The Nigerian Exchange Limited (NGX) has launched a new Equity-Based Commodity Index aimed at tracking the performance of companies in sectors such as energy, agriculture, mining, metals, and natural resources. The index, starting with an initial value of 1,000, includes companies like Geregu Power Plc, Seplat Energy Plc, and Okomu Oil Palm Plc, among others. This move is part of NGX’s broader strategy to introduce innovative products that enhance market liquidity and connect Nigeria’s economy to global markets.
Alongside the new index, NGX has made several updates to its existing indices. The NGX 30 Index, which tracks the largest and most liquid companies, will now include Conoil Plc, International Breweries Plc, and Transcorp Power Plc, replacing companies such as Guinness Nigeria Plc. Changes have also been announced for the NGX Consumer Goods, Banking, Insurance, and Oil & Gas indices, with various companies being added or removed based on their performance and market relevance.
The NGX’s Chief Executive Officer, Jude Chiemeka, emphasized the importance of these developments in enhancing the market, while the Head of Trading & Products, Abimbola Babalola, highlighted the significance of the semi-annual rebalancing of the indices. These updates provide investors with improved tools for tracking market movements and refining their investment strategies, aligning with NGX’s mission to deepen the market and increase liquidity.