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Nigerian (NSE) Financials Sector Analysis

UpdatedAug 27, 2026
DataAggregated Company Financials
Companies46
  • 7D-2.2%
  • 3M1.3%
  • 1Y47.6%
  • YTD49.8%

Over the last 7 days, the Financials industry has dropped 2.2%, driven by Zenith Bank declining 3.7%. Over the past 12 months, the industry was up 48%. Earnings are forecast to grow by 20% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 27 Aug 2026₦29.1t₦17.9t₦5.4t7.4x5.4x1.6x
Sat, 25 Jul 2026₦30.4t₦17.6t₦5.3t10.3x5.8x1.7x
Mon, 22 Jun 2026₦25.1t₦17.5t₦5.1t9.8x4.9x1.4x
Wed, 20 May 2026₦29.1t₦17.4t₦5.1t9.7x5.7x1.7x
Fri, 17 Apr 2026₦26.7t₦16.9t₦5.2t9x5.1x1.6x
Sun, 15 Mar 2026₦23.2t₦16.6t₦4.9t11.1x4.7x1.4x
Tue, 10 Feb 2026₦20.3t₦16.5t₦4.9t11.1x4.1x1.2x
Thu, 08 Jan 2026₦18.9t₦16.8t₦5.3t8.7x3.6x1.1x
Sat, 06 Dec 2025₦16.7t₦16.8t₦5.3t7.4x3.2x1x
Mon, 03 Nov 2025₦17.3t₦16.8t₦5.4t8.2x3.2x1x
Wed, 01 Oct 2025₦15.2t₦16.2t₦5.2t8.5x2.9x0.9x
Fri, 29 Aug 2025₦17.2t₦16.5t₦5.6t8.8x3.1x1x
Sun, 27 Jul 2025₦16.9t₦16.1t₦5.6t6.3x3x1.1x
Tue, 24 Jun 2025₦13.3t₦16.1t₦5.6t5.3x2.4x0.8x
Thu, 22 May 2025₦12.0t₦16.1t₦5.6t4.8x2.1x0.7x
Sat, 19 Apr 2025₦11.0t₦15.8t₦5.6t4x2x0.7x
Mon, 17 Mar 2025₦11.1t₦15.5t₦5.9t4.1x1.9x0.7x
Wed, 12 Feb 2025₦11.6t₦15.4t₦5.9t4.5x2x0.8x
Fri, 10 Jan 2025₦9.9t₦15.1t₦5.8t4x1.7x0.7x
Sun, 08 Dec 2024₦8.9t₦15.2t₦5.8t2.7x1.5x0.6x
Tue, 05 Nov 2024₦8.6t₦14.8t₦5.7t2.4x1.5x0.6x
Thu, 03 Oct 2024₦8.2t₦13.6t₦5.1t3.2x1.6x0.6x
Sat, 31 Aug 2024₦7.5t₦12.5t₦4.8t2.8x1.6x0.6x
Mon, 29 Jul 2024₦7.1t₦12.3t₦4.8t3.1x1.5x0.6x
Wed, 26 Jun 2024₦6.9t₦12.1t₦4.7t3.2x1.5x0.6x
Fri, 24 May 2024₦6.5t₦11.6t₦4.5t4.2x1.4x0.6x
Sun, 21 Apr 2024₦6.8t₦9.6t₦3.6t4.2x1.9x0.7x
Tue, 19 Mar 2024₦8.3t₦9.1t₦3.0t4.8x2.8x0.9x
Thu, 15 Feb 2024₦7.7t₦9.0t₦2.9t5.2x2.6x0.9x
Sat, 13 Jan 2024₦8.9t₦7.8t₦2.7t5.4x3.3x1.1x
Mon, 11 Dec 2023₦7.1t₦7.6t₦2.7t4.4x2.7x0.9x
Wed, 08 Nov 2023₦6.5t₦7.5t₦2.6t3.7x2.5x0.9x
Fri, 06 Oct 2023₦6.2t₦6.9t₦2.4t4.1x2.6x0.9x
Sun, 03 Sep 2023₦6.2t₦6.3t₦1.8t4.7x3.5x1x
Price to Earnings Ratio

