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Nigerian (NSE) Capital Markets Industry Analysis

UpdatedMay 12, 2026
DataAggregated Company Financials
Companies5
  • 7D-1.2%
  • 3M13.9%
  • 1Y50.4%
  • YTD41.3%

Over the last 7 days, the Capital Markets industry has dropped 3.3%, driven by Nigerian Exchange Group declining 1.3%. This takes the industry's 12 month performance to a gain of 52%.

Industry Valuation and Performance

Has the Nigerian Capital Markets Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 12 May 2026₦889.2b₦179.5b₦54.8b15.1x16.2x5x
Thu, 09 Apr 2026₦833.7b₦168.2b₦48.4b15.9x17.2x5x
Sat, 07 Mar 2026₦820.8b₦163.0b₦48.4b17.5x17x5x
Mon, 02 Feb 2026₦666.3b₦153.2b₦52.4b13.4x12.7x4.3x
Wed, 31 Dec 2025₦611.5b₦160.6b₦53.0b11x11.5x3.8x
Fri, 28 Nov 2025₦552.6b₦160.6b₦53.0b10.2x10.4x3.4x
Sun, 26 Oct 2025₦598.8b₦145.4b₦50.8b11.2x11.8x4.1x
Tue, 23 Sep 2025₦611.6b₦145.4b₦50.7b11.3x12.1x4.2x
Thu, 21 Aug 2025₦633.0b₦145.4b₦50.7b11.7x12.5x4.4x
Sat, 19 Jul 2025₦691.6b₦131.1b₦46.4b14.4x14.9x5.3x
Mon, 16 Jun 2025₦620.3b₦98.2b₦47.8b13.7x13x6.3x
Wed, 14 May 2025₦596.7b₦94.1b₦46.9b14.2x12.7x6.3x
Fri, 11 Apr 2025₦510.8b₦87.3b₦43.5b12.2x11.7x5.8x
Sun, 09 Mar 2025₦564.2b₦78.1b₦38.0b13.8x14.8x7.2x
Tue, 04 Feb 2025₦579.9b₦55.7b₦29.3b30.3x19.8x10.4x
Thu, 02 Jan 2025₦524.6b₦55.7b₦29.3b24.1x17.9x9.4x
Sat, 30 Nov 2024₦439.6b₦55.7b₦29.3b14.6x15x7.9x
Mon, 28 Oct 2024₦452.3b₦46.3b₦24.2b13.8x18.7x9.8x
Wed, 25 Sep 2024₦447.9b₦45.6b₦19.7b13.6x22.8x9.8x
Fri, 23 Aug 2024₦436.0b₦45.6b₦19.7b13.3x22.2x9.6x
Sun, 21 Jul 2024₦352.9b₦38.5b₦17.5b19.4x20.2x9.2x
Tue, 18 Jun 2024₦230.6b₦32.4b₦19.9b10x11.6x7.1x
Thu, 16 May 2024₦209.9b₦32.4b₦19.9b8.7x10.5x6.5x
Sat, 13 Apr 2024₦225.9b₦31.6b₦17.7b10.6x12.7x7.2x
Mon, 11 Mar 2024₦223.7b₦45.5b₦13.1b15.6x17.1x4.9x
Wed, 07 Feb 2024₦244.4b₦43.8b₦13.2b15x18.5x5.6x
Fri, 05 Jan 2024₦258.1b₦43.8b₦13.2b15.8x19.5x5.9x
Sun, 03 Dec 2023₦204.2b₦43.8b₦13.2b12.2x15.4x4.7x
Tue, 31 Oct 2023₦199.9b₦42.2b₦11.8b12.2x16.9x4.7x
Thu, 28 Sep 2023₦166.9b₦38.3b₦11.2b13.4x14.9x4.4x
Sat, 26 Aug 2023₦147.4b₦38.3b₦11.2b12.2x13.2x3.9x
Mon, 24 Jul 2023₦165.5b₦38.5b₦12.0b10.6x13.8x4.3x
Wed, 21 Jun 2023₦161.2b₦39.2b₦11.9b9.5x13.5x4.1x
Fri, 19 May 2023₦147.4b₦39.3b₦11.9b8.8x12.4x3.8x
Price to Earnings Ratio

12.4x


Total Market Cap: ₦147.4bTotal Earnings: ₦11.9bTotal Revenue: ₦39.3bTotal Market Cap vs Earnings and Revenue0%0%0%
Nigerian Capital Markets Industry Price to Earnings3Y Average 15x202420252026
Current Industry PE
  • Investors are relatively neutral on the Nigerian Capital Markets industry at the moment, indicating that they anticipate long term growth rates to remain steady.
  • The industry is trading close to its 3-year average PE ratio of 15.0x.
  • The 3-year average PS ratio of 6.0x is higher than the industry's current PS ratio of 4.8x.
Past Earnings Growth
  • The earnings for companies in the Capital Markets industry have grown 66% per year over the last three years.
  • Revenues for these companies have grown 66% 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 industry?

