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The Nigerian Exchange (NGX) Limited has dropped Oando Plc and Transnational Corporation Plc from the prestigious NGX 30 Index while admitting NASCON Allied Industries Plc and Unilever Nigeria Plc in sweeping Half-Year 2026 review of market indices.
NGX announced the sweeping review on Wednesday, July 1, in an emailed release stating that the changes took effect at the opening of trading on Wednesday, July 1, 2026.
The half-year review, which covers thirteen indices spanning sectoral, thematic, and benchmark categories, reflects the application of the Exchange’s prescribed market capitalisation methodology and periodic rebalancing process.
The constituent changes are among the most consequential movements in the mid-year cycle, carrying direct implications for index-tracking funds, portfolio benchmarking, and passive investment flows into affected stocks.
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What the index changes show:
The NGX 30 Index — which tracks the thirty largest and most liquid companies on the Exchange and serves as the primary benchmark for institutional investors — recorded the most headline-worthy changes of the review cycle.
- NASCON Allied Industries Plc and Unilever Nigeria Plc were admitted in place of Oando Plc and Transnational Corporation Plc
- Oando’s removal from the NGX 30 is quite remarkable following a sharp decline in price valuation of the stock in the half year, 2026.
- Transcorp’s removal also follows a period of price volatility that has seen the conglomerate shed substantial value during the June correction.
The implication is that both stocks will lose passive buying support from funds benchmarked to the NGX 30 following their exit.
The Meristem Growth Index recorded the most dramatic single-index reshuffle. Eight companies were removed including:
- BUA Cement
- Guaranty Trust Holding Company
- AXA Mansard Insurance
- Nigerian Aviation Handling Company
- NASCON Allied Industries
- Okomu Oil Palm Company
- Lafarge Africa, and
- Wema Bank
Eterna Plc and PZ Cussons Nigeria Plc were admitted in place of the above exited companies.
The mass exit reflects these stocks’ transition out of the growth classification criteria following their significant price appreciation in 2025 and early 2026.
More insights:
The Meristem Value Index admitted eight companies while removing Ecobank Transnational Incorporated, Guinness Nigeria, and Zenith Bank.
The eight companies admitted into the Meristem Value Index include:
- Chemical and Allied Products
- Honeywell Flour Mills
- Dangote Cement
- Linkage Assurance
- Livestock Feeds
- NASCON Allied Industries
- Okomu Oil Palm Company, and
- TotalEnergies Marketing Nigeria
Zenith Bank’s exit from the Value Index is particularly notable, suggesting its valuation metrics no longer qualify it as a value-category stock following its strong earnings-driven re-rating.
While removing Access Holdings, the Afrinvest Dividend Yield Index added five companies including:
- Seplat Energy
- Fidelity Bank
- Stanbic IBTC Holdings
- Custodian Investment, and
- Nigerian Aviation Handling Company.
The Afrinvest Bank Value Index admitted only Stanbic IBTC Holdings with no exits.
The NGX Lotus Islamic Index added Nestle Nigeria and Cadbury Nigeria while removing NASCON Allied Industries, whose cross-movement between indices reflects its improving market capitalisation profile.
All other indices — NGX Consumer Goods, NGX Banking, NGX Insurance, NGX Industrial, NGX Oil & Gas, and NGX Pension Broad — recorded no changes in the review cycle.
What you should know:
The NGX conducts semi-annual index reviews on the first business day of January and July each year, using market capitalisation methodology to ensure benchmarks remain aligned with evolving market dynamics and international best practices.
The Exchange reserves the right to make interim adjustments in the event of mergers, acquisitions, trading suspensions, resumptions, or other corporate actions prior to the effective date of an index review.
- Index constituent changes carry direct investment consequences.
- Stocks admitted to major indices such as the NGX 30 typically attract passive inflows from funds benchmarked to those indices.
- Conversely, stocks removed from major indices tend to face potential selling pressure from the same funds rebalancing their portfolios.
NASCON Allied Industries’ simultaneous admission to the NGX 30 and Meristem Value Index, alongside its removal from the NGX Lotus Islamic Index, illustrates the cross-cutting nature of the rebalancing and the different criteria applied across index categories.
