NGX reviews market indices as MTN, Vitafoam, others exit index
Nigerian Exchange, NGX has announced the results of its full year market Index review with MTN Nigeria, Vitafoam Nigeria and Stanbic IBTC Holdings Plc exiting the Afrinvest Dividend Yield Index, while United Capital Plc, FCMB Group plc
May & Baker Nigeria Plc exit the Index.
The Exchange also revealed that WAPCO, CUSTODIAN and FCMB Plc joined the Meristem Value Index, with CAP Plc, CAVERTON, MRS, NPF Microfinance and RED Star Express Plc exiting the Index.
Furthermore, Dangote Sugar Refinery Plc,
Nascon Allied Industries Plc joined the NGX Lotus Islamic Index while Airtel Africa Plc exited.
For the NGX Pension Index, Geregu Power Plc, NASCON and Unilever Plc were admitted, while Vitafoam Plc
CAP Plc, and
Beta Glass Plc exited the Index.
The review has led to the entry and exit of some companies from several indices which took effect at the open of the market on Monday, 1 July 2024. Designed using the market capitalization methodology, the indices are rebalanced on a semi-annual basis on the first business day in January and in July respectively.
Jude Chiemeka , Ag. CEO of the NGX Limited, said ‘’The Exchange continues to blaze the trail on the path to becoming Africa’s foremost securities exchange with innovation and product development that deepens the market and boosts liquidity, thus connecting Nigeria, Africa and the world.’’
Abimbola Babalola (Head, Trading & Products) emphasized that ‘’NGX indices are developed, managed and rebalanced semi-annually to allow investors efficiently track market movements and properly manage investment portfolios.’’
The compiler of the indices maintains the right to modify the circulated selection above in connection with any mergers, takeovers, suspension or resumption of trading or any other company structure changes during the period before the effective date of the annual review.
