Sterling Bank, Diamond Bank, others to top NSE’s index of 30 most capitalised stocks
THE Nigerian Stock Exchange (NSE) is expected to move Sterling Bank Plc, Diamond Bank and three other stocks to the top index of 30 most capitalised stocks in the forthcoming review of the stock market’s indices.
The NSE is expected to review the six group indices that track performance of some groups of stocks at the stock market by the end of this month.
These included the NSE 30 Index, which tracks the 30 most capitalised stocks; the NSE 50 Index, which tracks the top 50 stocks; the NSE Banking Index, which tracks banking subsector; the NSE Consumer Goods Index, which serves as benchmark index for the consumer goods stocks; the NSE Oil and Gas Index, which tracks the oil and gas sector; the NSE Industrial Index, which underscores the building materials and other industrial goods stocks; the NSE Insurance Index, that tracks insurance stocks , NSE Pension Index-which tracks stocks specially screened in line with pension investment and the NSE Lotus Islamic Index, which tracks select stocks adjudged to meet the stringent Islamic standards of ethical stocks.
At the completion of the first stage of its year-end review, the NSE indicated that it will change five stocks within the NSE 30 Index. The five of Dangote Flour Mills Plc, Diamond Bank Plc, NASCON Allied Industries Plc, Cadbury Nigeria Plc and Sterling Bank Plc will replace 7Up Bottling Company, Oando, UACN, Julius Berger Nigeria Plc and Forte Oil Plc.
Under the NSE Pension Index, the review will see the replacement of four companies-7Up Bottling Co Plc, Oando Plc, Conoil Plc and united Capital Plc with Honeywell Flour Mills Plc, International Breweries Plc, Continental Reinsurance Plc and Cement Co of Northern Nigeria Plc.
Lafarge Africa and Nigerian Aviation Handling Company will be added to the ethical NSE Lotus Islamic Index, while 7Up Bottling Company Plc and GlaxoSmithKline Consumer Nigeria Plc will be removed from the ethical stocks’ list.
In the influential NSE Banking Index, Skye Bank Plc and Unity Bank Plc will replace Wema Bank Plc and Sterling Bank Plc.
The NSE Consumer Goods Index will include Northern Nigeria Flour Mills Plc, DN Tyre & Rubber Plc and Nigeria Enamelware Plc while 7Up Bottling Company Plc, Vitafoam Nigeria Plc and Champion Breweries Plc will be removed.
Under the populous NSE Insurance Index, four companies-Equity Assurance Plc, Mutual Benefits Assurance Plc, Sovereign Trust Insurance Plc and Consolidated Hallmark Insurance Plc will be replaced with new entrants including Regency Alliance Insurance Plc, STACO Insurance Plc, Universal Insurance Plc and Standard Alliance Insurance Plc.
The rebalanced NSE Industrial Index will have Grief Nigeria Plc and Austin Laz & Company Plc in exchange for Portland Paints & Products Nigeria Plc and DN Meyer Plc while the NSE Oil and Gas Index will have Japaul Oil & Maritime Services Plc and Eterna Plc as replacement for Oando Plc and MRS Oil Nigeria Plc.
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