Guinness Nigeria has replaced United Capital Plc in the NGX 30 index.
The Nigerian Exchange Ltd., (NGX) said this on Friday, following the announcement of its full year market index review.
According to NGX, the reviewed indices included: 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 and Meristem Value Index.
Also, the five Sectoral Indices of The Exchange: NGX Banking, NGX Insurance, NGX Industrial, NGX Consumer Goods and NGX Oil & Gas.
The review had led to the entry and exit of some companies from several indices which took effect at the open of the market on Friday.
The NGX Insurance Index recorded the entry of Mutual Benefits Assurance Plc, with Guinea Insurance Plc exiting, while Japaul Gold and Ventures Plc was added to the NGX Oil and Gas Index, replacing MRS Oil Nigeria Plc.
For the NGX Pension Index, Wema Bank Plc entered the index, while International Breweries Plc exited.
The NGX Lotus Islamic Index recorded the entry of Presco Plc, with no company exiting, while there were no changes to the NGX Consumer Goods, NGX Banking, NGX Industrial and Corporate Governance indices.
The NGX Pension Broad Index saw the inclusion of Nigeria Infrastructure Debt Fund, while Regency Alliance Insurance Plc and Veritas Kapital Assurance Plc exited the index.
In the Afrinvest Bank Value Index, Wema Bank Plc and Jaiz Bank Plc were admitted, while Access Holdings Plc and Stanbic IBTC Holdings Plc exited.
The Afrinvest Dividend Yield Index recorded the entry of Dangote Cement Plc, Okomu Oil Palm Company Plc and Vitafoam Nigeria Plc, while Conoil Plc, May and Baker Nigeria Plc, Red Star Express Plc, SFS Real Estate Investment Trust and Tripple Gee and Company Plc exited the index.
For the Meristem Growth Index, BUA Cement Plc, Lafarge Africa Plc, AXA Mansard Insurance Plc and AIICO Insurance Plc were added, while CAP Plc, Conoil Plc and United Capital Plc exited.
The Meristem Value Index recorded the entry of Ecobank Transnational Incorporated, Julius Berger Nigeria Plc and NEM Insurance Plc, while Dangote Sugar Refinery Plc, TotalEnergies Marketing Nigeria Plc and Lafarge Africa Plc exited.
NGX explained that the indices, which are designed using market capitalisation methodology, are rebalanced on a semi-annual basis on the first business day of January and July.
Commenting, Mr Jude Chiemeka, Chief Executive Officer of NGX, reiterated that the Exchange continued to grow on the path to becoming Africa’s foremost securities exchange with innovation and product development.
He said these initiatives were aimed at deepening the market, boosting liquidity and strengthening connections between Nigeria, Africa and the global investment community.
Also, Mr Abimbola Babalola Head, Trading and Products at NGX, emphasised that NGX indices were developed, managed and rebalanced annually to allow investors efficiently track market movements and properly manage investment portfolios.
