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Wema Bank Joins NGX Banking Index as Flour Mills Exits Consumer Goods, Others

By Aduragbemi Omiyale

The review of the market indices by the Nigerian Exchange (NGX) Limited has led to the removal of Flour Mills Nigeria from the NGX 30, industrial goods, pension, Pension board and the Meristem value indices.

The end-of-the-year review, according to a statement made available to Business Post, took effect at the opening of the market on Thursday, January 2, 2025.

The NGX 30 index saw the removal of Guinness Nigeria, Sterling Holdings, and Total Nigeria and the inclusion of Conoil, International Breweries, Oando and Transcorp Power.

Also, Golden Guinea Breweries joined the consumer goods index, as the banking index welcomed Wema Bank and witnessed the exit of Sterling Holdings.

Further, the insurance index recorded the addition of Guinea Insurance and

International Energy Insurance and the removal of Lasaco Assurance and Mutual Benefits Assurance, as the industrial goods remained unchanged.

It was observed that the energy index welcomed Aradel Holdings, MRS Oil and Oando and said goodbye to Japaul, as Aradel Holdings and Transcorp Power joined the pension index after Cadbury Nigeria left.

The NGX Lotus Islamic index had Aradel Holdings coming on board as Dangote Sugar left as the corporate governance and Afrinvest Bank Value indices remained intact, with Aradel Holdings added to the NGX Pension Broad index.

In the notice, the Afrinvest Div Yield index welcomed Red Star Express after FCMB Group and Dangote Cement exited, and FCMB Group joined the Meristem Growth index after the duo of Access Holdings and Zenith Bank were removed.

Lastly, the trio of Access Holdings, Dangote Sugar and Zenith Bank were put into the Meristem Value index and the quartet of AIICO Insurance, Nigerian Breweries, FCMB Group and Flour Mills exited.

The chief executive of NGX, Mr Jude Chiemeka, reiterated that the exchange continues to blaze the path to becoming Africaโ€™s foremost Securities Exchange with innovation and product developments that deepen the market and boost liquidity, thus connecting Nigeria, Africa, and the world.

Also, the Head of Trading and Products at the bourse, Abimbola Babalola, emphasized that NGX indices are developed, managed, and rebalanced semi-annually to allow investors to track market movements efficiently and manage their investment portfolios properly.

Designed using the market capitalization methodology, the indices are rebalanced semi-annually on the first business day in January and July, respectively.