The Nigerian Stock Exchange, NSE has announced a new equities market structure which shall become effective from next month. The Exchange also announced the expected review of the NSE 30, and the six sectoral indices, which are NSE Consumer Goods, NSE Banking, NSE Insurance, NSE Industrial, NSE Oil & Gas, and NSE Lotus Islamic Indices, adding that the composition of these indices after the review will be effective on July 1, 2018.
It stated that these indices, which would be reviewed and rebalanced on a biannual basis, are designed to provide investable benchmarks to capture the performance of specific sectors. Companies likely to be included in the NSE 30 Index include: FCMM Plc, Oando Plc, Beta Glass Company Plc, UACN Plc and Sterling Bank Plc, while those mapped out to exit are Diamond Bank Plc, Julius Berger Nigeria Plc, Forte Oil Plc, Dangote Flour Mills Plc and Transcorp Plc. For NSE Consumer Index, Union Dicon Salt Plc, and DN Tyre & Rubber Plc have been listed to be likely included in the index, while Northern Nigeria Flour Mills Plc and Vitafoam Nigeria Plc are those likely to exit.
In the NSE Banking Index, Skye Bank Plc and Jaiz Bank Plc are listed as the likely incoming companies, while Wema Bank Plc and Diamond Bank Plc are those likely to exit. In the NSE Insurance Index, Consolidated Hallmark Insurance Plc, Sovereign Trust Insurance Plc,Veritas Kapital Assurance Plc and Regency Alliance Insurance Plc are those likely to be included in the index, while Cornerstone Insurance Plc, Staco Insurance Plc, Standard Alliance Insurance Plc are listed as those likely to exit.
In the NSE Industrial Index, Greif Nigeria Plc and Austin Laz & Co. Plc have been listed as those like to be included in the index, while Portland Paints & Products Nigeria Plc and DN Meyer Plc have been listed as those likely to exit the index.