Capital

NSE Reveals Results of Biannual Review of Market Indices

July 1, 2019/NSE

The Nigerian Stock Exchange (NSE) has announced the results of the biannual review for the NSE and co-branded indices. The composition of these indices after the review will be effective on Monday July 1, 2019.

Below are the incoming and exiting companies in the various indices.

Indices TitleIncomingExiting
NSE 30 index·      CUSTODIAN INVESTMENT PLC.·      DANGOTE FLOUR MILLS PLC.
NSE Consumer Goods Index·      MCNICHOLS PLC·      DANGOTE FLOUR MILLS PLC.
NSE Banking Index·      NONE·      NONE
NSE Insurance Index·      VERITAS KAPITAL ASSURANCE PLC.·      SUNU ASSURANCES NIGERIA PLC.
NSE Industrial Index·      NOTORE CHEMICAL IND. PLC.·      FIRST ALUMINUM PLC.
NSE Oil & Gas Index·      NONE·      NONE
NSE Pension Index·      NONE·      NONE
NSE Lotus Islamic Index·      NIGERIAN AVIATION HANDLING COMPANY PLC·      TOTAL NIGERIA PLC
Corporate Governance Index·        NONE·        NONE
Afrinvest Bank Value Index·        NONE·        NONE
 
Afrinvest Div Yield Index·        AFRICA PRUDENTIAL PLC.·        NONE
 
Meristem Growth Index·        AFRICA PRUDENTIAL PLC.·        STERLING BANK PLC·        ZENITH BANK PLC·        NIGERIAN AVIATION HANDLING COMPANY PLC
 
Meristem Value Index·         ACCESS BANK PLC·         PRESCO PLC.·         UNITED CAPITAL PLC·         NONE
 

The Nigerian bourse began publishing the NSE 30 Index in February 2009 with index values available from January 1, 2007. On July 1, 2008, the NSE developed four sectoral indices with a base value of 1,000 points, designed to provide investable benchmarks to capture the performance of specific sectors. The Insurance and Consumer Goods Indices are composed of the top fifteen most capitalized and liquid companies in their specific sector. The Banking and Industrial Goods Indices are composed of the top ten most capitalized and liquid companies in their respective sectors, while the Oil & Gas Index is made up of the top seven most capitalized and liquid companies in the sector. 

In July 2012, the Nigerian bourse launched The NSE Lotus Islamic Index (NSE LII) which consists of companies whose business practices are in conformity with Shari’ah Investment Principles, with the aim of increasing the breadth of the market and creating an important benchmark for investments as the alternative ethical and noninterest investment space widened. The companies that appear on the Islamic Index have been thoroughly screened by Lotus Capital Halal Investment, in accordance with a methodology approved by an internationally recognized Shari’ah Advisory Board comprising of renowned Islamic scholars. 

The NSE in collaboration with Afrinvest Securities Limited launched the NSE-Afrinvest Banking Value Index and NSE-Afrinvest High Dividend Yield Index in January 2019. They were designed in response to requests for applicable benchmarks for measuring value in banking stocks and high dividend stocks listed on the Exchange.  In March 2019, NSE also collaborated with Meristem Securities Limited, to launch the NSE-Meristem Growth Index and NSE-Meristem Value Index. These indices provide a benchmark for the market to gauge the performances of value stocks and growth stocks listed on the Exchange.  

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