Nigeria: Julius Berger Nigeria Joins 30 Index As NSE Reviews Market Indices

2 July 2020

Goddy Egene

The Nigerian Stock Exchange (NSE), has made its half-year review of market indices, including: 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;Meristem Value Index. Also, the five sectoral indice- NSE Banking, NSE Insurance, NSE Industrial, NSE Consumer Goods, and NSE Oil & Gas, were reviewed.

The review has led to the entry and exit of some companies from some indices which took effect from yesterday. For instance, Julius Berger Nigeria Plc was added to the NSE 30 Index, while Transnational Corporation of Nigeria Plc was removed.

NSE Industrial Index saw the coming of Notore Chemical Industries Plc and the exit of Premier Paints Plc'

The NSE Lotus Islamic Index welcomed Lafarge Africa Plc, Chemical and Allied Product Plc, while Double One Plc and Nigerian Aviation Handling Company Plc exited.

Julius Berger Nigeria Plc, MTN Nigeria Plc, NEM Insurance Plc, NPF Microfinance Bank Plc, Royal Exchange Plc and Sunu Assurances Plc were added to the NSE Corporate Governance Index among others.

The indices were developed to allow investors to follow market movements and properly manage investment portfolios. Designed using the market capitalisation methodology, the indices are rebalanced on a semi-annual basis on the first business day in January and in July.

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 five sectoral indices with a base value of 1,000 points, designed to provide investable benchmarks to capture the performance of specific sectors. The sectoral indices comprise the top fifteen most capitalized and liquid companies sectors.

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