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Compare Nigerian Exchange (NGX) shares with the same dates, the same return definition, identical liquidity measures, and valuation figures drawn from matching financial periods. A disciplined comparison separates price performance from dividends, measures trading activity beyond one high-volume day, and treats a price-to-earnings (PE) ratio as context rather than a buy or sell verdict.

The process below shows how to build a traceable NGX stock comparison using exchange data, company disclosures, corporate-action records, and a clearly stated calculation sheet. It is a comparison method, not a current stock recommendation.

What a fair NGX stock comparison measures

For each share, collect four groups of observations over defined dates:

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  • Return: price change over the same start and end dates, with dividends identified as either included or excluded.
  • Liquidity: traded volume, number of trades, value traded, and turnover over the same interval.
  • Valuation: a comparable PE ratio or another clearly defined multiple, with the earnings period behind the denominator.
  • Information quality: filing timeliness, corporate actions, free-float or listing-rule issues, and other compliance notices that could change how the numbers should be interpreted.

Do not blend these into one unexplained score. A stock can have a strong historical return but thin trading, or a low PE that reflects deteriorating earnings. Showing each dimension separately lets a reader see the trade-off.

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Set the comparison universe and dates first

Define which NGX securities qualify

Write down the list before looking at performance. State whether the universe contains all listed equities, one NGX market segment, a sector, or a selected watchlist. Keep the security identifier, symbol and security name alongside every observation so a renamed or similarly named company is not accidentally substituted. NGX X-DataPortal describes historical equity records with an ISIN, symbol, security name and market type; retaining those fields makes the spreadsheet auditable.

Use one start date and one end date

Every share must use the same trading-date window. If one security has a quote on a holiday or suspension day and another does not, use a documented rule such as the last available official close before the start date and the last available official close on or before the end date. Record the actual dates used, not just “one year.” A 12-month calendar period can contain different numbers of trading sessions.

Freeze the currency and price field

Use NGX prices in naira and identify whether the field is open, high, low, close or current price. For a historical return, the official close is normally the relevant field; do not mix an intraday high for one stock with an end-of-day close for another. X-DataPortal lists open, high, low, close and current-price fields, so the chosen field should be stated in the worksheet heading.

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Calculate returns without hiding dividends

Price return

Price return isolates the change in quoted price:

Price return (%) = ((end price − start price) ÷ start price) × 100

Label this result “price-only.” It does not represent cash received from dividends and does not automatically account for splits, consolidations, rights issues or other corporate actions. A negative result means the quoted price ended below the starting price; it does not by itself establish the investor’s total economic result.

Total return when dividends are documented

To include dividends, identify the cash amount per share, the ex-dividend date, and whether the calculation assumes reinvestment. A simple cash-dividend version is:

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Total return (%) = ((end price − start price + dividends received per share) ÷ start price) × 100

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If dividends are reinvested, use the number of shares purchased on each payment or ex-dividend date and state the reinvestment price assumption. Do not call a price-only chart “total return.” NGX says shareholders may benefit from share-price growth and/or dividends, while “some companies pay dividends regularly while others seldom pay or not pay at all.” The exchange also warns that “shares can also lose value, as stock prices can fall below your purchase price due to macroeconomic or company-specific factors.”

Handle corporate actions before comparing percentages

Check whether the start or end date surrounds a split, consolidation, rights issue, bonus issue, suspension, merger or delisting event. Use an adjusted series only when the adjustment method is documented; otherwise present the unadjusted result and flag the event. A raw price drop after a split can be a mechanical change rather than an equivalent loss in ownership value. NGX states that corporate-action information is available through its historical-data and corporate-disclosures channels.

Illustrative calculation

Suppose a hypothetical share moves from ₦40 to ₦46 and pays a documented ₦2 dividend during the window. Its price return is 15%; its cash-dividend total return is 20% before taxes and transaction costs. These figures are an illustration of the formulas, not a current NGX observation. Your published table should replace them with dated official prices and verified dividend records.

Measure liquidity across the whole period

Liquidity is the ability to trade with reasonable speed and limited price disruption. One busy session is not enough evidence. Calculate activity over the same dates used for returns and show the aggregation rule, such as total volume, average daily volume, total value traded and median daily value.

