Direct Answer
The NGX All-Share Index is a rule-based measurement of all listed equities on the Nigerian Exchange weighted by market capitalisation, 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 All-Share Index covers all listed equities on the Nigerian Exchange weighted by market capitalisation, 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 index name does not state a fixed company count, so the number of constituents follows the eligibility rules rather than a target.
How constituents are weighted
NGX states that its indices, listed there with the NGX All-Share Index first, are designed using the market capitalisation methodology.
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
The same notice says the indices are rebalanced on a semi-annual basis on the first business day of January and July. It also says the 2021 change of name from NSE to NGX did not alter how any index is computed.
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.
References
- Nigerian Exchange: Nigerian Exchange Group, NGX Rebrands Market Indices, as published 2021. Every rule described on this page is taken from this document.
Current NGX All-Share Index constituents
Nigerian Exchange publishes and licenses the NGX All-Share Index constituent list. Swoopr does not republish it here. The provider's own page is the authoritative source for current membership and weights.
Related reading
- All stock market indexes: how indexes are built, weighted and revised.
- Emerging Markets indexes: others covering the same region.
- Index concentration: measuring how much of an index sits in its largest holdings.
- Index rebalancing and inclusion effects: what happens to a stock when index membership changes.
Frequently Asked Questions
Who maintains the NGX All-Share Index?
Nigerian Exchange maintains the NGX All-Share Index and publishes the methodology document that defines its eligibility and weighting rules.
What does the NGX All-Share Index measure?
It measures all listed equities on the Nigerian Exchange weighted by market capitalisation. 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 All-Share 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.