NGX 30 Index Drops Conoil and Julius Berger, Adds Aradel and Wema Bank

TLDR
- The Nigerian Exchange Limited (NGX) has updated its NGX 30 Index, removing Conoil and Julius Berger in its mid-year review due to shifts in market capitalization
- Replacing them are Aradel Holdings and Wema Bank, keeping the benchmark index at 30 constituents.
- Other index changes included LASACO Assurance Plc joining the NGX Insurance Index, replacing Fortis Global and International Energy Insurance
The Nigerian Exchange Limited (NGX) has updated its NGX 30 Index, removing Conoil and Julius Berger in its mid-year review due to shifts in market capitalization. Replacing them are Aradel Holdings and Wema Bank, keeping the benchmark index at 30 constituents.
The semi-annual review, published July 1 under the theme “Strengthening the Competitiveness of African Economies,” reflects ongoing recalibrations across NGX indices. In the Consumer Goods Index, McNichols Consolidated Plc replaced Golden Guinea Breweries Plc.
Other index changes included LASACO Assurance Plc joining the NGX Insurance Index, replacing Fortis Global and International Energy Insurance. Austin Laz & Company Plc replaced Notore in the Industrial Goods Index. Julius Berger, while dropped from the NGX 30, was added to the Afrinvest Dividend Yield Index and removed from the Meristem Value Index.
The NGX 30 rose 16.03% in H1 2025, closing at 4,423.0 points from 3,811.9. Aradel joined with a market cap of ₦2.2 trillion (approx. $3.9 billion), while Wema Bank entered with ₦317.2 billion (approx. $565 million), after a 67.64% share price gain.
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Key Takeaways
The inclusion of Wema Bank and Aradel in the NGX 30 signals a notable shift in market sentiment toward mid-tier banks and energy firms with strong recent performance. Wema Bank’s 67.64% half-year gain reflects renewed investor confidence in second-tier lenders amid rising interest in financial services. Aradel’s position as an indigenous energy firm with a ₦2.2 trillion market cap makes it one of the most valuable new entries to the index. These rebalancing moves serve as a guide for portfolio managers and institutional investors tracking Nigerian equities, offering a snapshot of liquidity trends and capital flows in the local bourse.






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