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Measure What to calculate How to interpret it
Traded volume Sum of shares traded during the window; optionally show average per trading day. Shows share count, but a large number of low-priced shares can still represent modest naira activity.
Number of trades Sum of reported trades and, where useful, average trades per session. Helps distinguish many small transactions from a few block-like prints.
Value traded Sum of naira value traded during the window. Places volume in monetary context and is usually more relevant to an investor sizing a naira order.
Turnover State the exact definition, such as value traded divided by shares outstanding, and the dates used. Relates activity to the company’s available share base; definitions must remain consistent across stocks.

NGX’s historical equity fields include traded volume and number of trades. Its data library also identifies daily official lists, daily summaries, gainers, market capitalization and shares outstanding. Use the same source and period for every company where possible. If a stock has no trades on some sessions, report the zero or missing observation according to the source’s convention rather than silently dropping those days.

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Why value and trade count matter together

Two shares can report identical volume while having very different naira values because their prices differ. Conversely, equal value traded can come from many small trades or a few large trades. Showing volume, value and trade count together prevents a single metric from giving a false impression of execution capacity.

Do not equate volume with guaranteed execution

A high historical volume does not guarantee that a new order will fill at the displayed price. The NGX combines quote-driven and order-driven transactions, and available bids or offers can change before execution. A comparison should therefore describe historical activity, not promise a particular fill, spread or market impact. If quote data are available, record the observation time and bid-ask conditions; do not infer them from end-of-day volume alone.

Use valuation multiples with their earnings dates attached

Start with PE, but identify the denominator

NGX lists a PE Ratio resource. A PE comparison is meaningful only when the price date, earnings period, share count convention and calculation basis are comparable. Label each number as trailing, annualized, or another stated convention; never place an unlabeled multiple beside a different-period multiple and call the ranking definitive.

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The denominator can be affected by one-off gains, losses, currency movements and accounting changes. A very low PE may reflect temporarily high earnings, while a high PE may reflect depressed current earnings or expectations not captured in the historical figure. If earnings are zero or negative, a conventional PE is not meaningful; mark it “not meaningful” rather than forcing a ranking.

Use the five-year record for context

NGX’s X-Factbook is an annual digital reference that provides company profiles, five-year financial performance, corporate-action history and market or index information. Use that history to test whether the earnings in the PE denominator are typical, rising, falling or unusually volatile. The existence of five-year data does not make a company cheap or expensive; it supplies context for the current multiple.

Do not invent an official valuation verdict

NGX identifies a PE resource but does not establish one official, universal stock-valuation methodology in the materials used here. No current company-by-company PE values or threshold for “undervalued” were established. Present the multiple, its date and denominator, then explain what additional financial review would be needed before drawing a conclusion.

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Verify disclosures, compliance and corporate actions

A numerical comparison can become stale when a filing, suspension or capital change is missed. NGX X-Compliance material covers released financial statements, delayed or delinquent filings, free-float deficiencies, listing-rule breaches, enforcement actions and delisting-related information. Check the latest applicable notice for every company and record the notice date.

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Disclosure checklist

  • Confirm the latest annual and interim financial statements available at the valuation date.
  • Check whether a filing is delayed, delinquent, restated or subject to an exchange notice.
  • Record dividends, rights issues, bonus issues, consolidations, splits, mergers and suspensions that fall inside the return window.
  • Review free-float or listing-rule deficiencies that could affect tradability.
  • Note enforcement or delisting-related information before describing a stock as comparable to an unrestricted listing.

When a corporate action changes the share count, update the shares-outstanding field used for turnover and make the event visible beside the return calculation. A PE ratio and a turnover percentage calculated with different share-count dates are not directly comparable.

Find the data in NGX’s official resources

X-DataPortal and historical records

NGX X-DataPortal describes historical equity information by identifier, symbol, market type, volume, trade count and price fields. Its page says seven days of historical price data are free, while other reports and data may require access or purchase; product scope and terms can change. NGX also says end-of-day historical quotes may be requested as far back as 1996 for a fee, and tick data may be requested for a period of three months. Choose the product that covers your dates and retain the retrieval date and export definition.

Data Library reports

The NGX Data Library lists a PE Ratio resource, Indices Report, Daily Official List (Equities), Daily Summary, gainers list, market capitalization and shares outstanding. These are source categories, not proof that a particular company’s current value has been validated. Save the report date and the exact field name used.

X-Factbook

X-Factbook combines company profiles, five-year financial performance, corporate-action history and market or index information in an annual digital reference. Its page displays subscription offers that may change. Treat it as a data reference and cite the edition or access date in your notes rather than assuming the displayed offer is permanent.

