Nigerian Exchange Limited (“NGX” or “The Exchange”), the sustainable exchange championing the development of Africa’s largest economy, has announced the results of its full year market index review for the followingS indices – NGX 30; NGX Lotus Islamic; NGX Pension; NGX Pension Broad Index; 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 at the open of the market on Monday, 1 July 2024. Below are the incoming and exiting companies in the various indices:
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Indices Title |
Incoming |
Exiting |
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NGX 30 Index |
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NGX Consumer Goods Index |
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NGX Banking Index |
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· None |
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NGX Insurance Index |
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NGX Industrial Index |
· None |
· None |
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NGX Oil & Gas Index |
· Japaul Oil and Services |
· MRS Plc |
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NGX Pension Index |
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NGX Lotus Islamic Index
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Corporate Governance Index |
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· None |
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NGX Pension Broad Index |
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Afrinvest Bank Value Index |
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Afrinvest Div Yield Index |
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Meristem Growth Index |
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Meristem Value Index |
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The compiler of the indices maintains the right to modify the circulated selection above in connection with any mergers, takeovers, suspension or resumption of trading or any other company structure changes during the period before the effective date of the annual review.
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 respectively.
Jude Chiemeka (Ag. CEO NGX) reiterated, ‘’The Exchange continues to blaze the trail on the path to becoming Africa’s foremost securities exchange with innovation and product development that deepens the market and boosts liquidity, thus connecting Nigeria, Africa and the world.’’
Abimbola Babalola (Head, Trading & Products) emphasized that ‘’NGX indices are developed, managed and rebalanced semi-annually to allow investors efficiently track market movements and properly manage investment portfolios.’’
The compiler of the indices maintains the right to modify the circulated selection above in connection with any mergers, takeovers, suspension or resumption of trading or any other company structure changes during the period before the effective date of the annual review.
