The Nigerian Exchange Limited 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.
According to the statement by the NGX, 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.
It stated that 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 15 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 of renowned Islamic scholars.
Listed below are the incoming and exiting companies in the various indices:
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
Nigerian Exchange Limited 2 www.ngxgroup.com
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
GIK/APA