The Nigerian Exchange Limited (NGX) has announced major adjustments to its market indices following the conclusion of its half-year index review, which took effect at the opening of trading on Tuesday, July 1, 2025.
Among the most notable changes, Aradel Holdings Plc and Wema Bank Plc have been added to the prestigious NGX 30 Index, replacing Conoil Plc and Julius Berger Nigeria Plc. The NGX 30 tracks the performance of the top 30 companies listed on the Exchange in terms of market capitalization and liquidity.
According to the Exchange, the rebalancing was carried out based on the market capitalization methodology and is part of a semi-annual review designed to ensure that the indices reflect market realities and the performance of constituent companies.
Broader Index Rebalancing Across Sectors
In a statement, the NGX revealed that several other sectoral and thematic indices were impacted by the review:
- NGX Consumer Goods Index:
McNichols Consolidated Plc was added, while Golden Guinea Breweries Plc exited. - NGX Insurance Index:
LASACO Assurance Plc joined the index, replacing Fortis Global Insurance Plc and International Energy Insurance Plc. - NGX Industrial Index:
Austin Laz & Company Plc was added, with Notore Chemical Industries Plc leaving. - Afrinvest Dividend Yield Index:
Welcomed Access Holdings Plc, FCMB Group Plc, and Julius Berger Nigeria Plc. - Meristem Growth Index:
Additions included Wema Bank Plc, Chemical and Allied Products Plc, and Guaranty Trust Holding Company Plc.
Exits included Fidelity Bank Plc, Transnational Corporation Plc, UBA Plc, Unilever Nigeria Plc, and Guinness Nigeria Plc. - Meristem Value Index:
UBA Plc, Unilever Nigeria Plc, and Guinness Nigeria Plc were added, while Julius Berger Nigeria Plc exited.
In contrast, several indices NGX Banking, NGX Oil & Gas, NGX Pension, NGX Lotus Islamic, NGX Corporate Governance, and NGX Pension Broad Index recorded no changes in their constituent stocks.
Index Review: A Biannual Market Barometer
The NGX emphasized that all indices are rebalanced twice a year on the first business days of January and July to maintain their relevance and alignment with market conditions.
Speaking on the development, Jude Chiemeka, CEO of NGX, noted that the Exchange remains focused on deepening the Nigerian capital market.
“The Exchange continues to blaze the trail toward becoming Africa’s foremost securities exchange, with innovations that boost liquidity and connect Nigeria to global markets,” he said.
Also commenting, Abimbola Babalola, Head of Trading & Products at NGX, described the indices as crucial tools for investors.
“They help track market movements and manage portfolios efficiently. Our index reviews ensure that investors are working with accurate, dynamic data,” Babalola said.
The Exchange also noted that it reserves the right to make modifications to the selection before implementation, particularly in cases involving corporate actions such as mergers, takeovers, or trading suspensions.
