Home Finance FBN Holdings, FCMB, GTCO, Stanbic IBTC join NGX Banking Index as Zaiz, Union Bank, Wema, Unity exit

FBN Holdings, FCMB, GTCO, Stanbic IBTC join NGX Banking Index as Zaiz, Union Bank, Wema, Unity exit

by Business News Report

Jaiz Bank, Union Bank, Wema Bank and Unity Bank, have exited the NGX Banking Index while FBN Holdings, FCMB Group, Guaranty Trust Holding Company, GTCO Plc and Stanbic IBTC Holdings Plc joined following the latest review of the Indices by the Nigerian Exchange Limited, NGX. The NGX said the results of its half year Market Index review for the following indices – NGX 30; NGX Lotus Islamic; NGX Pension; NGX Pension Broad Index; Corporate Governance Index; Afrinvest Bank Value Index; Afrinvest Dividend Yield Index; Meristem Growth Index; Meristem Value Index; and the five Sectoral Indices of The Exchange – NGX Banking, NGX Insurance, NGX Industrial, NGX Consumer Goods and NGX Oil & Gas has led to the entry and exit of some companies from several indices which took effect at the open of the market on Tuesday, 2 January 2024.

It said that the Indices were 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 respectively. NGX indices are developed to allow investors efficiently track market movements and properly manage investment portfolios. It however said that NGX continues to blaze the trail on the path to becoming Africa’s foremost securities exchange with innovation and product development that deepens the market and boosts liquidity, thus connecting Nigeria, Africa and the world. According to the NGX, “ the compiler of the indices maintains the right to modify the circulated selection above in connection with any mergers, takeovers, suspension or resumption of trading or any other company structure changes during the period before the effective date of the annual review.

“Specifically, the result of the review showed that NGX 30 Index, NGX Consumer Goods Index,  NGX Industrial Index, NGX Oil & Gas Index, NGX Lotus Islamic Index, Corporate Governance Index, and Afrinvest Bank Value Index did not record any in coming company nor exiting company. NGX Pension Index: Transcorp Hotels Plc, Fidson HealthCare, Nigerian Aviation Handling Company and Conol joined while PZ Cussons Nigeria, Nascon Allied Industries and Unilever Nigeria exited. For NGX Pension Broad Index, Geregu Power was admitted while Glaxo SmithKline Consumer Nigeria exited. For Afrinvest Dividend Yield Index, MTN Nigeria, Vitafoam Nigeria, Stanbic IBTC Holdings and NPF Microfinance Bank joined while Dangote Sugar Refinery , FCMB Group, Cutix, Glazo Smithkline  Consumer Nigeria exited. For Meristem Growth Index,  Access  Corporation , Fidelity Bank, UBA, UCAP, WAPCO and Zenith Bank were admitted while CAP, Julius Berger, Presco, PZ and Vitafoam exited the Index. For Meristem Vlaue Inde, AIICO Insuarnce joined while Dangote Sugar exited.

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