By Dipo Olowookere
Authorities of the Nigerian Stock Exchange (NSE) have announced the review of composition of its market indices, with some publicly quoted companies exiting and joining various indexes.
In a statement, the stock exchange management said the NSE-30, and its eight sectoral indices; NSE Consumer Goods, NSE Banking, NSE Insurance, NSE Industrial, NSE Oil & Gas, NSE Pension, NSE Lotus Islamic and NSE Corporate Governance Indices, have been reviewed with the composition taking effect from January 1, 2019.
It was explained that the composition followed the completion of the year-end review and index rebalancing exercise which will see the entry of some major companies and the exit of others from the various indices.
Business Post said NSE-30 Index had the introduction of Sterling Bank and the exit of Beta Glass, while NSE Banking Index welcomed Jaiz Bank and waved goodbye to Diamond Bank.
Continental Reinsurance, Staco Insurance and Standard Alliance Insurance all left the NSE Insurance Index, while Consolidated Hallmark Insurance, Sovereign Trust Insurance and Regency Assurance entered the index.
NSE Oil/Gas Index had MRS Oil Nigeria as new entrant, while Eterna was booted out.
Also, CCNN, Beta Glass and Julius Berger were introduced into the NSE Pension Index, while Diamond Bank, Continental Reinsurance and Ecobank International Incorporated left.
Furthermore, Jaiz Bank was added to the Lotus Islamic Index, while Nigerian Aviation Handling Company (NAHCO) was removed.
While no company was added to the Corporate Governance Index, Insurance, Diamond Bank and Continental Reinsurance were all removed. Finally, both NSE Consumer Goods Index and NSE Industrial Index had no addition or subtraction.
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