Aradel Holdings, Wema Bank Join NGX 30 as Conoil, Julius Berger Exit After H1 Review

Aradel Holdings and Wema Bank have been added to the NGX 30 Index, replacing Conoil and Julius Berger. This update follows the half-year (H1) market index review by Nigerian Exchange Ltd. (NGX), announced on Tuesday.

The review, which took effect at the market’s open on Tuesday, July 1, resulted in several entries and exits across multiple indices.

Indices reviewed include: 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.

Sectoral indices also impacted by the review include NGX Banking, NGX Insurance, NGX Industrial, NGX Consumer Goods, and NGX Oil & Gas.

In the NGX Consumer Goods Index, McNicholas Consolidated replaced Golden Guinea Breweries. Lasaco Assurance was added to the NGX Insurance Index, while Fortis Global Insurance and International Energy Insurance exited.

Austin Laz and Company joined the NGX Industrial Index, taking the place of Notore Chemical Industries. For the Afrinvest Dividend Yield Index, Access Holdings, FCMB Group, and Julius Berger Nigeria were added.

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

For the Meristem Value Index, Julius Berger Nigeria exited, while United Bank for Africa, Unilever Nigeria, and Guinness Nigeria were added.

No changes were recorded for the NGX Banking, NGX Oil & Gas, NGX Pension, NGX Lotus Islamic, Corporate Governance, NGX Pension Broad, and Afrinvest Bank Value indices.

The index rebalancing was conducted using a market capitalisation methodology. NGX rebalances its indices semi-annually on the first business days of January and July.

Mr. Jude Chiemeka, Chief Executive Officer of the NGX, reiterated that the Exchange continues to blaze the trail toward becoming Africa’s foremost securities exchange by leveraging innovation and product development to deepen the market and boost liquidity—connecting Nigeria, Africa, and the world.

Abimbola Babalola, Head of Trading and Products, added that NGX indices are developed, managed, and rebalanced semi-annually to help investors track market movements efficiently and manage their portfolios effectively.