The Nigeria Stock Market Annual (NSMA) is the official research publication of PEARL Awards Nigeria and the backbone of its award ranking system. First published in 1995, it has grown into the most credible, data-driven reference on the performance of listed companies on the Nigerian Exchange (NGX).
First edition launched, establishing a structured system for evaluating listed companies
Expanded award categories, introduced sector rankings, historical data, and deeper market analysis
Transitioned to digital formats, enhanced data visualization, and aligned with global standards in corporate governance reporting
Nearly 30 years of consistent, unbiased market analysis
Used by fund managers, stockbrokers, academics, media, and regulators
Encourages excellence, transparency, and shareholder value among quoted companies
Maintains the longest continuous data record on the Nigerian capital market
More than a publication, the NSMA is a respected institution in the Nigerian financial ecosystem documenting the past, shaping present market behaviour, and inspiring future excellence in corporate Nigeria.