Nigerian Exchange Limited (NGX) has released the results of its latest half-year market index review, introducing a fresh mix of companies across several major indices. The updated index composition came into effect at the start of trading on Tuesday, July 1, 2025.
This periodic rebalancing exercise—part of the Exchange’s bi-annual assessment—is designed to align index constituents with prevailing market conditions. It plays a critical role in maintaining the relevance of indices used for benchmarking, market analysis, and the creation of financial products.
According to a statement from Clifford Akpolo, Head of Group Communications and Partnerships at Nigerian Exchange Group, the review led to the inclusion and removal of firms based on key performance indicators such as market capitalization, liquidity, and industry-specific performance.
Key Index Adjustments
Below are highlights of the key changes from the July 2025 rebalancing:
NGX 30 Index: Aradel Holdings Plc and Conoil Plc were added, while Wema Bank Plc and Julius Berger Nigeria Plc were removed.
NGX Consumer Goods Index: McNichols Consolidated Plc joined the index, replacing Golden Guinea Breweries Plc.
NGX Insurance Index: LASACO Assurance Plc was added, while Fortis Global Insurance Plc and International Energy Insurance Plc were removed.
NGX Industrial Index: Austin Laz & Company Plc replaced Notore Chemical Industries Plc.
Afrinvest Dividend Yield Index: Access Holdings Plc, FCMB Group Plc, and Julius Berger Nigeria Plc were all included.
Meristem Growth Index: New entrants include Wema Bank Plc, Chemical and Allied Products Plc, GTCO Plc, Fidelity Bank Plc, Transcorp Plc, UBA Plc, and Unilever Nigeria Plc. Guinness Nigeria Plc was removed.
Meristem Value Index: UBA Plc, Unilever Nigeria Plc, and Guinness Nigeria Plc were added, while Julius Berger Nigeria Plc exited.
No changes were recorded in the NGX Banking, Oil & Gas, Pension, Pension Broad, Lotus Islamic, Corporate Governance, and Afrinvest Bank Value indices.
Strategic Alignment with Market Performance
According to Jude Chiemeka, Chief Executive Officer of NGX, the half-year review reinforces the Exchange’s commitment to enhancing market depth and liquidity. “These adjustments are part of our broader mission to position NGX as the leading securities exchange in Africa by driving innovation, transparency, and data integrity,” he said.
Abimbola Babalola, Head of Trading and Products at NGX, added that the indices are recalibrated using market capitalization methodology and rebalanced every January and July. “The objective is to allow investors to accurately track market performance and manage their portfolios more efficiently,” he noted.
Index Governance and Contingencies
The Exchange emphasized that the final list is subject to modification in the event of corporate actions such as mergers, acquisitions, or trading suspensions that occur prior to the implementation date.
The NGX market indices serve as vital tools for market participants—providing benchmarks for asset management, index-tracking products, and investment decision-making. The biannual review further affirms NGX’s role in maintaining a transparent and globally-aligned capital market infrastructure.
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