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Nigerian (NSE) Capital Markets Industry Analysis

UpdatedAug 10, 2026

DataAggregated Company Financials

Companies6

7D-0.2%
3M-7.3%
1Y25.9%
YTD29.4%

Over the last 7 days, the Capital Markets industry has dropped 1.1%, driven by a pullback from Nigerian Exchange Group of 3.0%. In contrast, Ava Capital has gained 33%. This takes the industry's 12 month performance to a gain of 21%.

Industry Valuation and Performance

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

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Mon, 10 Aug 2026	₦931.3b	₦200.7b	₦67.9b	14.8x	13.7x	4.6x
Wed, 08 Jul 2026	₦870.2b	₦177.5b	₦54.8b	18x	15.9x	4.9x
Fri, 05 Jun 2026	₦887.8b	₦177.5b	₦54.8b	18.9x	16.2x	5x
Sun, 03 May 2026	₦888.3b	₦172.5b	₦52.5b	15.4x	16.9x	5.2x
Tue, 31 Mar 2026	₦867.2b	₦168.2b	₦48.4b	17.1x	17.9x	5.2x
Thu, 26 Feb 2026	₦751.6b	₦153.2b	₦52.4b	15.1x	14.4x	4.9x
Sat, 24 Jan 2026	₦654.5b	₦160.6b	₦53.0b	12.6x	12.3x	4.1x
Mon, 22 Dec 2025	₦603.4b	₦160.6b	₦53.0b	10.9x	11.4x	3.8x
Wed, 19 Nov 2025	₦561.5b	₦160.6b	₦53.0b	10.5x	10.6x	3.5x
Fri, 17 Oct 2025	₦612.7b	₦145.4b	₦50.7b	11.4x	12.1x	4.2x
Sun, 14 Sep 2025	₦620.0b	₦145.4b	₦50.7b	11.5x	12.2x	4.3x
Tue, 12 Aug 2025	₦655.5b	₦145.4b	₦50.7b	12.4x	12.9x	4.5x
Thu, 10 Jul 2025	₦681.8b	₦131.1b	₦46.4b	14.5x	14.7x	5.2x
Sat, 07 Jun 2025	₦631.1b	₦98.2b	₦47.8b	14.2x	13.2x	6.4x
Mon, 05 May 2025	₦611.1b	₦95.0b	₦46.9b	15x	13x	6.4x
Wed, 02 Apr 2025	₦474.4b	₦87.3b	₦43.5b	10x	10.9x	5.4x
Fri, 28 Feb 2025	₦597.9b	₦69.8b	₦36.4b	14.8x	16.4x	8.6x
Sun, 26 Jan 2025	₦574.2b	₦55.7b	₦29.3b	28.2x	19.6x	10.3x
Tue, 24 Dec 2024	₦507.0b	₦55.7b	₦29.3b	22.5x	17.3x	9.1x
Thu, 21 Nov 2024	₦431.6b	₦48.5b	₦25.4b	13.4x	17x	8.9x
Sat, 19 Oct 2024	₦453.9b	₦45.8b	₦24.1b	13.8x	18.8x	9.9x
Mon, 16 Sep 2024	₦450.7b	₦45.6b	₦19.7b	13.6x	22.9x	9.9x
Wed, 14 Aug 2024	₦389.3b	₦45.6b	₦19.7b	14x	19.8x	8.5x
Fri, 12 Jul 2024	₦278.6b	₦38.5b	₦17.5b	13.5x	16x	7.2x
Sun, 09 Jun 2024	₦217.9b	₦32.4b	₦19.9b	9x	10.9x	6.7x
Tue, 07 May 2024	₦209.9b	₦32.4b	₦19.9b	8.6x	10.5x	6.5x
Thu, 04 Apr 2024	₦246.2b	₦41.7b	₦16.7b	13.8x	14.7x	5.9x
Sat, 02 Mar 2024	₦227.4b	₦43.8b	₦13.2b	14x	17.2x	5.2x
Mon, 29 Jan 2024	₦247.4b	₦43.8b	₦13.2b	15.5x	18.7x	5.6x
Wed, 27 Dec 2023	₦241.0b	₦43.8b	₦13.2b	13.8x	18.2x	5.5x
Fri, 24 Nov 2023	₦204.1b	₦43.8b	₦13.2b	12.2x	15.4x	4.7x
Sun, 22 Oct 2023	₦211.3b	₦38.2b	₦11.7b	13.4x	18.1x	5.5x
Tue, 19 Sep 2023	₦167.3b	₦38.3b	₦11.2b	12.8x	14.9x	4.4x
Thu, 17 Aug 2023	₦154.2b	₦38.3b	₦11.2b	12.1x	13.8x	4x

Price to Earnings Ratio

13.8x

Thu, 17 Aug 2023

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 15.2x.

The 3-year average PS ratio of 6.0x is higher than the industry's current PS ratio of 4.6x.

Past Earnings Growth

The earnings for companies in the Capital Markets industry have grown 82% per year over the last three years.
Revenues for these companies have grown 74% 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 Market	-0.058%
Financials	1.13%
Capital Markets	-0.25%
Investment Banking and Brokerage	1.96%
Asset Management	-1.69%
Financial Exchanges and Data	-2.16%

Industry PE

Investors are most optimistic about the Financial Exchanges and Data industry even though it's trading below its 3-year average PE ratio of 26.3x.

It looks like they are confident that earnings will grow faster in the future than they have historically.

Investors are most pessimistic about the Investment Banking and Brokerage industry, which is trading below its 3-year average of 13.7x.

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?

	Company	Last Price	7D	1Y	Valuation
	AVACAP Ava Capital	₦11.00	21.5% +₦9.8b	n/a	n/a

Latest News

CMFC

₦3.00

DEAP Capital Management & Trust

Narrative Update • Aug 05

VFD Group Plc Delivers Strong H1 2026 Earnings Growth Amid Expanding Investment Portfolio and Successful Capital Raise

Executive Summary Analyst: Qudus Adebara (Research Analyst, DLM Securities) VFD Group Plc reported a strong financial performance for the six months ended June 30, 2026, driven by robust growth in investment income, improved operating profitability, and a successful capital raising exercise that significantly strengthened shareholders’ funds. The Group’s gross earnings increased by 30.5% YoY to ₦53.71 billion, while Profit Before Tax (PBT) surged by 98.4% to ₦11.98 billion from ₦6.04 billion in H1 2025.

NGXGROUP

₦136.00

Nigerian Exchange Group

-2.2%

161.9%

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.

Narrative Update • Jul 21

Africa Prudential Plc Delivers Strong Q1 2026 Earnings Growth Driven by Robust Investment Income and Improved Operating Efficiency

Executive Summary Analyst: Qudus Adebara (Research Analyst, DLM Capital Group) Africa Prudential Plc reported a solid financial performance for the three months ended March 31, 2026, supported by strong growth in interest income and improved operating efficiency. Revenue from core registrar and service operations rose modestly, while investment income remained the dominant earnings driver.