The Nigerian Exchange Limited (NGX) has announced the outcome of its full-year 2025 market index review, confirming a reshuffle across several flagship, sectoral, and thematic indices. The changes, which took effect at the start of trading on Friday, January 2, 2026, reflect evolving dynamics in market capitalisation, liquidity, free float, and investor activity within Nigeria’s equity market.
According to details released by the Exchange, the review resulted in the inclusion of Guinness Nigeria Plc, Presco Plc, and Wema Bank Plc in key indices, underscoring their improved performance and relevance over the past year. Conversely, companies such as United Capital Plc, Access Holdings Plc, International Breweries Plc, and Stanbic IBTC Holdings Plc were dropped from some major indices as part of the periodic rebalancing process.
What the reshuffle shows
NGX index reviews are designed to ensure that its benchmarks remain accurate reflections of market realities. The criteria typically include market capitalisation, trading liquidity, free float, corporate governance compliance, and sector representation. As these variables shift over time, index composition is adjusted to maintain relevance for investors.
In the flagship NGX 30 Index, which tracks the 30 most capitalised and liquid stocks on the Exchange, Guinness Nigeria Plc was added, replacing United Capital Plc. This move points to stronger relative performance by Guinness Nigeria during 2025, supported by improved liquidity and investor interest. The brewer also emerged as one of the best-performing consumer goods stocks during the year, benefiting from pricing power and operational resilience.
United Capital’s exit from the NGX 30 does not necessarily signal a deterioration in its fundamentals. Rather, it reflects a relative change in ranking compared with other listed companies that better met the index’s quantitative thresholds during the review period.
Sectoral indices largely stable
Changes across sector-specific indices were relatively modest, suggesting stability in sector leadership. In the NGX Insurance Index, Mutual Benefits Assurance was added, replacing Guinea Insurance, reflecting shifts in liquidity and trading activity within the insurance space. The NGX Oil & Gas Index also saw a change, with Japaul Gold & Ventures Plc replacing MRS Oil Nigeria.
Notably, the Banking, Consumer Goods, and Industrial Goods indices recorded no changes, indicating that the dominant players in these sectors largely maintained their positions in terms of size and liquidity throughout 2025.
Broader movements in thematic and compliance-based indices
Beyond the core indices, the reshuffle was more pronounced across thematic and compliance-focused benchmarks. In the NGX Pension Index, which tracks stocks eligible for investment by pension funds, Wema Bank Plc was admitted, while International Breweries Plc was removed. This highlights changes in eligibility criteria such as free float and liquidity, which are critical for institutional investors.
The NGX Lotus Islamic Index, which tracks Shariah-compliant equities, added Presco Plc, reinforcing continued investor appetite for agriculture-linked and export-oriented businesses within the non-interest finance space.
Partner and thematic indices also recorded notable changes. The Afrinvest Bank Value Index admitted Wema Bank, Jaiz Bank, Access Holdings, and Stanbic IBTC, signalling renewed momentum among both tier-one and mid-tier banks. Meanwhile, the Afrinvest Dividend Yield Index welcomed Dangote Cement, Okomu Oil, Vitafoam, and Conoil, reflecting investor preference for dividend-paying stocks amid elevated interest rates.
Why it matters for investors
Index reshuffles are more than routine housekeeping exercises. Many passive funds, exchange-traded products, and institutional portfolios track NGX indices closely. As a result, newly added stocks often attract fresh inflows, while those removed may face short-term selling pressure.
NGX Chief Executive Officer, Jude Chiemeka, has previously noted that index reviews align with the Exchange’s broader objective of deepening liquidity and strengthening investor confidence through transparent and rules-based market frameworks. For investors, the latest reshuffle offers useful signals about which stocks are gaining relevance and which are gradually losing ground in Nigeria’s evolving equity market.
Ultimately, the 2025 index review underscores how shifts in performance, liquidity, and market structure continue to reshape leadership within the NGX, with implications for both active and passive investment strategies going into 2026.
Emmanuel Bassey is a Financial Expert that has worked in the Banking and Finance Industry for over 15+ years across different banks in Nigeria
