Nigerian Exchange Limited (NGX), the leading exchange driving Africa’s largest economy, has released the results of its comprehensive full-year index review, with notable changes to the NGX 30 Index, among others.
The adjustments, which took effect at market open today, signal shifts in the performance, liquidity, and market capitalisation of listed companies across Nigeria’s capital market.
As part of the shake-up, Aradel Holdings Plc and Wema Bank Plc have displaced Conoil Plc and Julius Berger Nigeria Plc from the prestigious NGX 30 Index, which tracks the 30 most capitalised and liquid equities on the Exchange.
The NGX 30 is widely regarded as the bellwether of Nigeria’s stock market, often used by investors, asset managers, and analysts as a benchmark for blue-chip stock performance and overall market direction.
The latest review also covered several other major indices, including NGX Lotus Islamic Index, NGX Pension Index, NGX Pension Broad Index, Corporate Governance Index, Afrinvest Bank Value Index, Afrinvest Dividend Yield Index, Meristem Growth and Value Indices, as well as sectoral indices such as NGX Banking, Insurance, Industrial, Consumer Goods, and Oil & Gas
Key Changes Across the Indices
- NGX Consumer Goods Index: McNichols Consolidated Plc replaced Golden Guinea Breweries Plc
- NGX Insurance Index: LASACO Assurance Plc entered the index, replacing Fortis Global Insurance Plc and International Energy Insurance Plc
- NGX Industrial Index: Austin Laz & Company Plc was added, while Notore Chemical Industries Plc exited
- Afrinvest Dividend Yield Index: Gained Access Holdings Plc, FCMB Group Plc, and Julius Berger Nigeria Plc, with no exits recorded
- Meristem Growth Index: Welcomed Wema Bank, Chemical and Allied Products (CAP), Guaranty Trust Holding Company (GTCO), Fidelity Bank, Transcorp, UBA, Unilever Nigeria, and Guinness Nigeria
- Meristem Value Index: Gained UBA, Unilever Nigeria, and Guinness Nigeria, while Julius Berger Nigeria Plc exited
Meanwhile, seven indices remained unchanged, recording neither entries nor exits. These include:
- NGX Banking Index
- NGX Oil & Gas Index
- NGX Pension Index
- NGX Lotus Islamic Index
- Corporate Governance Index
- NGX Pension Broad Index
- Afrinvest Bank Value Index
NGX indices are constructed using a market capitalisation methodology and are rebalanced semi-annually — in January and July — to reflect current market realities and ensure their relevance for performance tracking and investment analysis.
Commenting on the update, Jude Chiemeka, CEO of NGX, said, “The Exchange remains committed to transparency, innovation, and product development that deepen our market and attract liquidity. These index updates reflect our dedication to connecting Nigeria’s market to Africa and the rest of the world.”
Also speaking, Abimbola Babalola, Head of Trading & Products, stated that, “NGX indices are tools that allow investors to track market movements accurately and manage portfolios with greater insight. Our periodic reviews ensure that these benchmarks reflect up-to-date market realities.”
NGX also noted that it reserves the right to modify the announced changes prior to the effective date, should any company undergo restructuring, mergers, takeovers, trading suspensions, or other significant developments that could affect index eligibility.
The comprehensive review underscores NGX’s role in fostering a dynamic, transparent, and investor-friendly capital market ecosystem in Nigeria and across Africa.
