BUA Foods, Wema Bank Join NGX 30 Index as Union Bank, Oando Exit

January 3, 2023
NGX 30 Index

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited has unveiled the results of the full-year review of its market indices, with some changes witnessed in a few of the indicators.

The results showed the entry and exit of some companies listed on its trading platform.

According to a statement issued by the bourse, the changes became effective on Tuesday, January 3, 2023, which is the first trading session of the year.

Recall that the indices were developed to allow investors to track market movements and properly manage investment portfolios.

Designed using the market capitalisation methodology, the indices are rebalanced on a semi-annual basis on the first business day in January and in July.

In the latest review made available to Business Post, BUA Foods and Wema Bank were added to the NGX 30 Index as Oando and Union Bank exited. This indicator tracks the best 30 companies in terms of liquidity and market capitalisation.

Also, Oando left the NGX oil and gas index, which recorded the inclusion of MRS Oil Nigeria, as the NGX Pension Index saw the inclusion of Airtel Africa and BUA Foods, as Honeywell Flour and Conoil left the group.

However, the insurance index only witnessed the removal of African Alliance Insurance, while the Corporate Governance Index only saw the addition of Berger Paints.

The NGX Lotus Islamic Index recorded the inclusion of CAP and exclusion of NAHCO, NASCON and Presco, as the Consumer Goods, the Banking, and the Industrial Goods Indices remained unchanged.

Further, Fidelity Bank left the Afrinvest Bank Value Index, University Press and Access Holdings were removed from the Afrinvest Dividend-Yield Index, while the Meristem Growth Index welcomed Fidson, Nigerian Breweries and Sterling Bank and said goodbye to Dangote Cement, Eterna, GlaxoSmithKline, Seplat Energy and GTCO.

As for the Meristem Value Index, no company left, but it increased its numbers with Access Holdings, Lafarge Africa, May & Baker, and GlaxoSmithKline.

Dipo Olowookere

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

Mr Olowookere can be reached via [email protected]

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