The Nigerian Exchange Limited (NGX) has unveiled the results of its full-year market index review, leading to significant changes in its NGX 30 Index and other market indices.
The updates, effective from (Today) Thursday, January 2, 2025, mark key developments for listed companies across various sectors.
Conoil Plc, International Breweries Plc, Oando Plc, and Transcorp Power Plc have been added to the NGX 30 Index, a benchmark that tracks the performance of the top 30 companies listed on the exchange by liquidity and market capitalization.
Meanwhile, Guinness Nigeria Plc, Sterling Holding Company Plc, Total Nigeria Plc, and Flour Mills of Nigeria Plc have exited the index.
The review also impacted other indices. Wema Bank Plc joined the NGX Banking Index, replacing Sterling Holding Company Plc. In the NGX Oil & Gas Index, Aradel Holdings Plc, MRS Plc, and Oando Plc were added, while Japaul Oil and Services Plc exited.
This annual review, conducted by NGX to align its indices with market realities, also extended to indices such as the NGX Lotus Islamic, NGX Pension Broad Index, and Afrinvest Dividend Yield Index, among others.
Designed using the market capitalization methodology, the indices are rebalanced semi-annually on the first business day in January and July respectively.
The Exchange has also launched the NGX Equity-Based Commodity Index, a broad market commodity index that captures and tracks the collective movements of companies with primary operations in energy, agriculture, mining, metals, and natural resources. Through the Equity-Based Commodity Index, investors are provided with potential exposure to the essential raw materials and natural resources that drive global economic activity.
The starting constituents of the index are Geregu Power Plc, Multiverse Mining and Exploration Plc, Okomu Oil Palm Plc, Presco Plc, Seplat Energy Plc, Transcorp Power Plc, and Aradel Holdings Plc. The index’s starting value is set at 1,000.
Chief Executive Officer of NGX Limited, Jude Chiemeka reiterates that the Exchange continues to blaze the path to becoming Africa’s foremost Securities Exchange with innovation and product developments that deepen the market and boost 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 to track market movements efficiently and manage their investment portfolios properly.
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.
Conoil, Oando, Two Others Enter NGX 30 Index is first published on The Whistler Newspaper