Oando, 7up Exit NSE-30 Index as Diamond Bank, Others Join

By Dipo Olowookere

Embattled indigenous energy firm, Oando Plc, is one of the three companies that have exited the NSE-30 Index.

The Nigerian Stock Exchange (NSE), in its Year End Review of the NSE indices (NSE 30 and the sectorial Indices), announced reviewing composition of the market indices.

Apart from Oando, other firms listed to have exited the NSE-30 Index were 7Up Bottling Company Plc and UACN Plc.

However, joining the NSE-30 index are Dangote Flour Mills Plc, NASCON Allied Industries Plc, and Diamond Bank Plc.

From the list obtained by Business Post, seven other market indices were affected and they are NSE Consumer Goods, NSE Banking, NSE Insurance, NSE Industrial, NSE Oil & Gas, NSE Pension and the NSE Lotus Islamic Indices.

For the NSE Consumer Goods, only 7Up Bottling Company Plc is leaving, while Northern Nigeria Flour Mills Plc is the only firm joining the sectorial index.

For the NSE Banking Index, no company is quitting or entering, while Regency Alliance Insurance Plc and Universal Insurance Company Plc are quitting the NSE Insurance Index and Equity Assurance Plc and Mutual Benefits Assurance Plc are joining.

For the NSE Industrial Index, there is no change, but Oando Plc is exiting the NSE Oil & Gas Index, while Eterna Plc is joining.

Also, Oando Plc and 7Up Bottling Company Plc are leaving the NSE Pension Index, while Honeywell Flour Mills Plc and International Breweries Plc are joining.

For the NSE Lotus Islamic Index, 7Up Bottling Company Plc is quitting, while Lafarge Cement Africa Plc is joining.

The reviews made by the stock market regulator take effect from today, Monday, January 1, 2018.