The Nigerian Exchange Limited (NGX) on Tuesday announced changes to its indices, with some companies leaving and others joining.
In the latest reorganisation, FBN Holdings, FCMB Group, GTCO, and Stanbic IBTC Holdings are the new entries into the NGX Banking, while Jaiz Bank, Union Bank, Wema Bank, and Unity Bank are quitting the Index.
According to the report, the likes of MTN Nigeria, and three others joined the Afrinvest Div Yield Index and GlaxoSmithKline (GSK) exiting the group.
Insidebusiness Online reports that the Afrinvest Bank Value, corporate governance, oil and gas index, industrial goods, consumer goods, and NGX 30 indices were unchanged, with no exit or addition.
The insurance space is welcoming Universal Insurance and saying goodbye to International Energy Insurance.
Further, the NGX added Transcorp Hotels, Fidson Healthcare, Nigerian Aviation Handling Company (NAHCO), and Conoil to the pension index and removed PZ Cussons, NASCON, and Unilever Nigeria from the index.
It was observed that Nestle Nigeria is leaving the Lotus Islamic Index, which had no addition, while Geregu Power is joining the pension broad index and GSK is quitting the group.
The Afrinvest Div Yield Index has MTN Nigeria, Vitafoam Nigeria, Stanbic IBTC Holdings, and NPF Microfinance Bank as new members, while Dangote Sugar, FCMB Group, Cutix, and GSK are leaving.
Access Holdings, Fidelity Bank, UBA, United Capital, Lafarge Africa, and Zenith Bank were added to the Meristem Growth Index, while CAP, Julius Berger, Presco, PZ Cussons, and Vitafoam were removed.
Meristem Value Index had the inclusion of AIICO Insurance, CAP, Caverton, Julius Berger, MRS Oil, Nigerian Breweries, NPF Microfinance Bank, and Red Star Express, and the exit of Dangote Sugar, Access Holdings, Ecobank, FCMB, Fidelity Bank, Livestock Feeds, UBA, Lafarge Africa, and Zenith Bank.
The stock exchange reviews the market indices two times a year, with the first carried out in the first week of January and the second in the first week of July.
According to the Exchange, “the 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 to 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.”
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