NGX Replaces United Capital  with Guinness Nigeria in NGX 30 Index 

Kayode Tokede

The Nigerian Exchange Limited (NGX) has announced the outcome of its full-year 2025 market index review with Guinness Nigeria Plc replacing United Capital Plc (UCP) in NGX 30 Index. The NGX 30 index tracks most capitalised and liquid stocks on the Exchange.

The replacement comes amid increased investor interest, improved liquidity, in Guinness’ market value over the year. Guinness was also the best-performing consumer goods stock in 2025.

Notably, Guinness Nigeria, Presco Plc, and Wema Bank gained inclusion in key indices, highlighting their improved market positions and performance during the year.

These additions came at the expense of companies such as United Capital Plc, Access Corp, International Breweries and Stabic IBTC, which, along with others, were replaced as part of the periodic rebalancing process.

The reshuffle reflects evolving trends in market capitalization, liquidity, and sector dynamics within Nigeria’s capital market.

The index changes reflect shifts in market capitalisation, liquidity, compliance, and sector performance, impacting both passive and active investor strategies in Nigeria’s capital markets.

Among sector-specific indices, changes was that Mutual Benefits Assurance was added in the NGX Insurance Index:, replacing Guinea Insurance. In the NGX Oil & Gas Index, Japaul Gold & Ventures Plc replaced MRS Oil Nigeria. The NGX Pension Index, which includes stocks eligible under Nigeria’s pension investment guidelines, admitted Wema Bank Plc, while International Breweries was removed—highlighting shifts in free float, liquidity, and compliance.

In the NGX Lotus Islamic Index, Presco Plc was added. The index, which tracks Shariah-compliant stocks, now reflects continued investor preference for agriculture-linked and export-driven firms.

NGX Pension Broad Index: Nigeria Infrastructure Debt Fund added; Regency Alliance and Veritas Kapital exited.

Afrinvest Bank Value Index: Additions included Wema Bank, Jaiz Bank, Access Holdings, and Stanbic IBTC, reflecting renewed momentum among tier-one and mid-tier banks.

Afrinvest Dividend Yield Index welcomed Dangote Cement, Okomu Oil, Vitafoam, and Conoil, reinforcing dividend-paying stocks as favourites amid high interest rates.

Meristem Growth Index: BUA Cement, Lafarge Africa, AXA Mansard, AIICO, CAP, Conoil, and United Capital were added, showcasing strong earnings growth momentum.

Meristem Value Index saw entries like ETI, Julius Berger, and NEM Insurance, while Dangote Sugar, TotalEnergies, and Lafarge Africa were removed.

NGX index reviews are more than routine adjustments—they influence investor decision-making, fund allocation, and stock visibility.

Passive investment products and institutional portfolios often mirror these indices, leading to inflows into newly added stocks and outflows from those removed.

NGX’s CEO, Mr. Jude Chiemeka  in a statement emphasized that the index review aligns with the Exchange’s goal of deepening liquidity and boosting investor confidence through product innovation.

Also, Head of Trading and Products, NGX, Mr. Abimbola Babalola noted that the rebalancing ensures efficient market tracking and portfolio alignment. The NGX Limited reviews and updates the list of companies that make up its main stock market indices every year.