.8x
Thu, 30 Mar 2023₦4.0t₦4.8t₦1.3t4.1x3.1x0.8x
Sat, 25 Feb 2023₦4.0t₦4.8t₦1.3t3.9x3x0.8x
Mon, 23 Jan 2023₦3.9t₦4.7t₦1.3t4.3x3x0.8x
Price to Earnings Ratio

3x


Total Market Cap: ₦3.9tTotal Earnings: ₦1.3tTotal Revenue: ₦4.7tTotal Market Cap vs Earnings and Revenue0%0%0%
Nigerian Financials Sector Price to Earnings3Y Average 2.6x202420252026
Current Industry PE
  • Investors are optimistic on the Nigerian Financials industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 3.7x which is higher than its 3-year average PE of 2.6x.
  • The 3-year average PS ratio of 0.83x is lower than the industry's current PS ratio of 1.2x.
Past Earnings Growth
  • The earnings for companies in the Financials industry have grown 60% per year over the last three years.
  • Revenues for these companies have grown 52% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Trends

Which industries have driven the changes within the Nigerian Financials sector?

NG Market4.10%
Financials2.41%
Banks2.81%
Diversified Financial2.07%
Capital Markets1.62%
Mortgage Finance0%0
Insurance-1.22%
Industry PE
  • Investors are most optimistic about the Capital Markets industry even though it's trading below its 3-year average PE ratio of 14.5x.
    • It looks like they are confident that earnings will grow faster in the future than they have historically.
  • Investors are most pessimistic about the Banks industry, although it looks like investor sentiment has improved given that it's trading above its 3-year average of 2.2x.
Forecasted Growth
  • Analysts are most optimistic on the Diversified Financial industry, expecting annual earnings growth of 26% over the next 5 years.
  • However this is lower than its past earnings growth rate of 49% per year.
  • In contrast, the Banks industry 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?

CompanyLast Price7D1YValuation
FIRSTHOLDCO First HoldCo₦52.0010.6%
+₦222.3b		79.0%PB0.7x
JAIZBANK Jaiz Bank₦8.2045.9%
+₦115.0b		178.9%PB5.3x
ETI Ecobank Transnational₦47.008.0%
+₦83.1b		54.6%PB0.5x
ZENITHBANK Zenith Bank₦69.003.0%
+₦82.1b		47.0%PB0.6x
FIDELITYBK Fidelity Bank₦19.955.0%
+₦47.7b		14.0%PB1x

Latest News

ETRANZACT
₦18.50
eTranzact International
7D
35.5%
1Y
184.6%
WAPIC
₦3.38
Coronation Insurance
7D
-11.1%
1Y
64.9%
FIDELITYBK
₦19.95
Fidelity Bank
7D
5.0%
1Y
14.0%
JAIZBANK
₦8.20
Jaiz Bank
7D
45.9%
1Y
178.9%
PRESTIGE
₦1.79
Prestige Assurance
7D
-4.8%
1Y
53.0%
WEMABANK
₦22.90
Wema Bank
7D
4.1%
1Y
114.0%
GUINEAINS
₦1.27
Guinea Insurance
7D
-14.8%
1Y
53.0%
GTCO
₦98.90
Guaranty Trust Holding
7D
-0.1%
1Y
70.5%

GTCO: Stable Metrics And Upcoming Board Decisions Will Shape Future Returns

Analysts have kept their price target for Guaranty Trust Holding unchanged, citing stable fair value estimates, discount rate assumptions, revenue growth expectations, profit margin outlook and a forward P/E of about 5.53x as the key factors behind maintaining this view. What's in the News Board meeting scheduled for January 27, 2026 to consider the audited financial statements for the year ending December 31, 2025 (Key Developments) Full year dividend matters are expected to be discussed at the January 27, 2026 board meeting (Key Developments) Other business issues will also be taken up at the upcoming board meeting, providing more clarity on the holding company's near term priorities (Key Developments) Valuation Changes Fair Value Estimate: Fair value is unchanged at 97.18, indicating no revision to the core valuation output.
ZENITHBANK
₦69.00
Zenith Bank
7D
3.0%
1Y
47.0%

ZENITHBANK: Future Dividend And Earnings Strength Will Drive Share Price Upside

Analysts have nudged their price target on Zenith Bank slightly higher to reflect modest adjustments in the discount rate and future price-to-earnings assumptions, while maintaining broadly unchanged views on fair value and underlying growth and profitability. What's in the News Board meeting scheduled for January 29, 2026, to review the Group's audited financial statements for the year ending December 31, 2025 (Key Developments) Directors to consider a proposal for recommendation of the full-year dividend to shareholders at the same January 29, 2026 board meeting (Key Developments) Valuation Changes Fair Value: Unchanged at NGN 84.02 per share, indicating no revision to the analyst central valuation view.
FIRSTHOLDCO
₦52.00
First HoldCo
7D
10.6%
1Y
79.0%
ETI
₦47.00
Ecobank Transnational
7D
8.0%
1Y
54.6%

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.
STANBIC
₦107.00
Stanbic IBTC Holdings
7D
-1.8%
1Y
79.8%
STERLINGNG
₦7.75
Sterling Financial Holdings
7D
9.9%
1Y
36.0%
SOVRENINS
₦3.57
Sovereign Trust Insurance
7D
-4.5%
1Y
257.0%
UNIVINSURE
₦1.19
Universal Insurance
7D
-6.3%
1Y
105.2%
CUSTODIAN
₦44.00
Custodian Investment
7D
-0.6%
1Y
137.8%