Data & methodology

Where our numbers come from

All market data on Nairaview, prices, volumes, the All-Share Index, comes from the Nigerian Exchange (NGX) through our market data feed. We publish the Exchange's official daily closing prices: the same figures the NGX releases after each trading session. We do not invent, estimate, or round-trip prices through third parties.

What “daily close” means

The NGX trades Monday to Friday, 9:30am to 4:00pm WAT. When the session ends, the Exchange publishes one official closing price per stock. That single price is what you see on our stock pages and homepage until the next session closes. Each page carries its timestamp, for example “As of the 13 Oct 2026 close · 16:00 WAT,” so you always know which session you are looking at.

Delays, stated plainly

Nairaview is not a real-time terminal. During trading hours the homepage shows a session snapshot about 30 minutes behind the live market, labeled “SESSION · AS OF HH:MM WAT · ~30-MIN DELAYED.” After the 4:00pm close, everything settles to the official daily close. Prices may have moved since what you see here; confirm with your broker before acting on any number.

How we calculate the basics

• Day change: (close − previous close) ÷ previous close, shown in percent and in naira.
• Market cap: share price × shares outstanding.
• ASI: the NGX All-Share Index itself, published by the Exchange. Our year-to-date figure is measured from the first trading session of the year.
• 7-day change and tracked highs/lows: computed from our accumulated daily closes.

Limitations we own up to

• History window: our daily price history grows from late September 2026. “Tracked” highs and lows cover that window only, not all-time records.
• Corporate actions: share splits and consolidations can make a price look like it jumped or crashed overnight. We adjust for verified actions; unverified ones may briefly show odd figures.
• No intraday: we do not publish live tick-by-tick prices or intraday charts. Daily closes only.
• Indicative FX: naira rates are indicative aggregates, not tradable quotes.

Signals and scores

Every stock page carries a Signals & scores block, recalculated after each close from daily price and volume data only. The scores describe the recent past. They are not forecasts, and they are not investment advice.

• Technical picture: a summary of five standard signals (price against its 20-day average, the 20-day average against the 50-day, MACD momentum, the RSI zone, and the recent return). It counts how many point up, how many point down, and says so.
• Trend score (0 to 100): points for the price holding above its 20 and 50-day averages, the short average holding above the long one, and MACD momentum rising. Components that need more history than we hold yet are left out and the rest are scaled up.
• Momentum score (0 to 100): the stock’s recent return ranked against every other listed stock. A score of 80 means its return beat about 80% of the market over the window. While our tracked history is young, the window is the last month; it extends to three months as history grows.
• Risk (volatility): how widely the price has swung day to day, annualised. Low is under 20% a year, Moderate under 35%, High under 55%, Very high above that.
• Liquidity: the average naira value traded per day over the last 20 sessions, plus how often the stock trades at all. Thinly traded stocks are flagged, because scores built on a handful of trades are less reliable.
• Price returns, not total returns: returns are calculated from closing prices. Exchange reference prices are marked down for splits and bonus issues, but cash dividends are not stripped out, so a stock can appear to dip on its ex-dividend date.
• Young history: our price history starts in late September 2026 and grows by one session every trading day. Indicators that need longer runs (the 50-day average, MACD, three-month returns) appear automatically once enough sessions exist.

Outlook ranges

Liquid stocks also carry outlook ranges for the next week and the next month. We deliberately publish ranges, never a single target price: anyone who gives you an exact future price for a share is pretending to know more than anyone does.

• How the centre is set: two simple, well-tested trend methods (a Theta-style forecast and a damped-trend forecast) are calculated independently and averaged. Combining simple methods has beaten individual methods in every major forecasting competition; fancy models do not beat them reliably on daily share prices.
• How the bands are set: each stock’s own recent daily volatility, widened over the horizon. The gold band is the likely range (about a 50% chance the close lands inside); the wider pale band is the 80% range. Bands are capped at what the exchange’s 10% daily price limit makes possible.
• Scored in public: every outlook we publish is written to a permanent public archive with the date it was made. As each horizon passes, the actual close is scored against the range, and the running hit rate is printed on every stock page. If our ranges contain the close less often than they should, you will see it here first.
• See the scorecard: the running hit rates live on the outlook track record page, updated after each close.
• Young data, wide bands: our tracked history begins in September 2026, so early ranges rest on a short window and are honestly wide. They sharpen as history grows.
• Thin stocks excluded: stocks that trade in tiny amounts get no outlook. A model built on a handful of trades would be decoration, not information.

What brokers say

Some stock pages carry a “What brokers say” block. It collects published analyst recommendations and target prices from Nigerian stockbroking firms, taken from their research reports and from the monthly brokers’ consensus review published by Nairametrics. Every entry is checked against its source before it is added, carries the firm’s name and the date of its view, and is removed once it is more than about nine months old. The average target is the mean of the targets in the cited review; where a review counted a firm’s recommendation as positive without publishing its target, we say so rather than estimate one. These are the brokers’ opinions, reproduced for information. They are not Nairaview’s views, and they are not investment advice.

Valuation

Some stock pages carry a “Valuation” block. It shows the profit the company reported in its most recent audited full-year results, taken from coverage of those results that we cite on the page, and divides the company’s current market capitalisation by that profit. The result is the company-level equivalent of a trailing price-to-earnings ratio: how many years of last year’s profit the market price represents. Where at least three covered stocks share a sector, the block also shows their median multiple for context. Where the reported result was a loss, the block says so and shows no multiple. Coverage is deliberately narrow. A company is included only when its reported profit can be cited cleanly; where published sources conflict, or a company reports primarily in a foreign currency, it is left out until a figure we can stand behind exists. One year of profit is a starting point for judging value, not a verdict on whether a stock is cheap or dear.

Dividends & payouts

Dividend information on Nairaview comes only from verified declarations: NGX disclosures and corroborated financial-press reports, checked by a person before publication. We have tracked declarations since September 2026, and every one is kept in a permanent archive, so each stock’s payment history grows from there. On a stock’s page, the yield shown beside a payment is that single payment divided by the latest close. It is not a trailing twelve-month yield, and a company that has not declared in our tracked window shows no dividend card rather than a guessed history.

Who writes Nairaview

Nairaview is written and edited by Oyewole Omidiora. He follows the Nigerian Exchange every trading day: the closes, the movers, the offers and the filings behind them, and he writes the guides and the weekly recaps. If something here helped, or missed the mark, he reads every message sent to hello@nairaview.com.

Corrections

If a number here looks wrong, tell us at hello@nairaview.com. We fix verified errors promptly. Nairaview provides market data for For information only, not investment advice.