NASCON, Unilever Join NGX 30 Index as Oando, Transcorp Exit
NASCON Allied Industries and Unilever Nigeria have been admitted into the Nigerian Exchange (NGX) 30 Index, while Oando and Transnational Corporation have exited the benchmark.
This is following the Exchange’s half-year review of its market indices.
NGX, in a statement on Wednesday, said the review followed a comprehensive assessment of constituent companies across its key market benchmarks in line with its prescribed index methodology and periodic rebalancing process.
The Exchange said the changes took effect from the opening of trading on Tuesday, July 1.
According to the statement, Nestlé Nigeria and Cadbury Nigeria joined the NGX Lotus Islamic Index while NASCON Allied Industries Plc exited the index.
NGX said Stanbic IBTC Holdings was admitted into the Afrinvest Bank Value Index, with no company removed.
For the Afrinvest Dividend Yield Index, Seplat Energy, Fidelity Bank and Stanbic IBTC Holdings, Custodian Investment and Nigerian Aviation Handling Company were admitted while Access Holdings exited the index.
The Exchange also reviewed the Meristem Growth Index, admitting Eterna, PZ Cussons Nigeria while BUA Cement, Guaranty Trust Holding Company, and AXA Mansard Insurance, Nigerian Aviation Handling Company, NASCON Allied Industries, Okomu Oil Palm Company, Lafarge Africa and Wema Bank were removed.
Similarly, Chemical and Allied Products, Honeywell Flour Mills, Dangote Cement Plc, Linkage Assurance, Livestock Feeds, NASCON Allied Industries, Okomu Oil Palm Company and TotalEnergies Marketing Nigeria joined the Meristem Value Index.
Meanwhile, Ecobank Transnational Incorporated, Guinness Nigeria and Zenith Bank exited the Meristem Value Index. The Exchange, however, noted that there were no changes to the NGX Consumer Goods, Banking, Insurance, Industrial, Oil and Gas, Pension and Pension Broad indices.
According to NGX, the semi-annual review is designed to ensure its indices remain transparent, investable and representative of prevailing market conditions while providing reliable benchmarks for investors and asset managers. FTSE Russell Suspends Nigeria’s Frontier Market Upgrade
