Quick Summary:
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Aradel Holdings Plc and Wema Bank Plc have been added to the NGX 30 Index, replacing Conoil Plc and Julius Berger Nigeria Plc in the half-year market review.
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Other key indices like Consumer Goods, Insurance, Industrial, Afrinvest Dividend Yield, Meristem Growth, and Value Index saw additions and removals reflecting company performance.
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No changes were made to the NGX Banking, Oil & Gas, Pension, Lotus Islamic, Corporate Governance, and Pension Broad indices.
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NGX reiterated its semi-annual rebalancing process and its commitment to enhancing market efficiency and investor decision-making.
The Nigerian Exchange Limited (NGX) has released the results of its half-year market index review, announcing major changes across several key indices, including the NGX 30 Index.
Aradel and Wema Bank Join NGX 30 Index
As part of the NGX 30 Index update, Aradel Holdings Plc and Wema Bank Plc have been newly included, replacing Conoil Plc and Julius Berger Nigeria Plc, which have now exited the index.
The Exchange noted that the adjustments were based on the market capitalisation methodology and took effect from the market opening on Tuesday.
Market Review Reflects Dynamic Performance
According to the NGX, the index rebalancing reflects the evolving nature of the market and the performance of constituent companies over the past six months.
“Beyond the NGX 30, the review impacted a range of other indices,” the NGX stated.
Updates to Other NGX Indices
Consumer Goods Index
- McNichols Consolidated Plc joined the index.
- Golden Guinea Breweries Plc was removed.
Insurance Index
- LASACO Assurance Plc was added.
- Fortis Global Insurance Plc and International Energy Insurance Plc were removed.
Industrial Index
- Austin Laz & Company Plc was added.
- Notore Chemical Industries Plc was removed.
Afrinvest Dividend Yield Index
- New inclusions: Access Holdings Plc, FCMB Group Plc, and Julius Berger Nigeria Plc.
Meristem Growth Index
- New entries: Wema Bank Plc, Chemical and Allied Products Plc, and Guaranty Trust Holding Company Plc.
- Exits: Fidelity Bank Plc, Transnational Corporation Plc, United Bank for Africa Plc, Unilever Nigeria Plc, and Guinness Nigeria Plc.
Meristem Value Index
- New inclusions: United Bank for Africa Plc, Unilever Nigeria Plc, and Guinness Nigeria Plc.
- Exit: Julius Berger Nigeria Plc.
No Changes to Key Sector Indices
The NGX confirmed that there were no changes in the constituent stocks of the following indices:
- NGX Banking Index
- NGX Oil & Gas Index
- NGX Pension Index
- NGX Lotus Islamic Index
- Corporate Governance Index
- NGX Pension Broad Index
Indices Reviewed Biannually
The NGX noted that its indices are rebalanced semi-annually—in January and July—to ensure accurate tracking of market movements.
NGX Leadership Reaffirms Commitment
Jude Chiemeka, Chief Executive Officer of NGX, expressed the Exchange’s dedication to driving innovation and boosting market liquidity:
“The Exchange continues to blaze the trail on the path to becoming Africa’s foremost securities exchange with innovation and product development that deepen the market and boost liquidity.”
Abimbola Babalola, Head of Trading & Products at NGX, added:
“These indices are developed, managed, and rebalanced semi-annually to help investors efficiently track market movements and manage investment portfolios.”
Index Adjustments Subject to Change
Finally, the NGX clarified that the compiler of the indices reserves the right to modify selections due to mergers, takeovers, suspensions, or other structural changes prior to the effective date of each review.