WorldStage Newsonline– Nigerian Exchange Limited (NGX), the sustainable exchange championing the development of Africa’s largest economy, has announced the results of its full year market index review for it indices which include 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 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.
The incoming and exiting companies in the various indices NGX Oil & Gas Index having Japaul Oil and Services as incoming and MRS Plc exiting.
Incoming into NGX Pension Index are Geregu Power Plc, NASCON and Unilever Plc while exiting are Vitafoam Plc, CAP Plc, Beta Glass Plc.
Incoming into NGX Lotus Islamic Index are Dangote Sugar Refinery Plc and Nascon Allied Industries Plc while exiting is Airtel Africa Plc.
Incoming into NGX Pension Broad Index is Transcorp Power Plc with no exiting.
Incoming into Afrinvest Div Yield Index are United Capital Plc, FCMB Group plc and May & Baker Nigeria Plc while exiting are MTN Nigeria Communications Plc, Vitafoam Nig Plc and Stanbic IBTC Holdings Plc.
Incoming into Meristem Growth Index are Conoil and Unilever while exiting are Jaizbank, NAHCO, NEM, Sterling, Total and WAPCO.
Incoming into Meristem Value Index are WAPCO, Custodian and FCMB while exiting are CAP, Caverton, MRS, NPF Microfinace Bank and Redstarex
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.
The report showed that there was no movement in NGX 30 Index, NGX Consumer Goods Index, NGX Banking Index, NGX Insurance Index, NGX Industrial Index, Corporate Governance Index, Afrinvest Bank Value Index.
Jude Chiemeka (Ag. CEO NGX) reiterated that “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.’’
