In line with its tradition, the Nigerian Stock Exchange, NSE, has announced the review of nine of its market indices, including the NSE 30. The reviews took effect on January 1st, 2019.
The latest review will witness the exit of Beta Glass Plc from the NSE 30, to be replaced by Sterling Bank Plc.
The other sectoral indices that have been reviewed are NSE Banking, NSE Insurance, NSE Industrial, NSE Consumer Goods, NSE Oil & Gas, NSE Pension, NSE Lotus Islamic, and NSE Corporate Governance Indices.
“The Nigerian Stock Exchange is pleased to announce the review of the NSE-30, and the eight sectoral indices of the Exchange, which are NSE Consumer Goods, NSE Banking, NSE Insurance, NSE Industrial, NSE Oil & Gas, NSE Pension, NSE Lotus Islamic and NSE Corporate Governance Indices.”
Diamond Bank Plc will be exiting the NSE Banking Index, to be replaced by Jaiz Bank Plc. The company (i.e., Diamond Bank Plc) is also among the three companies that will be exiting the NSE Pension Index; alongside Continental Reinsurance Plc, and Ecobank International Incorporated. The three will be replaced by CCNN Plc, Beta Glass Co. Plc, and Julius Berger Plc.
Note that Diamond Bank’s departure from the above NSE sectoral indices is not much of a surprise, seeing as the merger between the tier-2 lender and Access Bank Plc is almost finalised.
Here are other changes that should be noted
Eterna Plc will be exiting the NSE Oil/Gas Index, to be replaced by MRS Oil Nig Plc. In the same vein, Continental Reinsurance Plc, Staco Insurance Plc, and Standard Alliance Insurance Plc will exit the NSE Insurance Index. They will be replaced by Consolidated hallmark Insurance Plc, Sovereign Trust Insurance Plc, and Regency Assurance Plc.
“The composition of these indices is effective January 1, 2019, after 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.”
For more details on the changes, see the image below-