In a significant reshuffle of the Nigerian equities market, Aradel Holdings Plc and Wema Bank Plc have emerged as the latest entrants into the prestigious NGX 30 Index, replacing Conoil Plc and Julius Berger Nigeria Plc, following the Nigerian Exchange Limited’s (NGX) half-year index review.

The announcement, which was made on Tuesday by the NGX, reflects the results of its comprehensive market index review, which covers a wide range of benchmarks, including the NGX 30, NGX Lotus Islamic, NGX Pension, NGX Pension Broad, NGX Corporate Governance and the Afrinvest Bank Value Index.

Other indices reviewed include the Afrinvest Dividend Yield, Meristem Growth and Value, as well as the NGX banking, insurance, industrial, consumer goods and oil and gas sector indices.

The NGX Consumer Goods Index saw McNichols Consolidated Plc replacing Golden Guinea Breweries Plc, while the NGX Insurance Index welcomed LASACO Assurance Plc, following the exit of Fortis Global Insurance Plc and International Energy Insurance Plc.

Austin Laz & Company Plc joined the NGX Industrial Index, taking the position vacated by Notore Chemical Industries Plc.

The reconfigurations affected the Afrinvest Dividend Yield Index, which now includes Access Holdings Plc, FCMB Group Plc and Julius Berger Nigeria Plc, signalling a rebound for Julius Berger in other categories despite its exit from the NGX 30.

Similarly, Wema Bank Plc, Chemical and Allied Products Plc and Guaranty Trust Holding Company Plc have found placement on the Meristem Growth Index, while Fidelity Bank Plc, Transnational Corporation Plc, United Bank for Africa Plc, Unilever Nigeria Plc and Guinness Nigeria Plc have been excluded.

In the Meristem Value Index, Julius Berger Nigeria Plc has exited, making room for new additions including UBA, Unilever and Guinness Nigeria, reflecting changing investor sentiment and shifting fundamentals in those companies.

These revisions are based on the market capitalisation methodology and are executed twice yearly – every January and July – to ensure the indices reflect the true dynamics of the Nigerian equities market.

The latest adjustments took effect at the opening of trading yesterday.

Commenting on the development, Chief Executive Officer of the NGX, Jude Chiemeka, reaffirmed the exchange’s commitment to deepening Nigeria’s capital market through consistent innovation, index development and liquidity enhancement.

He noted that the NGX remains on track in its ambition to evolve into Africa’s leading securities exchange, efficiently connecting Nigeria to regional and global capital flows.

On his part, Head of Trading and Products at NGX, Abimbola Babalola, explained that the rebalancing of indices ensures they remain relevant tools for investors seeking to track market performance and manage diversified investment portfolios effectively.