Nestle Exits NGX Lotus Islamic Index as MTN Joins Afrinvest Div Yield Index

January 2, 2024
Nestle Nigeria

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited has announced changes to its indices, with some companies leaving and others joining.

In the latest reorganisation released on Tuesday, January 2, 2024, MTN Nigeria, and three others joined the Afrinvest Div Yield Index and GlaxoSmithKline (GSK) exiting the group.

Business Post reports that the Afrinvest Bank Value, corporate governance, oil and gas index, industrial goods, consumer goods, and NGX 30 indices were unchanged, with no exit or addition.

The banking index saw the inclusion of FBN Holdings, FCMB Group, GTCO and Stanbic IBTC Holdings, while Jaiz Bank, Union Bank, Wema Bank, and Unity Bank are quitting the group.

The insurance space is welcoming Universal Insurance and saying goodbye to International Energy Insurance.

Further, the NGX added Transcorp Hotels, Fidson Healthcare, Nigerian Aviation Handling Company (NAHCO) and Conoil to the pension index and removed PZ Cussons, NASCON and Unilever Nigeria from the index.

It was observed that Nestle Nigeria is leaving the Lotus Islamic Index, which had no addition, while Geregu Power is joining the pension broad index and GSK quitting the group.

The Afrinvest Div Yield Index has MTN Nigeria, Vitafoam Nigeria, Stanbic IBTC holdings and NPF Microfinance Bank as new members, while Dangote Sugar, FCMB Group, Cutix and GSK are leaving.

Access Holdings, Fidelity Bank, UBA, United Capital, Lafarge Africa and Zenith Bank were added to the Meristem Growth Index, while CAP, Julius Berger, Presco, PZ Cussons, and Vitafoam were removed.

Meristem Value Index had the inclusion of AIICO Insurance, CAP, Caverton, Julius Berger, MRS Oil, Nigerian Breweries, NPF Microfinance Bank, and Red Star Express and the exit of Dangote Sugar, Access Holdings, Ecobank, FCMB, Fidelity Bank, Livestock Feeds, UBA, Lafarge Africa, and Zenith Bank.

The stock exchange reviews the market indices two times a year, with the first carried out in the first week of January and the second in the first week of July.

Adedapo Adesanya

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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