Conoil, Julius Berger Exit NGX 30 as Aradel and Wema Bank Join in Market Reshuffle
The Nigerian Exchange Limited (NGX) has made significant adjustments to its NGX 30 Index as part of its 2025 half-year market index review. The latest reshuffling, which took effect on Tuesday, saw Aradel Holdings Plc and Wema Bank Plc join the prestigious index, while Conoil Plc and Julius Berger Nigeria Plc were removed.
The NGX 30 Index is a key benchmark that tracks the performance of the top 30 most capitalised and liquid stocks on the Exchange. The review is based on the companies’ market capitalisation and trading activities over the past six months.
According to a statement from the Exchange, the rebalancing reflects market dynamics and is intended to ensure the index remains an accurate barometer of top-performing stocks. “The review impacted a range of other indices beyond the NGX 30,” the statement said.
In the NGX Consumer Goods Index, McNichols Consolidated Plc made an entry, while Golden Guinea Breweries Plc was removed. The Insurance Index welcomed LASACO Assurance Plc and removed Fortis Global Insurance Plc and International Energy Insurance Plc. The Industrial Index saw Austin Laz & Company Plc replace Notore Chemical Industries Plc.
Interestingly, Julius Berger Nigeria Plc, which was removed from the NGX 30, found its way into the Afrinvest Dividend Yield Index, alongside Access Holdings Plc and FCMB Group Plc. Meanwhile, the Meristem Growth Index was updated with new entries including Wema Bank, Chemical and Allied Products Plc, and Guaranty Trust Holding Company Plc. Several companies, including Fidelity Bank, Transcorp, UBA, Unilever Nigeria, and Guinness Nigeria, were removed.
However, Unilever Nigeria, UBA, and Guinness Nigeria were added to the Meristem Value Index as Julius Berger exited that category too.
Despite the sweeping changes, several indices remained unchanged. These include the NGX Banking, NGX Oil & Gas, NGX Pension, NGX Lotus Islamic, Corporate Governance, and NGX Pension Broad Indices.
NGX’s CEO, Jude Chiemeka, highlighted the importance of these periodic reviews in enhancing market depth and liquidity. “The Exchange continues to blaze the trail in innovation and product development, connecting Nigeria, Africa and the world,” he said.
Abimbola Babalola, NGX’s Head of Trading and Products, reiterated that the indices are managed and reviewed semi-annually—on the first business day in January and July—allowing investors to accurately track market trends and manage portfolios effectively.
As market sentiment continues to evolve, the NGX said it reserves the right to alter the selection of index constituents based on any corporate changes such as mergers, takeovers, or trading suspensions that occur before the effective date of each review.
