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Fidelity Bank joins NSE’s 30 most capitalised stocks

Lagos Nigeria: July 20, 2017: The Nigerian Stock Exchange (NSE) recently announced the result of its sectoral index review, which showed that Fidelity Bank beat Sterling, Diamond, FCMB and Cadbury to gain entry into the NSE 30 Index which holds NSE’s 30 most capitalised stocks.

The review of the market includes the NSE-30, and the six sectoral indices of the Exchange, including NSE Consumer Goods, NSE Banking, NSE Insurance, NSE Industrial, NSE Oil & Gas and the NSE Lotus Islamic Indices.

These indices are normally reviewed bi-annually in June and December except for NSE Pension index that is reviewed once annually (December).

With the review, the market usually witnesses the entry/re-entry as well as exit of some major companies.

The result of the latest review, had the NSE-30 index welcoming Fidelity Bank Plc as Conoil Plc lost its membership of the index; while Total Nigeria Plc gained entry into the NSE Lotus Islamic Index which Forte Oil Plc exited.

The NSE Insurance Index welcomed Linkage Assurance Plc, Regency Alliance Insurance Plc and Universal Insurance Co. Plc as Sovereign Trust Insurance Plc, Unity Kapital Assurance Plc while Mutual Alliance Insurance Plc gave way by exiting the index.

The NSE Industrial index parted ways with Paints & Coating Manufacturers Plc with the entry of First Aluminium Nigeria Plc.

Meanwhile, the NSE Consumer Goods, NSE Banking Indices and NSE Oil and Gas indices remained unchanged as no stock either exited or entered either of them.

The exchange explained that “the NSE-30 and NSE Industrial Indices are modified market capitalisation index with the numbers of included stocks fixed at 30 and 10, respectively.

“The stocks are selected based on their market capitalisation from the most liquid sectors, while the liquidity is based on the number of times the stock is traded during the preceding two quarters.

“To be included, the stock must have traded for at least 70 percent of the number of times the market opened for business.

“Exchange is aware that the number of the stocks included in some of the indices may not be practically suitable for optimal portfolio diversification; however, the numbers would be reviewed as sector conditions change.”