Oando Plc has replaced Nascon Allied Industries Plc in NGX-30 Index as the Nigerian Exchange Limited (NGX) announced the results of its full year market indices review. The NGX 30 tracks the top 30 companies in terms of market capitalisation and liquidity.
The reviewed indices are: 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 which took effect when the market opened on Tuesday, January 4, 2022.
The indices were developed to allow investors to follow market movements and properly manage investment portfolios. 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.
While there are no changes in other indices, United Bank for Africa Plc replaced FCMB Plc in Afrinvest Bank Value Index. Guinness Nigeria Plc, Vitafoam Nigeria Plc, Tripple Gee and Company Plc have all been added in Afrinvest Div Yield Index while AIICO Insurance Plc, Conoil Plc, Dangote Sugar Refinery Plc, Fidelity Bank Plc, and United Capital Plc exited.
Tripple Gee and Company Plc has been added in the NGX Industrial Index – which is designed to provide an investable benchmark to capture the performance of the Industrial Sector.
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Ardova Plc and Unilever Nigeria Plc have exited NGX Lotus Islamic Index which tracks the performance of 15 Shari’ah compliant equities which have met the eligibility requirements of a renowned Shari’ah Advisory Board.
Meristem Growth Index has new entrants like Dangote Cement Plc, Glaxo Smithkline Consumer Nigeria Plc, Guinness Nigeria Plc, Livestock Feeds Plc, Total Energies Marketing Nigeria Plc, while Nestle Plc and Stanbic IBTC Holdings Plc exited.
Also, Meristem Value Index has new entrants like Cadbury Nigeria Plc, Eterna Plc, Nascon Allied Industries Plc, Sterling Bank Plc, and Lafarge Africa Plc while Ardova Plc, Cap Plc, Custodian Investment Plc, FBN Holdings Plc, Honeywell Flour Mill Plc, United Capital Plc and Unilever Nigeria Plc exited.
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 capitalized and liquid companies in the Insurance and Consumer Goods sectors; the top ten most capitalized and liquid companies in the Banking and Industrial Goods sector; and the top seven most capitalized 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 recognized Shari’ah Advisory Board comprising of renowned Islamic scholars.
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