NGX Rebalances Key Market Indices in Half-Year Review

July 01 () — Nigerian Exchange Limited (NGX) has announced the outcome of its Half-Year 2025 review of its market indices.

This updated the composition of several key benchmarks to reflect prevailing market conditions and ensure the indices remain representative of the equities market.

The revised index constituents became effective from the opening of trading on Tuesday, July 1, 2025, following the Exchange’s routine semi-annual rebalancing exercise.

The review covered the NGX 30 Index, NGX Lotus Islamic Index, NGX Pension Index, NGX Pension Broad Index, NGX Corporate Governance Index, Afrinvest Bank Value Index, Afrinvest Dividend Yield Index, Meristem Growth Index, Meristem Value Index, as well as the Exchange’s sectoral indices comprising the Banking, Insurance, Industrial, Consumer Goods, and Oil & Gas indices.

Among the most notable changes, NASCON Allied Industries Plc and Unilever Nigeria Plc were admitted into the NGX 30 Index, replacing Oando Plc and Transnational Corporation Plc (Transcorp).

The NGX Lotus Islamic Index also recorded changes, with Nestlé Nigeria Plc and Cadbury Nigeria Plc joining the index, while NASCON Allied Industries Plc exited.

There were no constituent changes to the NGX Consumer Goods, Banking, Insurance, Industrial, Oil & Gas, Pension, and Pension Broad indices, underscoring relative stability across those benchmarks.

Within the specialised indices, Stanbic IBTC Holdings Plc was added to the Afrinvest Bank Value Index, while the Afrinvest Dividend Yield Index admitted Seplat Energy Plc, Fidelity Bank Plc, Stanbic IBTC Holdings Plc, Custodian Investment Plc, and Nigerian Aviation Handling Company Plc (NAHCO). Access Holdings Plc exited the dividend-focused benchmark.

The Meristem Growth Index welcomed Eterna Plc and PZ Cussons Nigeria Plc, replacing BUA Cement Plc, Guaranty Trust Holding Company Plc, AXA Mansard Insurance Plc, Nigerian Aviation Handling Company Plc, NASCON Allied Industries Plc, Okomu Oil Palm Company Plc, Lafarge Africa Plc, and Wema Bank Plc.

Similarly, the Meristem Value Index admitted Chemical and Allied Products Plc (CAP), Honeywell Flour Mills Plc, Dangote Cement Plc, Linkage Assurance Plc, Livestock Feeds Plc, NASCON Allied Industries Plc, Okomu Oil Palm Company Plc, and TotalEnergies Marketing Nigeria Plc, while Ecobank Transnational Incorporated (ETI), Guinness Nigeria Plc, and Zenith Bank Plc were removed.

NGX said the review forms part of its prescribed index methodology and periodic rebalancing process designed to maintain transparent, investable, and representative market benchmarks.

According to the Exchange, its market capitalisation-weighted indices are reviewed twice yearly on the first business day of January and July to ensure they remain aligned with evolving market dynamics and global best practices.

NGX added that further adjustments may be made outside the review cycle where necessary in response to mergers and acquisitions, corporate actions, trading suspensions, or resumptions.

The Exchange noted that the indices serve as important performance benchmarks for investors, asset managers, and other market participants, providing a basis for portfolio evaluation, passive investment products, and broader market analysis