Wema Bank Listed On NGX 30 Index
The Nigerian Exchange Limited (NGX) has listed Wema Bank Plc on the NGX 30 Index following the outcome of the 2022 market index review.
This was disclosed by the NGX in a statement detailing the results of its full-year market index reviews.
NewsBeatng reports that the NGX 30 Index tracks the top 30 companies in terms of market capitalization and the total value of equities listed on the NGX.
The 2022 review led to the entry and exit of some companies from several indices that took effect at the opening of the market on Tuesday, January 3, 2023.
According to NGX, the indices were developed to allow investors to track market movements and properly manage investment portfolios. Designed using the market capitalisation methodology, the indices are rebalanced on a semi-annual basis on the first business day in January and in July.
Access Holdings, Sterling BANK Plc MRS Oil Plc, and Airtel Africa Plc are among the other companies on the NGX-30.
Market analysts opined that the development was indicative of Wema Bank’s resilience and growth.
“This demonstrates the bank’s resilience and strong profitability growth over the years with our share price capped at N3.58 as of today. As a result, the bank is an appealing investment for the investment community,” the analysts noted.
Meanwhile, the Nigerian bourse began publishing the NGX 30 Index in February 2009 with index values available from January 1, 2007.
On July 1, 2008, the NGX developed five sectoral indices with a base value of 1,000 points, designed to provide investable benchmarks to capture the performance of specific sectors.