Modupe Gbadeyanka
**As Dangote Flour Exits NSE 30 Index, Consumer Goods Index
By Modupe Gbadeyanka
The composition of indices, which indicate benchmarks for stocks’ groups and sectors at the trading platform, has been reviewed by the Nigerian Stock Exchange (NSE).
In the NSE 30 Index (which tracks the 30 largest companies on the NSE), Dangote Flour Mills Plc was removed and replaced with Custodian Investment. The company was also taken away from the NSE Consumer Goods Index and substituted with McNichols.
Business Post reports that in the NSE Lotus Islamic Index, Total Nigeria was removed, while Nigerian Aviation Handling Company (NAHCO) was added to the group.
For the NSE Industrial Goods Index, Notore Chemical Industries became the newest member, while First Aluminium Nigeria exited, with Sunu Assurances removed from the NSE Insurance Index and Veritas Kapital Assurance added.
In addition, Access Bank, Presco and United Capital were added to the NSE-Meristem Value Index; Africa Prudential was added to the NSE-Afrinvest High Dividend Yield Index and the NSE-Meristem Growth Index; while Sterling Bank, Zenith Bank and NAHCO were removed from the NSE-Meristem Growth Index.
Of the 13 indices, only five were left unchanged; NSE Corporate Governance Index, NSE Oil and Gas Index, NSE-Afrinvest Bank Value Index, NSE Banking Index, and the NSE Pension Index. The NSE said the composition of the indices after the review took effect from Monday July 1, 2019.
