--- title: "NSX Local Index: Methodology" description: "NSX Local Index is maintained by Namibian Stock Exchange and covers domestically incorporated companies listed on the Namibian Stock Exchange." canonical: https://www.getswoopr.com/stocks/indexes/nsx-local/ source: "Swoopr Investment: https://www.getswoopr.com" --- # NSX Local Index: What It Measures and How It Is Built ## Direct Answer > The NSX Local Index is a rule-based measurement of domestically incorporated companies listed on the Namibian Stock Exchange, maintained by Namibian Stock 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 NSX Local Index covers domestically incorporated companies listed on the Namibian Stock Exchange, within the Namibia market. Namibian Stock 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 Free float adjusted market capitalisation: latest price times shares in issue times an investability factor between 0 and 1 (times a capping factor in the capped variant), divided by a divisor. Price and total return versions are calculated in Namibian dollars. 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. ## What qualifies for inclusion Only Namibian incorporated securities with a primary listing on the NSX, ordinary shares only. ETFs, funds and Development Capital Board stocks are excluded, a free float of 5% or below is excluded, and there is no liquidity requirement. Eligibility rules are the part of an index most readers never look at and the part that decides what it can possibly measure. A screen that excludes a whole sector, or admits only one listing venue, shapes the result far more than any day of trading does. ## When the membership is revised Quarterly review in March, June, September and December using data from the Monday four weeks earlier, with changes after the close on the third Friday. There are no intra review additions, so a new listing waits for the next quarter. 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 A company that trades on the NSX but has its primary listing elsewhere, or is not incorporated in Namibia, falls outside the Local Index even though it sits in the Overall Index. ## References - [Namibian Stock Exchange: FTSE Russell, Ground Rules for the FTSE NSX Index Series v2.4](https://www.lseg.com/content/dam/ftse-russell/en_us/documents/ground-rules/ftse-nsx-index-series-ground-rules.pdf), as published 2026. Every rule described on this page is taken from this document. ## Current NSX Local Index constituents Namibian Stock Exchange publishes and licenses the NSX Local Index constituent list. Swoopr does not republish it here. The provider's own page is the authoritative source for current membership and weights. [Namibian Stock Exchange: official NSX Local Index page](https://www.jse.co.za/services/market-data/indices) ## 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 NSX Local Index? Namibian Stock Exchange maintains the NSX Local Index and publishes the methodology document that defines its eligibility and weighting rules. ### What does the NSX Local Index measure? It measures domestically incorporated companies listed on the Namibian Stock Exchange. 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 NSX Local Index constituents? Namibian Stock 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.