BUA, Wema enters NGX-30 index

Joy Onuorah
Joy Onuorah

BUA Foods Plc and Wema Bank Plc are now included in the NGX-30 index as they have reached the list of the most liquid equities on the Nigerian Exchange Limited.

The top 30 firms in terms of market capitalization and liquidity are tracked by the NGX-30 index.

Union Bank of Nigeria and Oando Plc had already left the index at the same time as this.

The NGX eliminated Honeywell Plc and Conoil Plc from the NGX Pension index while adding Airtel Africa Plc and BUA Foods.

NAHCo Plc, NASCON Allied Industries Plc, and Presco Plc left the NGX Lotus Islamic index, while Chemical and Allied Product (CAP) Plc joined the group.

While no company was removed, Berger Paints Plc was added to the NGX Corporate Governance Index.

The oil & gas index now includes MRS Oil, and Oando Plc has also been dropped. African Alliance Insurance Plc was eliminated although there was no new insurance firm.

The banking, consumer goods, and industrial products sectors, meanwhile, remained unaltered.

The NGX states that the indices were created to help investors track market trends and effectively manage their investment portfolios. The market capitalization technique was used to create the indices, and they undergo a semi-annual rebalancing on the first business day of January and July.

With index data available as of January 1, 2007, the Nigerian Stock Exchange started releasing the NGX 30 Index in February 2009. Five sectoral indices with a base value of 1,000 points were created by the NGX on July 1, 2008, with the goal of offering investable benchmarks to reflect the performance of particular sectors.

The top fifteen most liquid and capitalized companies in the insurance and consumer goods sectors are included in the sectoral indices, along with the top ten most liquid and capitalized firms in the banking and industrial goods sectors and the top seven most liquid and capitalized firms in the oil and gas industry.

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