NGX announces entry, exit of companies from its indices

NGX announces entry, exit of companies from its indices

Nike Popoola

The Nigerian Exchange Limited (NGX) announced the entry and exit of some companies from its indices on Monday.

The Head, Group Communications and Partnerships, Nigerian Exchange Group, Clifford Akpolo, stated this in a statement titled, ‘NGX reveals results of half-year review of market indices’, on Monday.

The NGX announced the results of its full year market index review for the following 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.

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 that, ‘’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.

Below are the incoming and exiting companies in the various indices: