11 PLC, NAHCO, BUACEMENT, Wema Delists From NSE Key Indices
Some notable companies have delisted from their index groups as revealed by the Half-Year market index review of the Nigerian Stock Exchange (NSE) in eight indices and five sectoral groups.
Some of the delisted companies from their index group in the full year decomposition of the indices composition by the NSE, were BUA CEMENT, CUSTODIAN INSURANCE, NAHCO, and WEMA BANK.
The indices are, the NSE 30 Index, NSE Lotus Islamic Index, NSE Pension Index, Corporate Governance Index, Afrinvest Bank Value Index, Afrinvest Dividend Yield Index, Meristem Growth Index, and Meristem Value Index;
The five sectoral indices of the Exchange are NSE Banking, NSE Insurance, NSE Industrial, NSE Consumer Goods, and NSE Oil & Gas.
Traditionally, the review led to the entry and exit of some companies from some indices which took effect as the market opened on Wednesday, July 1, 2020.
Newly admitted into the NSE corporate governance index are JULIUS BERGER NIGERIA, MTN NIGERIA, NEM INSURANCE, NPF MICROFINANCE BANK, ROYAL EXCHANGE NIGERIA and SUNU ASSURANCES NIG. However, no firm was exited from the NSE corporate governance index.
Meristem Growth Index newly admitted are, GT BANK and JULIUS BERGER, while BUA CEMENT, CUSTODIAN INSURANCE, NAHCO, and WEMA BANK were delisted.
Meristem Value Index newly admitted DANGOTE SUGAR REFINERY, while five companies exited the index, the firms are, BERGER PAINTS, DANGOTE CEMENT, ETERNA OIL, ETI, and WAPIC INSURANCE.
The result showed that seven indices recorded no change in their composition as no company exited the group and none was admitted. The indices are the NSE Consumer Goods Index, the NSE Banking Index, NSE Insurance Index and the NSE Oil & Gas Index.
Others are the NSE Pension Index, Afrinvest Banking Value Index, and Afrinvest High Dividend Yield Index. All of these recorded no newly admitted company or exit of existing member firms.
However, the NSE Industrial Index welcomed NOTRE CHEMICAL IND, while PREMIER PAINTS exited the index group.
NSE Lotus Islamic Index added to its index composition, LAFARGE AFRICA and CHEMICAL AND ALLIED PRODUCT, while 11 PLC (MOBIL) and NAHCO was delisted from the group.
The indices were developed to allow investors to follow market movements and properly manage investment portfolios. Designed using the market capitalization methodology, the indices are rebalanced on a semi-annual basis on the first business day in January and in July.
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