May 21, 2024
CAPITAL MARKET: Union Bank, Oando exit NGX-30 index, as Wema Bank, BUA Foods step in
Oando PLC Hosts 6th Edition of its Webinar Series on Insecurity in Nigeria:
– By Godswill Odiong

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By Eyo Nsima
Two companies – BUA Foods Plc and Wema Bank Plc – have joined the list of most liquid stocks in the Nigerian Exchange Limited (NGX).

The NGX-30 index is dedicated to capturing the top 30 companies in terms of the total value of equities listed on the NGX (market capitalization) and liquidity.

According to the NGX Full Year Review of Market Indices obtained by The Daily, https://thedaily-ng.com, MRS Oil was included in the oil & gas index, while Oando Plc was also removed. While there was no incoming company in the insurance sector, African Alliance Insurance Plc was removed.

In the NGX Pension index, the NGX added Airtel Africa Plc and BUA Foods, while Honeywell Plc and Conoil Plc were removed.

Also, the NGX Lotus Islamic index, NAHCo Plc, NASCON Allied Industries Plc and Presco Plc exited, while Chemical and Allied Product (CAP) Plc joined.
Furthermore, Berger Paints Plc was added to the NGX Corporate Governance Index, while no company was removed while the consumer goods, banking and industrial goods sectors remained unchanged.

The indices, according to the NGX, were developed to allow investors track market movements and properly manage investment portfolios. Designed using the market capitalization methodology, the indices are rebalanced on a semi-annual basis on the first business day in January and in July.

The nation started the publication of the NGX 30 Index in February 2009 with index values available from January 1, 2007.

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