A major reshuffling has occurred on the Nigerian Exchange Limited (NGX) as Wema Bank and Aradel Holdings debut on the prestigious NGX 30 Index, replacing ConOil and Julius Berger Nigeria Plc.

The new status of Wema and Aradel came following the NGX’s half-year 2025 index review, with changes taking effect from Tuesday, July 1, 2025.

The NGX reviews its market indices semi-annually — in January and July — using a market capitalisation methodology. The aim is to ensure the index reflects the most liquid and capitalised stocks, in line with market trends and investor sentiment.

Beyond the NGX 30 Index, this year’s review also impacted several other key indices. These include the NGX Lotus Islamic Index, NGX Pension Index, NGX Pension Broad Index, Corporate Governance Index, Afrinvest Bank Value Index, Afrinvest Dividend Yield Index, Meristem Growth Index, and Meristem Value Index. Sector-specific indices, including NGX Banking, NGX Insurance, NGX Industrial, NGX Consumer Goods, and NGX Oil & Gas were also reviewed.

In the NGX Consumer Goods Index, McNicholas Consolidated replaced Golden Guinea Breweries — a move that reflects shifting investor appetite within the consumer segment. The NGX Insurance Index saw Lasaco Assurance enter, displacing Fortis Global Insurance and International Energy Insurance.

In the industrial space, Austin Laz and Company was added to the NGX Industrial Index, replacing Notore Chemical Industries. The Afrinvest Dividend Yield Index welcomed Access Holdings, FCMB Group, and Julius Berger Nigeria, recognising their strong dividend performance and shareholder returns.

The Meristem Growth Index saw notable changes with Wema Bank, Chemical and Allied Products (CAP), and Guaranty Trust Holding Company (GTCO) entering. These companies replaced Fidelity Bank, Transnational Corporation (Transcorp), United Bank for Africa (UBA), Unilever Nigeria, and Guinness Nigeria. Meanwhile, the Meristem Value Index welcomed UBA, Unilever Nigeria, and Guinness Nigeria, while Julius Berger exited.

Interestingly, the NGX Banking, NGX Oil & Gas, NGX Pension, NGX Lotus Islamic, Corporate Governance, NGX Pension Broad, and Afrinvest Bank Value indices recorded no changes, suggesting a measure of stability in those areas during the review period.

Chief Executive Officer of NGX, Jude Chiemeka, emphasised that the regular index reviews are vital for deepening market development and enhancing investor confidence. “We continue to blaze the trail with innovations and products that deepen the market and boost liquidity, thus connecting Nigeria, Africa, and the world,” he said.

Abimbola Babalola, Head of Trading and Products at NGX, also highlighted the indices’ importance for portfolio management and market analysis. She noted that regular rebalancing reflects NGX’s commitment to transparency and data-driven decision-making.