This is contained in a statement by the NGX made available
to the News Agency of Nigeria (NAN) on Tuesday in Lagos.
The statement listed the indices as NGX 30, NGX Lotus
Islamic, NGX Pension, Corporate Governance Index, Afrinvest Bank Value Index,
Afrinvest Dividend Yield Index, Meristem Growth Index and Meristem Value Index.
It added that the review led to the entry and exit of some
companies from several indices which took effect when the market opened on Jan.
4.
The statement said that the incoming and exiting companies
in the various indices included: NGX 30 Index showed Oando as incoming and
Nasco Allied Industries Ltd.
The statement listed United Bank for Africa as incoming
under Afrinvest Bank Value Index, while FCMB exited.
Also, under Afrinvest Div Yield Index: Guinness, Vitafoam,
Triple Gee and Company as incoming while AIICO Insurance, Conoil, Fidelity Bank
and United Capital exited.
The statement explained that the indices were developed to
allow investors to follow market movements and properly manage investment
portfolios.
The indices were designed using the market capitalisation
methodology, the indices are rebalanced on a semi-annual basis on the first
business day in January and in July.
The Nigerian bourse began publishing the NGX 30 Index in
Feb. 2009 with index values available from Jan. 1, 2007.
On July 1, 2008, the NGX developed five sectoral indices
with a base value of 1,000 points, designed to provide investable benchmarks to
capture the performance of specific sectors.
The sectoral indices comprise the top 15 most capitalised
and liquid companies in the insurance and consumer Goods sectors.
The top 10 most capitalised and liquid companies in the
banking and industrial goods sector; and the top seven most capitalised and
liquid companies in the Oil & Gas sector.
In July 2012, the Exchange launched the NGX Lotus Islamic
Index (NGX LII) which consists of companies whose business practices are in
conformity with Shari’ah Investment Principles. (NAN)
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