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Breaking: NGX Issues Results of Full Year Market Indices

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NGX: Transactions maintain bearish trend with 0.0% loss

The Nigerian Exchange Limited (NGX), has announced the results of its full-year market index review.

In an electronically transmitted statement to Biztellers, on Tuesday, the report was set out in the following indices – the NGX 30, NGX Lotus Islamic, NGX Pension, 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.

Signed by Head, Marketing and Corporate Communications, NGX, Clifford Akpolo, it averred in part, “The review has led to the entry and exit of some companies from several indices that took effect at the opening of the market on Tuesday, January 3, 2023.
“Listed below are the incoming and exiting companies in the various indices:

Indices              Title Incoming    Exiting
NGX 30 Index  • BUA Foods    • Oando

• Wema Bank Plc • UBn Plc

NGX Consumer Goods Index • None • None

NGX Banking Index • None • None

NGX Ins Index • None • African Alliance Ins

NGX Industrial Index • None • None

NGX Oil & Gas Index • MRS Oil Plc • Oando Nig Plc

NGX Pension Index • Airtel Africa Plc
• BAU Foods Plc • Honeywell Plc
• Conoil Plc

NGX Lotus Islamic Index
• CAP Plc • NAHCO Nigeria Plc
• NASCON Nigeria Plc
• Presco Plc

Corporate Governance Index • Berger Paints Plc • None

Afrinvest Bank Value Index • None • Fidelity Bank Plc
.

Afrinvest Div Yield Index • None • University Press Plc
• Access Holdings Plc

Meristem Growth Index • FIDSON Plc
• Nigeria Breweries Plc
• Sterling Bank Plc • Dangote Cement Plc
• Eterna Plc
• Glaxo Smithkline Con. Plc
• Seplat Energy Plc
• Guaranty Trust Holding Co. Plc

Meristem Value Index • Access Holding Plc
• Glaxo Smithkline Con. Plc
• May & Baker Nig. Plc
• LAFARGE Africa Plc • None

“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.

“The Nigerian bourse began publishing the NGX 30 Index in February 2009 with index values available from January 1, 2007. On July 1, 2008, the NGX developed five sectoral indices with a base value of 1,000 points, designed to provide investable benchmarks to capture the performance of specific sectors. The sectoral indices comprise the top fifteen most capitalised and liquid companies in the Insurance and Consumer Goods sectors; the top ten most capitalised and liquid companies in the Banking and Industrial Goods sector; and the top seven most capitalised and liquid companies in the Oil & Gas sector.

“In July 2012, the Nigerian bourse launched The NGX Lotus Islamic Index (NGX LII) which consists of companies whose business practices are in conformity with Shari’ah Investment Principles, with the aim of increasing the breadth of the market and creating an important benchmark for investments as the alternative ethical and noninterest investment space widened. The companies that appear on the Islamic Index have been thoroughly screened by Lotus Capital Halal Investment, in accordance with a methodology approved by an internationally recognised Shari’ah Advisory Board comprising of renowned Islamic scholars.”

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Reps Moves To Ensure Order In Rivers, Inaugurates 21-Member Committee

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The Speaker of the House of Representatives, Hon. Abbas Tajudeen, has inaugurated a 21-member Ad-Hoc Committee that will oversee the administration of Rivers State during the six-month State of Emergency declared by President Bola Tinubu.

The committee, which will be led by the House Leader, Rep. Prof. Julius Ihonvbere, with Rep. Ali Isa J.C. serving as Deputy Chairman, was officially unveiled on Tuesday at the National Assembly in Abuja.

According to Speaker Abbas, the creation of the committee demonstrates the National Assembly’s commitment to constitutional order, good governance, and the protection of national unity.

READ MORE: Rivers Women Stage Solidarity March In Support Of Emergency Rule

“This marks a critical milestone in our constitutional mandate and is a reflection of our dedication to transparent governance and the rule of law,” the Speaker declared during the inauguration ceremony.

President Tinubu’s declaration, which came into effect on March 18, was made under Section 305 of the 1999 Constitution (as amended). The President described the situation in Rivers State as a “grave crisis threatening public order” and emphasized the need to safeguard the welfare of the citizens.

Referencing previous cases of emergency rule, including those in Plateau (2004), Ekiti (2006), and the North-East (2013), Abbas reminded lawmakers that the National Assembly had always played a stabilizing role during such interventions.

He clarified that the appointment of Rear Admiral Ibok-Ete Ekwe Ibas (Rtd.) as the caretaker administrator for Rivers State is a stopgap arrangement designed to restore basic governance and maintain public safety.

