Julius Berger joins NSE 30 index as investors lose N115bn
The Nigerian Stock Exchange (NSE), in its half-year review of market indices which included, the NSE 30 Index; NSE Lotus Islamic Index; NSE Pension Index; Corporate Governance Index; Afrinvest Bank Value Index; Afrinvest Dividend Yield Index; Meristem Growth Index;Meristem Value Index.
This was as it also reviewed the five sectoral indices- NSE Banking, NSE Insurance, NSE Industrial, NSE Consumer Goods, and NSE Oil & Gas, . The review has led to the entry and exit of some companies from some indices effect from July 1, 2020. With the latest review, the Exchnage has added, Julius Berger Nigeria Plc to the NSE 30 Index, after removing Transnational Corporation of Nigeria Plc.
Consequently, Julius Berger Nigeria Plc, MTN Nigeria Plc, NEM Insurance Plc, NPF Microfinance Bank Plc, Royal Exchange Plc and Sunu Assurances Plc were added to the NSE Corporate Governance Index among others.
Similarly, the NSE Industrial Index also heralded Notore Chemical Industries Plc and saw the exit of Premier Paints Plc’. Furthermore, the NSE Lotus Islamic Index welcomed Lafarge Africa Plc, Chemical and Allied Product Plc, while Double One Plc and Nigerian Aviation Handling Company Plc exited.The indices were developed to allow investors to follow market movements and properly manage investment portfolios. 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.
Meanwhile investors at the close of transactions on the floor of the NSE yesterday, lost a total of N115 billion after garnereing N60 billion on Wednesday. This followed a 0.90 per cent drop in the All Share Index (ASI) dropped to close at 24,374.40 points while market capitalisation fell by N115 billion to close at N12.715 trillion.