The Nigerian Exchange Limited yesterday announced the results of its half-year market index review, indicating significant changes across several key indices, including the NGX 30 Index.

The NGX said the adjustments were based on the market capitalization methodology, which took effect at the open of the market on Tuesday.

In a notable shift for the NGX 30 Index, Aradel Holdings Plc and Wema Bank Plc have been added to the list of top companies, while Conoil Plc and Julius Berger Nigeria Plc have exited the index.

According to NGX, the rebalancing reflects the dynamic nature of the market and the performance of constituent companies over the past half-year.

The statement reads, “Beyond the NGX 30, the review impacted a range of other indices. The NGX Consumer Goods Index welcomed McNichols Consolidated Plc, with Golden Guinea Breweries Plc making an exit.

“In the NGX Insurance Index, LASACO Assurance Plc. was added, replacing Fortis Global Insurance Plc and International Energy Insurance Plc. Austin Laz & Company Plc joined the NGX Industrial Index, as Notore Chemical Industries Plc departed.

“The Afrinvest Dividend Yield Index saw the inclusion of Access Holdings Plc, FCMB Group Plc., and Julius Berger Nigeria Plc. Meanwhile, the Meristem Growth Index experienced several changes, with Wema Bank Plc, Chemical and Allied Products Plc, and Guaranty Trust Holding Company Plc joining, while Fidelity Bank Plc., Transnational Corporation Plc, United Bank for Africa Plc, Unilever Nigeria Plc, and Guinness Nig Plc exited.

“Conversely, United Bank for Africa Plc, Unilever Nigeria Plc, and Guinness Nig PLC entered the Meristem Value Index, as Julius Berger Nigeria Plc moved out.

“Interestingly, the NGX Banking, NGX Oil & Gas, NGX Pension, NGX Lotus Islamic, Corporate Governance, and NGX Pension Broad Indices saw no changes in their constituents during this half-year review.”

The NGX said the indices are rebalanced on a semi-annual basis, occurring on the first business day in January and July each year, to ensure they accurately reflect market movements.

The Chief Executive Officer of the NGX, Jude Chiemeka, reiterated the Exchange’s ongoing commitment to market development.

He said, “The Exchange continues to blaze the trail on the path to becoming Africa’s foremost securities exchange with innovation and product development that deepen the market and boost liquidity, thus connecting Nigeria, Africa and the world.”

The Head, Trading and Products at NGX, Abimbola Babalola, further emphasised the importance of these indices, noting that they are “developed, managed and rebalanced semi-annually to allow investors efficiently track market movements and properly manage investment portfolios.”