Nigerian Exchange Limited, the premier sustainable exchange servicing Africa’s largest economy, has announced the results of its full-year market index review for the following indices – the NGX 30, NGX Lotus Islamic, NGX Pension, 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 that took effect at the opening of the market on Tuesday, January 3, 2023.
Listed below are the incoming and exiting companies in the various indices:
| Indices Title | Incoming | Exiting |
|
NGX 30 Index |
· BUA Foods Plc
· Wema Bank Plc |
· Oando Plc
· Union Bank Plc |
| NGX Consumer Goods Index | · None | · None |
| NGX Banking Index | · None | · None |
| NGX Insurance Index | · None | · African Alliance Insurance Plc |
| NGX Industrial Index | · None | · None |
| NGX Oil & Gas Index | · MRS Oil Nigeria Plc | · Oando Nigeria Plc |
| NGX Pension Index | · Airtel Africa Plc
· BAU Foods Plc |
· Honeywell Plc
· Conoil Plc |
| NGX Lotus Islamic Index
|
· CAP Plc | · NAHCO Nigeria Plc
· NASCON Nigeria Plc · Presco Plc |
| Corporate Governance Index | · Berger Paints Plc | · None |
| Afrinvest Bank Value Index | · None | · Fidelity Bank Plc
. |
| Afrinvest Div Yield Index | · None | · University Press Plc
· Access Holdings Plc |
| Meristem Growth Index | · FIDSON Plc
· Nigeria Breweries Plc · Sterling Bank Plc |
· Dangote Cement Plc
· Eterna Plc · Glaxo Smithkline Con. Plc · Seplat Energy Plc · Guaranty Trust Holding Co. Plc |
| Meristem Value Index | · Access Holding Plc
· Glaxo Smithkline Con. Plc · May & Baker Nig. Plc · LAFARGE Africa Plc |
· None |
The indices were developed to allow investors track market movements and properly manage investment portfolios. Designed using the market capitalisation methodology, the indices are rebalanced on a semi-annual basis on the first business day in January and in July.
The Nigerian bourse began publishing the NGX 30 Index in February 2009 with index values available from January 1, 2007. On July 1, 2008, the NGX developed five sectoral indices with a base value of 1,000 points, designed to provide investable benchmarks to capture the performance of specific sectors. The sectoral indices comprise the top fifteen most capitalised and liquid companies in the Insurance and Consumer Goods sectors; the top ten most capitalised and liquid companies in the Banking and Industrial Goods sector; and the top seven most capitalised and liquid companies in the Oil & Gas sector.
In July 2012, the Nigerian bourse launched The NGX Lotus Islamic Index (NGX LII) which consists of companies whose business practices are in conformity with Shari’ah Investment Principles, with the aim of increasing the breadth of the market and creating an important benchmark for investments as the alternative ethical and noninterest investment space widened. The companies that appear on the Islamic Index have been thoroughly screened by Lotus Capital Halal Investment, in accordance with a methodology approved by an internationally recognised Shari’ah Advisory Board comprising renowned Islamic scholars.
Know More About NGX: Nigerian Exchange Limited services the largest economy in Africa, and is championing the development of Africa’s financial markets. The Exchange offers listing and trading services, licensing services, market data solutions, ancillary technology services, and more. Nigerian Exchange Limited continues to evolve to meet the needs of its valued customers and to achieve the highest level of competitiveness. It is an open, professional, and vibrant exchange, and the Entrepreneurial Growth hub of Africa. Nigerian Exchange Limited aspires to be Africa’s foremost securities exchange, connecting Nigeria, Africa, and the world.
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.