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Keep market-wide performance separate from stock performance

NGX Group reported that the NGX All-Share Index rose 51.19% during 2025, ending at 155,613 points versus 102,926 at the start of the year. The same 2026 report put equity market capitalization at ₦99.38 trillion at the end of 2025 and year-to-date equity turnover at ₦5.96 trillion. These are market-level statistics: they are not the return, liquidity or valuation of any individual company.

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Use the index as a backdrop for the period you selected, not as a substitute for calculating each stock’s return. A stock that lagged a rising index may still have positive price performance, while a stock that outperformed may have done so with very limited trading.

Build a comparison worksheet

Use one row per stock and make the qualifications visible in the column headings. A practical layout is:

Column Required entry
Identity ISIN, symbol, security name and market type.
Return window Start date, end date, actual quote dates and price field.
Prices Start close and end close in naira.
Dividends Per-share amount, ex-date, cash or reinvested treatment, and source date.
Return results Price return and, only when supported, total return.
Liquidity Total and average volume, trade count, value traded and turnover, all with the same window.
Valuation PE value, price date, earnings period and calculation convention.
Events Corporate actions, suspensions and share-count changes.
Compliance Filing status, free-float or listing notices and enforcement or delisting information.
Evidence note Report name, edition or retrieval date and any missing fields.

Use “not stated” when a comparable value is unavailable in the source, and explain why. Do not replace a missing PE with zero, or a missing trade count with an assumed estimate.

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Step-by-step comparison workflow

  1. Write the scope. Name the securities, market segment, currency, return window and whether the output is price-only or dividend-inclusive.
  2. Download matching price records. Obtain official end-of-day closes for the identical dates and retain the identifier fields.
  3. Check events before calculating. Reconcile splits, rights issues, dividends, suspensions and other corporate actions with the price series.
  4. Calculate returns. Apply the same formula to every row and show the intermediate start price, end price and dividend amount.
  5. Aggregate liquidity. Sum or average volume, trades and value over the same sessions; calculate turnover only with a stated shares-outstanding date and definition.
  6. Attach valuation periods. Enter PE figures with the price date, earnings period and convention. Mark negative or unavailable earnings appropriately.
  7. Review disclosures. Check X-Compliance and the latest company releases for filing, free-float, enforcement and delisting information.
  8. Compare, then qualify. Present separate rankings or bands for return, liquidity and valuation, followed by the events and data-quality notes that could change interpretation.

Interpret the results without turning them into a stock pick

High return, low liquidity

This combination indicates strong historical price movement alongside limited observed trading. Treat the return as harder to replicate at scale and inspect daily value, trade count and any price gaps before drawing conclusions.

High liquidity, modest return

Frequent and valuable trading can make entry or exit more practical, but it does not imply attractive performance. Keep execution characteristics separate from profitability.

Low PE, weak disclosures or falling earnings

A low multiple deserves a review of the denominator, filing timeliness and five-year record. It is not evidence of undervaluation on its own.

Strong return and high PE

Document whether the price moved ahead of the latest reported earnings. A high multiple can be a result of a low denominator, recent price appreciation, or both; the date alignment determines what the comparison actually says.

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Common errors and how to correct them

  • Mixing periods: Correct by using one start and end date for every stock and displaying the actual quote dates.
  • Calling price return total return: Add verified dividends or label the result price-only.
  • Ranking one-day volume: Replace it with period totals and averages for volume, value and trade count.
  • Comparing unlabeled PE ratios: Add the earnings period and calculation convention, or mark the value not comparable.
  • Ignoring share-count changes: Recalculate turnover and review price adjustments after corporate actions.
  • Using market statistics as company statistics: Keep the All-Share Index, market capitalization and aggregate turnover in a separate market-context section.
  • Overlooking stale disclosures: Check X-Compliance and current company releases before relying on an old spreadsheet.
  • Assuming a data product is permanent: Record the access date because NGX describes product scope, availability and displayed offers as subject to change.

What a defensible conclusion looks like

A sound comparison does not announce a universal winner. It states, for example, that one stock had the highest price return over the selected dates, another showed the greatest naira turnover and trade count, and a third had the lowest PE based on a specified earnings period. It then identifies dividends, corporate actions, filing status and missing data that limit direct comparison. That format answers “How do I compare NGX stocks?” with reproducible evidence rather than an unsupported prediction.

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