The Nigerian Exchange Limited, spearheading the development of Africa’s largest economy, has announced the results of its full year market index review.
The review includes: NGX 30; NGX Lotus Islamic; NGX Pension; NGX Pension Broad Index; Corporate Governance Index; Afrinvest Bank Value Index and Afrinvest Dividend Yield Index.
Others are: 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, effected at the open of the market on Monday, 1 July 2024 saw the entry and exit of some companies from several indices.
For the incoming segment, the NGX Lotus Islamic Index welcomed the entry of Dangote Sugar Refinery Plc and Nascon Allied Industries Plc while the NGX Pension Index saw the entry of Geregu Power Plc, NASCON and UNILEVER Plc.
WAPCO, CUSTODIAN and FCMB Meristem Value Index moved to the Meristem Value Index. CONOIL and UNILEVER also were the two new entrants in the Meristem Growth Index.
Transcorp Power Plc NGX moved to the Pension Broad Index while Japaul Oil Services occupied the NGX Oil & Gas Index group.
On the flip side, the NGX Pension Index saw the exit of Vitafoam Plc just as MRS Plc left the NGX Oil & Gas Index. In the same vein, Vitafoam Plc, CAP Plc, Beta Glass Plc, CAP Plc and Beta Glass Plc bid farewell to the NGX Pension Index.
The Afrinvest Div Yield Index saw the exit of MTN Nigeria Communications Plc, VITAFOAM Nig.Plc and STANBIC IBTC Holdings Plc. Similarly, the Meristem Value Index lost CAP CAVERTON, MRS, NPFMCRFBK and REDSTAREX.
Jude Chiemeka Acting CEO of NGX mentioned that the Exchange been showing leadership on the path to becoming Africa’s foremost securities exchange with innovation and product development that deepens the market and boosts liquidity.
Abimbola Babalola Head, Trading & Products, explained that ‘NGX indices are developed, coordinated and rebalanced semi-annually to allow investors efficiently track market movements and properly manage investment portfolios.
The indices are subject to modifications should there be mergers, takeovers, suspension or resumption of trading or any other company structure changes during the period before the effective date of the annual review.
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