Sterling, Wema to exit NSE Banking index
The Nigerian Stock Exchange (NSE) has completed the first stage of the year-end review of the NSE Indices such as NSE-30, NSE Banking, NSE Consumer Goods, NSE Insurance, NSE Industrial, NSE Oil & Gas, NSE Pension and the NSE Lotus Islamic Indices.
These indices are normally reviewed bi-annually (June and December) except for NSE Pension index that is reviewed once in the year (December).
The review process will see the entry of some major companies and the exit of others from the various indices. From all indications Skye Bank Plc and Unity Bank Plc will replace Wema Bank Plc and Sterling Bank Plc in the NSE Banking Index.
The NSE Banking Index comprises the most capitalized and liquid companies in banking sub-sector; the Index is designed to provide an investable benchmark to capture the performance of the banking sector.
Dangote Flour Mills Plc, Diamond Bank Plc, NASCON Allied Industries Plc, Cadbury Nigeria Plc, Sterling Bank Plc will likely replace 7Up Bottling Company Plc, Oando Plc, UACN Plc, Julius Berger Nigeria Plc, and Forte Oil Plc in the NSE-30 Index.
The NSE-30 Index tracks the top 30 listed companies in terms of market capitalisation and liquidity. Review of the NSE Consumer Good Index shows Northern Nigeria Flour Mills Plc, DN Tyre & Rubber Plc, Nigeria Enamelware Plc will be replacing 7Up Bottling Company Plc, Vitafoam Nigeria Plc, and Champion Breweries Plc.
The NSE Consumer Good Index provides an investable benchmark to capture the performance of the consumer goods sectors. This index comprises the most capitalized and liquid companies in food, beverage and tobacco.
Equity Assurance Plc, Mutual Benefits Assurance Plc, Sovereign Trust Insurance Plc, Consolidated Hallmark Insurance Plc will be replacing Regency Alliance Insurance Plc, STACO Insurance Plc, Universal Insurance Plc, and Standard Alliance Insurance Plc in the NSE Insurance Index.
The NSE Insurance Index also provides an investable benchmark to capture the performance of the insurance sector, this index comprises the most capitalized and liquid companies in insurance.
Both Portland paints & Products Nigeria Plc and DN Meyer Plc will exit the NSE Industrial Index for Grief Nigeria Plc, Austin Laz & Company Plc. The NSE Industrial Index provides an investable benchmark to capture the performance of the Industrial Sector. It comprises the most capitalized and liquid companies in the industrial sector.
Oando Plc and MRS Oil Nigeria Plc are exiting NSE Oil/Gas Index which provides an investable benchmark to capture the performance of the oil and gas sector, this index comprises the most capitalized and liquid companies in oil and gas marketing. Japaul Oil & Maritime Services Plc and Eterna Plc will be entering this index.
The NSE Pension Index will see new entrants like Honeywell Flour Mills Plc, International Breweries Plc, Continental Reinsurance Plc and Cement Company of Northern Nigeria Plc. For this NSE Pension Index which tracks the top 40 companies in terms of market capitalization and liquidity 7Up Bottling Company Plc, Oando Plc, Conoil Plc, and United Capital Plc will exit. The NSE Pension Index is a total return index and is weighted by adjusted market capitalization.
7Up Bottling Company Plc, GlaxoSmithKline Consumer Nigeria Plc will be exiting NSE Lotus Islamic Index for Lafarge Africa Plc and Nigerian Aviation Handling Company Plc to enter the index. The NSE-Lotus Islamic Index (NSE LII) tracks the performance of 15 Shari’ah compliant equities which have met the eligibility requirements of a renowned Shari’ah Advisory Board. The component stocks in the NSE Lotus Islamic Index are rigorously screened and reviewed bi-annually to ensure their continuous compliance for inclusion.
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