3.5x


Total Market Cap: ₦6.2tTotal Earnings: ₦1.8tTotal Revenue: ₦6.3tTotal Market Cap vs Earnings and Revenue0%0%0%
Nigerian Financials Sector Price to Earnings3Y Average 2.9x202420252026
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 5.4x which is higher than its 3-year average PE of 2.9x.
  • The 3-year average PS ratio of 0.95x is lower than the industry's current PS ratio of 1.6x.
Past Earnings Growth
  • The earnings for companies in the Financials industry have grown 45% per year over the last three years.
  • Revenues for these companies have grown 41% 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 Market-1.06%
Financials-2.25%
Mortgage Finance0%0
Diversified Financial-0.018%
Capital Markets-1.13%
Insurance-2.34%
Banks-2.54%
Industry PE
  • Investors are most optimistic about the Capital Markets industry even though it's trading below its 3-year average PE ratio of 15.2x.
    • 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 2.5x.
Forecasted Growth
  • Analysts are most optimistic on the Banks industry, expecting annual earnings growth of 22% over the next 5 years.
  • This is better than its past earnings growth rate of 11% per year.
  • In contrast, the Diversified Financial industry is expected to see its earnings grow by 8.8% 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₦135.002.3%
+₦136.4b		314.7%PB1.7x
ACCESSCORP Access Holdings₦28.756.7%
+₦95.3b		6.5%PB0.4x
GTCO Guaranty Trust Holding₦128.000.3%
+₦14.6b		39.1%PB1.3x
CORNERST Cornerstone Insurance₦5.357.0%
+₦6.3b		-16.3%PE8.1x
NGXGROUP Nigerian Exchange Group₦126.000.8%
+₦2.6b		213.7%PE19.9x

Latest News

FIDELITYBK
₦18.95
Fidelity Bank
7D
-7.6%
1Y
-11.0%
STERLINGNG
₦7.60
Sterling Financial Holdings
7D
-1.9%
1Y
-5.0%
FCMB
₦11.00
FCMB Group
7D
-7.2%
1Y
4.8%
CORNERST
₦5.35
Cornerstone Insurance
7D
7.0%
1Y
-16.3%
REGALINS
₦0.85
Regency Alliance Insurance
7D
6.3%
1Y
-14.8%
JAIZBANK
₦7.70
Jaiz Bank
7D
-10.5%
1Y
71.1%
WEMABANK
₦28.00
Wema Bank
7D
-3.4%
1Y
24.7%
AIICO
₦3.70
AIICO Insurance
7D
-7.5%
1Y
-10.0%
MANSARD
₦12.00
AXA Mansard Insurance
7D
0.8%
1Y
-27.3%
LINKASSURE
₦1.80
Linkage Assurance
7D
4.7%
1Y
-21.4%
ACCESSCORP
₦28.75
Access Holdings
7D
6.7%
1Y
6.5%
NGXGROUP
₦126.00
Nigerian Exchange Group
7D
0.8%
1Y
213.7%
Narrative Update • Jul 28

Reports (Unaudited) Exceptional H1 2026 Earnings Growth Driven by Record Transaction Activity and Strong Associate Contributions

Executive Summary Analyst: Qudus Adebara (Research Analyst, DLM Capital Group) Nigerian Exchange Group Plc delivered an outstanding financial performance for the six months ended June 30, 2026, driven by a surge in capital market activity, higher transaction and listing fees, and stronger contributions from equity-accounted investees. Group revenue more than doubled, increasing by 118% YoY to ₦17.60 billion from ₦8.08 billion in H1 2025.
FIRSTHOLDCO
₦135.00
First HoldCo
7D
2.3%
1Y
314.7%
ZENITHBANK
₦119.40
Zenith Bank
7D
-3.7%
1Y
70.8%
UBA
₦44.15
United Bank for Africa
7D
-4.0%
1Y
-10.8%
GTCO
₦128.00
Guaranty Trust Holding
7D
0.3%
1Y
39.1%
Narrative Update • Jul 15

GTCO: Higher Margins And Dividend Policy Will Support Future Upside Potential

Analysts have revised their fair value estimate for Guaranty Trust Holding to NGN147.39 from NGN86.39, citing updated assumptions for revenue growth, profit margins, and future P/E expectations as key drivers of the higher price target. What’s in the News for Guaranty Trust Holding Guaranty Trust Holding has scheduled a board meeting for July 28, 2026, to consider the audited financial statements for the half year ending June 30, 2026, with potential discussion of half year dividend matters and other business items.