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Forte Oil, Transcorp join most capitalised NSE stocks

By on January 1, 2014

Forte Oil Plc and Transnational Corporation of Nigeria Plc will on January 2, 2014 join the Nigerian Stock Exchange 30 Index following a year-end index review.

The NSE 30 Index measures the performance of 30 of the Exchange’s most capitalised stocks and is developed using the market capitalisation methodology and is rebalanced on a biannual basis.

The NSE had announced earlier in December that it was finalising the year-end review of the NSE 30, NSE 50 and indices for five sectors of the Exchange.

A statement by the Head, Corporate Communications, NSE, Nwando Ajene, which was posted on the NSE website, explained that the review would lead to the exit of some major companies and the entry of others.

The review, which has now been completed, led to the exit of Ashaka Cement Plc and Dangote Flour Mills Plc from the NSE 30 Index just as Forte Oil and Transcorp joined.

A similar shake up happened in the NSE 50 Index with Livestocks Feeds Plc and Nigerian Aviation Handling Company Plc making way for MRS Oil Nigeria Plc and Wapic Insurance Plc.

The review also saw Wema Bank Plc joining the NSE Banking Index, while Consolidated Hallmark Insurance Plc and Equity Assurance Plc joined the NSE Insurance Index.

The NSE Consumer Goods Index, Oil and Gas Index, Industrial Goods Index and Lotus Islamic Index were, however, unchanged.

In a statement, the Chairman, NSE Index Committee, Mr. Adeyemi Osoba, said the review was undertaken on December 24 and covered the trading period from June 26, 2013 to December 24, 2013.

 

 

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