Wema Bank, BUA Foods Joins NGX-30 Index while Union Bank, Oando Exit

The Nigerian Exchange Limited (NGX) has revealed that BUA Foods Plc and Wema Bank Plc have been included in the NGX 30 Index while Oando Plc and Union Bank Plc exited.

This was even as transactions at the floor of the NGX resumed the year 2023 on a positive note as its market capitalisation gained N187 billion.

The NGX in a statement while explaining its results of the full-year review of its market indices, revealed that some changes witnessed in a few of the indicators and added that the review has led to the entry and exit of some companies from several indices that took effect at the opening of the market yesterday.

It will be recalled that the indices were developed to allow investors track market movements and properly manage investment portfolios. Designed using the market capitalisation methodology, the indices are rebalanced on a semi-annual basis on the first business day in January and in July.

In the latest review made available to Daily Sun, BUA Foods and Wema Bank were added to the NGX 30 Index as Oando and Union Bank exited. This indicator tracks the best 30 companies in terms of liquidity and market capitalisation.

Also, Oando left the NGX oil and gas index, which recorded the inclusion of MRS Oil Nigeria, as the NGX Pension Index saw the inclusion of Airtel Africa and BUA Foods, as Honeywell Flour and Conoil left the group.

However, the insurance index only witnessed the removal of African Alliance Insurance, while the Corporate Governance Index only saw the addition of Berger Paints.

The NGX Lotus Islamic Index recorded the inclusion of CAP and exclusion of NAHCO, NASCON and Presco, as the consumer goods, the banking, and the industrial goods indices remained unchanged. Furthermore, Fidelity Bank left the Afrinvest Bank Value Index, University Press and Access Holdings were removed from the Afrinvest Dividend-Yield Index, while the Meristem Growth Index welcomed Fidson, Nigerian Breweries and Sterling Bank and said goodbye to Dangote Cement, Eterna, GlaxoSmithKline, Seplat Energy and GTCO.

As for the Meristem Value Index, no company left, but it increased its numbers with Access Holdings, Lafarge Africa, May & Baker, and GlaxoSmithKline.

Meanwhile, stock market trading for the year resumed in the green as the All Share Index (ASI) grew by 0.69 per cent to close at 51,595.66 points from an opening value of 51,251.06 points.

Buoyed by gains in BUA Foods Plc, UBA, Union Bank of Nigeria and 19 others, market capitalization which opened the year at N27.915 trillion, rose by N187 billion to close Tuesday’s session at N28.102 trillion.

January 04, 2023