NGX announces results of H1 review of market indices

By Kayode Tokede

Nigerian Exchange Limited (NGX) Limited on Wednesday announced the results of its half year market index review for the indices.

The reviewed indices by the Exchange  are 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 effective Thursday, 1 July 2021.

The indices were developed to allow investors to follow market movements and properly manage investment portfolios.

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.

It would be recalled that NGX recently announced the rebranding of its indices in line with NGX’s drive to standardise and ensure consistent expression of the brand across touchpoints.

All indices were rebranded with a pre-fix, NGX – formerly NSE – to promote brand awareness and recognition. The exercise did not, however, affect the computation methodology of the indices.