“The Administrator’s role is limited to maintaining law and order until democratic governance is fully restored,” Abbas said, adding that the administrator would be reporting directly to the National Assembly.

The Speaker urged committee members to carry out their duties with professionalism and neutrality, warning them to avoid partisan conduct.

“You must avoid partisanship and ensure that your actions strictly align with the Constitution,” Abbas stressed. “Beyond oversight, you are also expected to support reconciliation and peacebuilding efforts in Rivers State.”

In response, Committee Chairman Ihonvbere expressed confidence in the team’s ability to carry out the assignment with excellence, citing the members’ collective experience and commitment.

“If I am not wrong, this is probably the strongest ad-hoc committee ever set up since 2019,” Ihonvbere noted.

“With the experience, exposure, and dedication of this team, I assure you on behalf of my colleagues that we will not disappoint the Speaker, the National Assembly, or the Nigerian people.”

He added that the committee would begin work immediately and promised that all activities would be guided by transparency, diligence, and objectivity.

The committee’s responsibilities will include monitoring the implementation of federal directives in Rivers State, ensuring that the caretaker government stays within constitutional boundaries, and submitting regular reports to the House of Representatives.

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‘Plateau Must Not Become A Killing Field’ — Kwankwaso Mourns Victims, Seeks Justice

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Former Kano State Governor and 2023 Presidential Candidate of the New Nigeria People’s Party (NNPP), Senator Rabiu Musa Kwankwaso, has condemned the recent spate of deadly attacks in Plateau State, calling on the relevant authorities to ensure that the perpetrators are swiftly brought to justice.

Kwankwaso, in a statement posted on his verified Facebook page, expressed deep sadness over the attack on the Zike community, Kimakpa, in Kwall district of Bassa Local Government Area, which claimed the lives of 51 people and left several properties destroyed.

READ ALSO: 40 Killed In Fresh Attack On Plateau Community As Violence Escalates

The NNPP chieftain described the incident as a tragic addition to the wave of violence that has rocked the state in recent weeks.

He noted that the Zike attack came shortly after over fifty other residents were killed across five communities within the space of a week.

“It is important that Plateau State must not be allowed to become a hotbed of violence and wanton destruction again after the relative peace it has enjoyed in recent years,” he stated.

Kwankwaso called on the Federal Government to rise to its constitutional responsibility of protecting lives and property, while urging residents and stakeholders to embrace peace.

“I extend my condolences to the Government and people of Plateau State. I also urge the authorities to ensure that justice is served by bringing the perpetrators of these heinous crimes to book,” the former governor added.

The recent attacks have continued to fuel concerns over security lapses in the region, as calls for decisive action and lasting solutions grow louder.

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NUJ Lauds Dangote For Crashing Petrol Price

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The Nigeria Union of Journalists (NUJ), Lagos State Council has commended Dangote Refinery for its consistency in the price reduction of Premium Motor Spirit (PMS) otherwise known as petrol.

The NUJ was reacting to the latest reduction in the ex-gantry loading cost of PMS from ₦880 per litre to ₦865.

Biztellers reports that the Chairman, Nigeria Union of Journalists, Lagos State Council, Adeleye Ajayi, noted that the Dangote Refinery had projected itself as a huge partner in progress to all Nigerians.

The gesture, the Council Chairman said had endeared the business mogul to Nigeria as a saviour of the masses in the face of the present hardship.

ALSO READ: Shell Commends Oloibiri Lecture Series As Platform For Change

Recall that the Dangote Refinery had announced a reduction of its ex-depot price per liter by N15 ostensibly following reduction in the price of crude oil in the international market.

“I want to emphatically say that the Dangote Refinery is indeed a blessing to all Nigerians. The roll out of petroleum products from Dangote Refinery has indeed changed the game and the fuel market is now liberalized,” he stated.

Urging other industrialists to take a cue from Dangote’s good heart towards Nigerians in the face of present economic hardship, the NUJ boss added, “In the last few months, we are all aware that Dangote Refinery has crashed the price of PMS at different interval and we are very optimistic that such gesture will be extended to other sectors by other industrialists.

“We need more Dangotes in this country so that Nigeria can be great again. Imagine if we have three or four Dangote in other sectors of Nigeria’s economy, Nigeria’s economic progress would have been fastracked.”

In a related development, Ajayi lauded the move by the Federal Executive Council (FEC) which gave an express approval for the full implementation of the suspended Naira-for-Crude agreement with local refiners on Wednesday.

He opined that the move would boost the confidence of the citizenry, as the output was expected to improve the living conditions of Nigerians.

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