The Nigerian Stock Exchange (NSE) has reviewed the composition of the various market indices with as Fidelity Bank Plc, Total Nigeria Plc, Glaxo Smithkline Consumer (Nig) plc set to join the 30 most capitalized stocks on the local bourse under the umbrella of The NSE 30 Index, while Cadbury Nigeria Plc, FCMB Group Plc and UACN Plc are to Exit this Index effective January 1, 2016.
According to a statement, the NSE Insurance Index will welcome the Law Union & Rock Insurance Plc and STACO Assurance Plc, while Sovereign Insurance Plc and Prestige Assurance Plc., are to exit the index.
Joining the The NSE Lotus Islamic Index are Dangote Sugar Refinery Plc and 7Up Bottling Co. Plc and leaving the index are UACN Plc, and Seplat Petroleum Dev. Co Plc.
Cadbury Nigeria Plc., Glaxo Smithkline Consumer Plc., Julius Berger Nig Plc., Seplat Petroleum Dev. Co. Plc., Beta Glass Co. Plc are to join The NSE Pension Index while Wema Bank Plc, Union Bank Plc, Honeywell Flour Mills Plc, UACN Property Dev. Co. Plc and Ecobank Transnational Inc. are set to exit.
The composition of these indices will be effective on January 1, 2016 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.
The price indices, which were developed using the market capitalization methodology, are reviewed and rebalanced on a bi-annual basis – on the first business day in January and in July.