WED, JULY 05 2023-theGBJournal |Nigerian Exchange Limited (NGX), the sustainable exchange championing the development of Africa’s largest economy, has announced the results of its half year market index review for the following indices – NGX 30; NGX Lotus Islamic; NGX Pension; 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, 3 July.
The review shows that Custodian Investment Plc and Wema Bank Plc has exited the NGX 30 Index while Geregu Power Plc and Sterling Financial Holding Plc are added.
Similarly, Union Bank Nigeria Plc has exited the NGX Banking Index and Universal Insurance Plc has exited the NGX Insurance Index. Nigerian Aviation Handling Company (NAHCO) Plc joins NGX Lotus Islamic Index.
The Meristem Growth Index welcomes NASCON Allied Industries Plc, STANBIC IBTC Holdings Plc and TOTAL Energies Marketing Nigeria Plc while FBN Holdings Plc and Nigerian Breweries Plc are exiting the index.
For the Afrinvest Div Yield Index, the incoming companies are SFS Real Estate Investment Trust and Tripple Gee and Company Plc while the exiting companies are Red Star Express Plc and United Capital Plc
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. NGX indices are developed to allow investors efficiently track market movements and properly manage investment portfolios.
NGX 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.
According to the NGX statement, ”the compiler of the indices maintains the right to modify the circulated selection 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.”
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