NGX Reveals Results of Half-Year Review of Market Indices

Nigerian Exchange Limited (NGX) has announced the results of its full year market index review for the following indices – NGX 30; NGX Lotus Islamic; NGX Pension; NGX Pension Broad Index; Corporate Governance Index; Afrinvest Bank Value Index; Afrinvest Dividend Yield Index; Meristem Growth Index; Meristem Value Index; and the five Sectoral Indices of The Exchange – NGX Banking, NGX Insurance, NGX Industrial, NGX Consumer Goods and NGX Oil & Gas. 

The review has led to the entry and exit of some companies from several indices which took effect at the open of the market on Monday, 1 July 2024.

Below are the incoming and exiting companies in the various indices:

NGX OIL & GAS INDEX: Japaul Oil and Services Plc has been added to this index while MRS Plc has exited the NGX Oil & Gas Index.

NGX PENSION INDEX: Geregu Power Plc, NASCON and Unilever Plc have been included to this index while Vitafoam Plc, CAP Plc and Beta Glass Plc have been removed from the pension index.

NGX LOTUS ISLAMIC INDEX: Dangote Sugar Refinery Plc and NASCON have been included  to this index while Airtel Africa Plc has been removed from the NGX Lotus Islamic Index.

According to the report, other indices remained unchanged in terms of entry and exit of companies.

Designed using the market capitalization methodology, the indices are rebalanced on a semi-annual basis on the first business day in January and in July respectively. 

Jude Chiemeka (CEO NGX) reiterated, ‘’The Exchange continues to blaze the trail on the path to becoming Africa’s foremost securities exchange with innovation and product development that deepens the market and boosts liquidity, thus connecting Nigeria, Africa and the world.’’ 

Abimbola Babalola (Head, Trading & Products) emphasized that ‘’NGX indices are developed, managed and rebalanced semi-annually to allow investors efficiently track market movements and properly manage investment portfolios.’’ 

The compiler of the indices maintains the right to modify the circulated selection above in connection with any mergers, takeovers, suspension or resumption of trading or any other company structure changes during the period before the effective date of the annual review. 

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