NGX half year review triggers key index changes including additions and removals from NGX 30, Consumer Goods, and Meristem Growth indices

The NGX half year review has introduced major shifts in market indices, with Aradel Holdings Plc and Wema Bank Plc entering the NGX 30 Index, while Conoil Plc and Julius Berger Nigeria Plc exited.

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The changes took effect at the opening of the market on Tuesday, as announced by the Nigerian Exchange Limited.

According to the NGX, the review was based on the capitalisation-weighted methodology used to rank listed companies.

This semi-annual exercise ensures that the performance of each index reflects current market realities.

In addition to the NGX 30, the NGX half year review also affected several other key indices.

McNichols Consolidated Plc joined the NGX Consumer Goods Index, replacing Golden Guinea Breweries Plc.

In the NGX Insurance Index, LASACO Assurance Plc was added, while Fortis Global Insurance Plc and International Energy Insurance Plc were removed.

Austin Laz & Company Plc replaced Notore Chemical Industries Plc in the NGX Industrial Index. Meanwhile, the Afrinvest Dividend Yield Index welcomed Access Holdings Plc, FCMB Group Plc, and Julius Berger Nigeria Plc.

“The NGX half year review highlights how dynamic the Nigerian market remains,” said Abimbola Babalola, Head of Trading & Products at the NGX.

“Indices are developed, managed and rebalanced semi-annually to allow investors efficiently track market movements and properly manage investment portfolios.”

In the Meristem Growth Index, Wema Bank Plc, Chemical and Allied Products Plc, and Guaranty Trust Holding Company Plc were included.

Exiting the index were Fidelity Bank Plc, Transnational Corporation Plc, United Bank for Africa Plc, Unilever Nigeria Plc, and Guinness Nigeria Plc.

Interestingly, while Julius Berger Nigeria Plc exited the Meristem Growth Index, it entered the Afrinvest Dividend Yield Index.

On the other hand, United Bank for Africa Plc, Unilever Nigeria Plc, and Guinness Nigeria Plc found places in the Meristem Value Index, displacing Julius Berger Nigeria Plc.

However, no changes were made to the NGX Banking, NGX Oil & Gas, NGX Pension, NGX Lotus Islamic, Corporate Governance, and NGX Pension Broad Indices, a move analysts see as a sign of relative stability in those sectors.

Jude Chiemeka, Chief Executive Officer of the NGX, reaffirmed the Exchange’s goal to lead in innovation and enhance liquidity.

“The Exchange continues to blaze the trail on the path to becoming Africa’s foremost securities exchange with innovation and product development that deepen the market and boost liquidity, thus connecting Nigeria, Africa and the world,” he stated.

The NGX half year review is conducted twice a year, taking effect on the first trading day of January and July.

It serves as a tool to help investors better interpret market movements and make informed decisions based on current performance data.

“The compiler of the indices reserves the right to adjust the selection criteria based on any structural corporate changes such as mergers, takeovers, or suspensions before the effective date of the review,” the NGX added.

This latest NGX half year review continues to underscore the Exchange’s commitment to providing transparency and efficiency in tracking the financial market.

Also read: Nigerian Exchange Sheds N308bn Amid Profit-taking

As investors look ahead, the results of the July rebalancing offer a strategic snapshot of market momentum and performance heading into the third quarter of 2025.