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NGX Reviews Indices as Equities Market Commences Trading for 2023

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NGX Reviews Indices as Equities Market Commences Trading for 2023

Nigerian Exchange Limited (NGX), the premier sustainable exchange servicing Africa’s largest economy, has announced the results of its full-year market index review as the domestic stock market commences operations for the 2023 financial year.

The review reflected on indices such as 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 of renowned Islamic scholars.

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