By Dipo Olowookere
The Nigerian Stock Exchange (NSE) has announced the replacement of Cement Company of Northern Nigeria Plc (CCNN) with BUA Cement on eight of its indices.
This followed the delisting of CCNN from the trading platform of the exchange after its merger with Obu Cement recently and the eventual listing of BUA Cement on the NSE last Thursday.
A statement issued by the exchange said the replacement of CCNN with BUA Cement was approved by the Index Governance Committee of the local bourse head by Abimbola Babalola.
It was stated that BUA Cement has now been put on the NSE All Share Index, NSE Main Board Index, NSE 30 Index, NSE Pension Index, NSE AFR Div Yield Index, NSE MERI Growth Index, NSE Lotus Islamic Index, and the NSE Industrial Goods Index.
“The Index Governance Committee of the exchange wishes to inform the public that Cement Company of
Northern Nigeria Plc (CCNN), following the completion of Scheme of Merger between CCNN and Obu
Cement Company Plc, and subsequent delisting, has been removed from the following indices: NSE All Share Index, NSE Main Board Index, NSE 30 Index, NSE Pension Index, NSE AFR Div Yield Index, NSE MERI Growth Index, NSE Lotus Islamic Index, and the NSE Industrial Goods Index,” the statement said.
“CCNN will be replaced in the same weight by BUA Cement Plc as a constituent security in all the referenced index baskets,” it added.
“The periodic rebalancing of the NSE’s Indices will remain unchanged and not affected by this reconstitution,” the notice further stated.
Adedapo Adesanya