NGX unveils 2025 midyear index assessment results

Nigerian Exchange Limited has announced the outcome of its Half-Year 2025 review of market indices following a comprehensive assessment of constituent companies across key market benchmarks.

The updated constituent changes took effect at the opening of trading on Tuesday, 1 July 2025, reflecting the application of the Exchange’s prescribed index methodology and periodic rebalancing process. This semi-annual rebalancing reinforces the NGX’s commitment to maintaining transparent, investable, and representative benchmarks that accurately reflect prevailing market conditions for investors, asset managers, and other market participants.

The major highlight of the mid-year review is a notable shakeup in the prestigious, flagship NGX 30 Index, where consumer goods giants, NASCON Allied Industries Plc and Unilever Nigeria Plc, were admitted into the index, while energy conglomerate, Oando Plc, and diversified conglomerate, Transnational Corporation Plc, exited.

Interestingly, key sectoral indices, including the NGX Banking, NGX Insurance, NGX Industrial, NGX Consumer Goods, and NGX Oil & Gas Indices, recorded absolutely no constituent changes during this review cycle.

Similarly, the NGX Pension Index and the NGX Pension Broad Index maintained their existing compositions without any incoming or exiting members.

However, significant adjustments were made across several ethical and co-branded indices. The NGX Lotus Islamic Index admitted Nestle Nigeria Plc and Cadbury Nigeria Plc while removing NASCON Allied Industries Plc. The Afrinvest Bank Value Index saw the inclusion of Stanbic IBTC Holdings Plc with no exits, while the Afrinvest Dividend Yield Index experienced a substantial reshuffling by admitting Seplat Energy Plc, Fidelity Bank Plc, Stanbic IBTC Holdings Plc, Custodian Investment Plc, and Nigerian Aviation Handling Company Plc, while dropping Access Holdings Plc.

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The custom Meristem indices also witnessed extensive rebalancing to align with evolving market dynamics. The Meristem Growth Index welcomed Eterna Plc and PZ Cussons Nigeria Plc, but dropped BUA Cement Plc, Guaranty Trust Holding Company Plc, AXA Mansard Insurance Plc, Nigerian Aviation Handling Company Plc, and NASCON Allied Industries Plc.

Concurrently, the Meristem Value Index recorded a massive overhaul with eight new admissions, including Chemical and Allied Products Plc, Honeywell Flour Mills Plc, Dangote Cement Plc, Linkage Assurance Plc, Livestock Feeds Plc, NASCON Allied Industries Plc, Okomu Oil Palm Company Plc, and TotalEnergies Marketing Nigeria Plc. These incoming equities replaced six exiting firms on the value index, namely Okomu Oil Palm Company Plc, Lafarge Africa Plc, Wema Bank Plc, Ecobank Transnational Incorporated, Guinness Nigeria Plc, and Zenith Bank Plc.

Designed using the market capitalisation methodology, NGX indices are reviewed semi-annually on the first business day of January and July to ensure they remain aligned with international best practices.

The management noted that these indices serve as vital tools for tracking performance and benchmarking portfolio returns, though the Exchange still reserves the right to make further adjustments in the event of extraordinary corporate actions such as mergers, acquisitions, or trading suspensions prior to any scheduled effective date.

The NGX 30 Index is the flagship indicator for the Nigerian Exchange. It tracks the top 30 most valuable and highly traded (liquid) companies listed on the exchange. Think of it as Nigeria’s version of the Dow Jones or S&P 500; it represents the overall health of the country’s blue-chip corporate sector.

Semi-annual rebalancing occurs every January and July; this is the exchange’s “housecleaning.” The NGX looks at the data from the previous six months and recalculates which companies actually deserve to be in these exclusive clubs based on their market capitalisation (total dollar/naira value of a company’s shares) and how easily their shares can be bought and sold (liquidity).