NG Market2.18%
Financials5.32%
Capital Markets-1.21%
Asset Management-0.14%
Financial Exchanges and Data-1.25%
Investment Banking and Brokerage-1.42%
Industry PE
  • Investors are most optimistic about the Financial Exchanges and Data industry, which is trading close to its 3-year average PE ratio of 30.8x.
    • It looks like they are confident that earnings will grow faster in the future than they have historically.
  • Investors are most pessimistic about the Asset Management industry, although it looks like investor sentiment has improved given that it's trading above its 3-year average of 8.9x.
Forecasted GrowthThere is insufficient data on the sub-industries of this industry.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
AFRIPRUD Africa Prudential₦13.705.4%
+₦2.8b		-16.5%PE19.9x
DEAPCAP DEAP Capital Management & Trust₦5.2814.8%
+₦1.0b		433.3%PS357.4x

Latest News

AFRIPRUD
₦13.70
Africa Prudential
7D
5.4%
1Y
-16.5%
Narrative Update • May 06

Afriprud Plc Reports Strong FY 2025 Earnings Growth Driven by Interest Income Expansion and Fair Value Gains Despite Rising Costs and Credit

Executive Summary Analyst: Qudus Adebara (Research Analyst, DLM Capital Group) Africa Prudential Plc delivered a strong financial performance for the year ended December 31, 2025, supported by robust growth in interest income, improved investment portfolio performance, and steady fee income from corporate actions. Gross earnings rose by 38% YoY to ₦7.19 billion, while Profit Before Tax (PBT) increased by 52% YoY to ₦4.26 billion.
VFDGROUP
₦10.50
VFD Group
7D
-1.4%
1Y
-34.4%
Narrative Update • May 06

VFD Group Plc Delivers Strong FY 2025 Balance Sheet Expansion and Robust Comprehensive Income Despite Margin Pressure from High Finance Cost

Analyst: Qudus Adebara (Research Analyst) Executive Summary VFD Group Plc delivered a solid FY 2025 performance marked by strong balance sheet expansion, resilient core investment income, and exceptional comprehensive income growth , despite persistent pressure from elevated finance costs and higher impairment charges. For the year ended December 31, 2025, the Group recorded Profit After Tax (PAT) of ₦9.68 billion , representing an 11.4% YoY increase , supported by strong fair value gains on equity investments and disciplined cost control.
NGXGROUP
₦158.00
Nigerian Exchange Group
7D
-1.3%
1Y
485.2%
Narrative Update • May 05

Nigerian Exchange Group Plc Delivers Solid FY 2025 Profit Growth Supported by Strong Operating Performance and Investment Gains

Analyst: Qudus Adebara (Research Analyst) Executive Summary Nigerian Exchange Group Plc (NGX Group) recorded a solid financial performance for the year ended 31 December 2025, supported by strong revenue growth, improved operating efficiency, and resilient investment income. Group revenue increased by 36% YoY to ₦22.98 billion , driven by higher transaction activity and treasury income.
UCAP
₦18.05
United Capital
7D
-2.4%
1Y
0.3%
DEAPCAP
₦5.28
DEAP Capital Management & Trust
7D
14.8%
1Y
433.3%
Narrative Update • Apr 09

DEAP Capital Management & Trust Plc – Second Tranche Capital Injection & Transition to Critical Minerals Financing Corp. Plc

Author: Qudus Adebara (Research Analyst, DLM Capital Group) Transaction Overview DEAP Capital Management & Trust Plc (“DEAPCAP” or “the Company”) has received an additional ₦2.0 billion capital injection from Banklink Africa Private Equities Limited, representing the second tranche under a ₦6.0 billion recapitalisation programme. First tranche: ₦1.0 billion Second tranche: ₦2.0 billion Total received to date: ₦3.0 billion Outstanding tranche: ₦3.0 billion (expected within 30 days) This milestone signals the commencement of the Company’s next growth phase , anchored on strategic repositioning and sector specialisation.