Conoil, Julius Berger exit NGX 30 after H1 Index review

Aradel Holdings and Wema Bank have replaced Conoil and Julius Berger in the NGX 30 Index.

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This is according to the Nigerian Exchange Ltd. (NGX) on Tuesday, announcing the result of its half year (H1) market index review.

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 Tuesday.

The review covers 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.

The review also covered the sectoral indices of the Exchange, including NGX Banking, NGX Insurance, NGX Industrial, NGX Consumer Goods and NGX Oil & Gas.

For the NGX Consumer Goods Index, Mc Nicholas Consolidated replaces Golden Guinea Breweries.

Lasaco Assurance takes over in the NGX Insurance Index as Fortis Global Insurance and International Energy Insurance take exit.

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Austin Laz and Company replaces Notore Chemical Industries in the NGX Industrial Index.

For the Afrinvest Div Yield, Access Holdings, FCMB Group, Julius Berger Nigeria take over.

Wema Bank, Chemical and Allied Product and Guaranty Trust Holding Company replace Fidelity Bank, Transnational Corporation, United Bank for Africa, Unilever Nigeria and Guiness Nigeria in the Meristem Growth Index.

In the Meristem Value Index, Julius Berger Nigeria exits while United Bank for Africa, Unilever Nigeria and Guiness Nigeria take over.

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For the NGX Banking, NGX Oil and Gas, NGX Pension, NGX Lotus Islamic, Corporate Governance, NGX Pension Board and Afrinvest Bank Value indices, there was no record reported for them.

This review was 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 respectively.

Jude Chiemeka, Chief Executive Officer of the NGX, reiterated that the Exchange continues to blaze the trail on the path to becoming Africa’s foremost securities exchange with innovation and product development that deepen the market and boost liquidity, thus connecting Nigeria, Africa and the world.

Also, Abimbola Babalola, Head, Trading and Products, emphasised that NGX indices were developed, managed and rebalanced semi-annually to allow investors efficiently track market movements and properly manage investment portfolios.

(NAN)