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

This was announced by the Nigerian Exchange Ltd on Tuesday, following its half-year market index review.

The review has led to the entry and exit of some companies from several indices, which took effect at the market’s opening on Tuesday, 1 July.

The review encompasses the following indices: 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.

Additionally, the five sectoral indices of the exchange are NGX Banking, NGX Insurance, NGX Industrial, NGX Consumer Goods, and NGX Oil & Gas.

For the NGX Consumer Goods Index, McNicholas Consolidated replaces Golden Guinea Breweries. Lasaco Assurance takes over in the NGX Insurance Index as Fortis Global Insurance and International Energy Insurance take exit.

Austin Laz and Company replaces Notore Chemical Industries in the NGX Industrial Index. For the Afrinvest Div Yield, Access Holdings, FCMB Group, and Julius Berger Nigeria take over.

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

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

For the NGX Banking, NGX Oil and Gas, NGX Pension, NGX Lotus Islamic, Corporate Governance, NGX Pension Board, and Afrinvest Bank Value indices, no records were reported.

This review was designed using the market capitalisation methodology.

The indices are rebalanced semi-annually on the first business day in January and 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.

Additionally, Abimbola Babalola, head of trading and products, emphasised that NGX indices were developed, managed, and rebalanced semi-annually to enable investors to track market movements and properly manage their investment portfolios efficiently.

(NAN)