BUA Foods, others join NGX 30 Index 

Nigerian Exchange Limited, (NGX), has announced the results of its full-year market index review for it’s market indices. Some of the reviewed indices are the NGX 30, NGX Lotus Islamic, NGX Pension, Corporate Governance Index, Afrinvest Bank Value Index, Afrinvest Dividend Yield Index, Meristem Growth Index, Meristem Value Index; and the five Sectoral Indices of The Exchange – NGX Banking, NGX Insurance, NGX Industrial, NGX Consumer Goods and NGX Oil & Gas.

The review has led to the entry and exit of some companies from several indices that took effect at the opening of the market on Tuesday, January 3, 2023. The NGX review of indices showed that under NGX 30 index, BUA Foods Plc and Wema Bank Plc  are the coming stocks  while Oando Plc and Union Bank Plc are exiting companies. The result also revealed that as Oando Plc exited from NGX Industrial Index, MRS Oil Nigeria Plc are incoming stocks while for NGX Pension Index , Airtel Africa Plc and BUA Foods Plc are among the incoming stocks as Honey Well Plc and Conoil Plc are exiting stocks. For Meristem Value Index Access Holding Plc, Glaxo SmithKline Consumer Plc, May and Baker Nigeria Plc and Lafarge Africa Plc are the incoming stocks.

The NGX said that the indices were developed to allow investors track market movements and properly manage investment portfolios. It 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. The Nigerian bourse began publishing the NGX 30 Index in February 2009 with index values available from January 1, 2007. On July 1, 2008, the NGX developed five sectoral indices with a base value of 1,000 points, designed to provide investable benchmarks to capture the performance of specific sectors.