---
title: "NGX 30 Index: Methodology"
description: "NGX 30 Index is maintained by Nigerian Exchange and covers top 30 companies listed on the Nigerian Exchange by market capitalisation and liquidity."
canonical: https://www.getswoopr.com/stocks/indexes/ngx-30/
source: "Swoopr Investment: https://www.getswoopr.com"
---

# NGX 30 Index: What It Measures and How It Is Built

## Direct Answer

> The NGX 30 Index is a rule-based measurement of top 30 companies listed on the Nigerian Exchange by market capitalisation and liquidity, maintained by Nigerian Exchange. Like every index it owns nothing: it is a number produced by applying a published weighting formula to a selected list of companies, revised on a schedule the provider sets.

## What this index covers

The NGX 30 Index covers top 30 companies listed on the Nigerian Exchange by market capitalisation and liquidity, within the Nigeria market. Nigerian Exchange defines which securities are eligible, how they are selected from that pool, and how much each one contributes to the published number.

The name states a target of 30 companies. A target is not a guarantee of the exact count on any given day: corporate actions, dual share classes and pending additions all move the real number around it.

## How constituents are weighted

NGX says its indices, the NGX 30 among them, are designed on a market capitalisation methodology, so larger listed companies carry larger weights. The release does not describe a free float or cap adjustment for this index.

The weighting method is the single biggest driver of how an index behaves. Two indexes covering the same market can diverge for years purely because they weight differently, which is why comparing index levels without knowing the method tells you very little.

## When the membership is revised

NGX rebalances its indices semi-annually on the first business day of January and July. The January 2022 review release named the NGX 30 among the indices reviewed, with changes effective when the market opened on 4 January 2022.

Reconstitution is the one date an index changes shape by design rather than by price. Funds tracking it have to trade toward the new membership, which is why the schedule matters to anyone holding the tracker rather than only to the provider.

## The rule that surprises people

The compiler keeps the right to change the announced selection for mergers, takeovers, trading suspensions or other structural changes before the effective date, so the published list is not final until the review takes effect.

## References

- [Nigerian Exchange: Nigerian Exchange Group, NGX Reveals Results of Review of Market Indices](https://ngxgroup.com/ngx-reveals-results-of-review-of-market-indices/), as published 2022. Every rule described on this page is taken from this document.

## Current NGX 30 Index constituents

Nigerian Exchange publishes and licenses the NGX 30 Index constituent list. Swoopr does not republish it here. The provider's own page is the authoritative source for current membership and weights.

[Nigerian Exchange: official NGX 30 Index page](https://www.amf.org.ae/en/amf_indices/yearly)

## Related reading

- [All stock market indexes](https://www.getswoopr.com/stocks/indexes/): how indexes are built, weighted and revised.
- [Emerging Markets indexes](https://www.getswoopr.com/stocks/indexes/emerging-markets/): others covering the same region.
- [Index concentration](https://www.getswoopr.com/technical-analysis/market-concentration/index-concentration/): measuring how much of an index sits in its largest holdings.
- [Index rebalancing and inclusion effects](https://www.getswoopr.com/stocks/corporate-actions-catalysts/index-rebalancing-and-inclusion-effects/): what happens to a stock when index membership changes.

## Frequently Asked Questions

### Who maintains the NGX 30 Index?

Nigerian Exchange maintains the NGX 30 Index and publishes the methodology document that defines its eligibility and weighting rules.

### What does the NGX 30 Index measure?

It measures top 30 companies listed on the Nigerian Exchange by market capitalisation and liquidity. The index is a calculated number applying a weighting formula to a selected list of companies, and it holds nothing itself.

### Where can I see the current NGX 30 Index constituents?

Nigerian Exchange publishes the current constituent list. Swoopr does not republish it, because index providers license constituent data and Swoopr holds no such licence.

## About the author

The [Swoopr Editorial Team](https://www.getswoopr.com/authors/swoopr-editorial-team/) writes Swoopr Investment's educational library, covering market structure, analysis methods and the mechanics behind the numbers investors read every day.

Our [editorial policy](https://www.getswoopr.com/legal/editorial-policy/) and [corrections policy](https://www.getswoopr.com/legal/corrections-policy/) set out how this content is produced, reviewed and fixed when it is wrong.