Aradel, Wema Join NGX30 as Conoil, Julius Berger Exit in Mid-Year Review

The Nigerian Exchange Limited (NGX) has completed its mid-year review of market indices, unveiling key changes across several major indices, including the NGX 30, a benchmark that tracks the performance of 30 of the most capitalised and liquid companies listed on the exchange.

Effective Tuesday, the NGX 30 Index now features Aradel Holdings Plc and Wema Bank Plc as new entrants, replacing Conoil Plc and Julius Berger Nigeria Plc, which have been removed following performance-based evaluations rooted in market capitalisation metrics.

The exchange noted that the update reflects the changing dynamics of the market and company performance trends over the first half of 2025.

Changes were also made to other indices during the review. McNichols Consolidated Plc joined the NGX Consumer Goods Index, taking the place of Golden Guinea Breweries Plc. In the NGX Insurance Index, LASACO Assurance Plc was added, while Fortis Global Insurance Plc and International Energy Insurance Plc were excluded.

Similarly, Austin Laz & Company Plc replaced Notore Chemical Industries Plc in the NGX Industrial Index.

In the Afrinvest Dividend Yield Index, Access Holdings Plc, FCMB Group Plc, and Julius Berger Nigeria Plc were included. Meanwhile, the Meristem Growth Index saw the entry of Wema Bank Plc, Chemical and Allied Products Plc, and Guaranty Trust Holding Company Plc, while Fidelity Bank Plc, Transnational Corporation Plc, UBA, Unilever Nigeria Plc, and Guinness Nigeria Plc were removed.

Interestingly, some of these companies—UBA, Unilever, and Guinness Nigeria—were reallocated into the Meristem Value Index, where Julius Berger Nigeria Plc was dropped.

However, there were no changes to several other indices, including the NGX Banking, Oil & Gas, Pension, Lotus Islamic, Corporate Governance, and NGX Pension Broad Indices.

The NGX performs these rebalancing exercises twice yearly—in January and July—to keep its indices aligned with current market conditions.

Speaking on the latest update, NGX CEO Jude Chiemeka emphasised that the changes underscore the Exchange’s mission to enhance market depth, improve liquidity, and reinforce Nigeria’s standing in the global investment landscape.

Also commenting, Abimbola Babalola, Head of Trading & Products, noted that the indices are critical tools for investors and fund managers. “They are designed to help market participants track performance trends and manage their portfolios effectively,” Babalola said.

The Exchange added that it retains the authority to adjust any index selection ahead of the next rebalancing date, particularly in the case of major corporate actions such as mergers, delistings, or trading suspensions.