Wema Bank Makes NGX 30 Index List

In a statement outlining the findings of its full-year market index assessments, the NGX made this disclosure.

[ODUNEWS] January 11 –   Wema Bank Plc has been placed on the NGX 30 Index by the Nigerian Exchange Limited (NGX) as a result of the results of the 2022 market index review.

Wema Bank Makes NGX 30 Index List
Wema Bank Makes NGX 30 Index List

 

The NGX 30 Index was first published by the Nigerian bourse in February 2009, with index values accessible as of January 1, 2007.

The NGX created five sectoral indices on July 1, 2008, each with a base value of 1,000 points and intended to serve as investable benchmarks for measuring the performance of particular industries.

NGX Banking, NGX Insurance, NGX Industrial, NGX Consumer Goods, and NGX Oil & Gas are the sectoral indices of The Exchange.

The top 30 companies in terms of market capitalization and the total value of stocks listed on the NGX are tracked by the NGX 30 Index.

Several indexes had certain businesses enter or leave as a result of the 2022 review, and these changes were effective on January 3, 2023, the first trading day of the following year.

Review Methodology

According to NGX, the indices were created to enable investors to monitor market trends and effectively manage their investment portfolios. The market capitalization technique was used to create the indices, and they undergo a semi-annual rebalancing on the first business day of January and July.

Other businesses on the NGX-30 include Access Holdings, Sterling BANK Plc, MRS Oil Plc, and Airtel Africa Plc.

Reaction from the bank: Wema Bank stated in response to the development that it demonstrates its tenacity and expansion.

With our share price capping at N3.58 as of today, this indicates the bank’s resiliency and solid profitability growth over the years. As a result, the bank is a desirable investment for the financial sector.”

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