ETI, FBN Holdings to exit MSCI frontier markets index

African Securities Exchanges Association targets Q1 2021 for linking seven African bourses

Ecobank Transnational Incorporated Plc (ETI) and FBN Holdings Plc are two NSE listed stocks that will exit the MSCI frontier markets index by November 26.

MSCI is a leading provider of critical decision support tools and services for the global investment community.

The exit of ETI and FBN Holdings follows changes in the constituents of the frontier Index as announced by MSCI Inc. a leading provider of research-based indexes and analytics.

The exiting stocks have far underperformed the NSE benchmark index (-16.68 percent) year-to-date (ytd).

ETI at N7 per share has lost 50percent of its year open value while FBN Holdings at N5.45 per share has decreased this year by 31.3percent.

MSCI Frontier Markets Indexes will witness four additions to and eight deletions from the Index.

The three largest additions to the MSCI Frontier Markets Index measured by full company market capitalisation will be Nova Ljubljanska Banka (Slovenia), Ho Chi Minh City Dev Bank (Vietnam) and Commercial Bank

Ceylon (Sri Lanka). There will be 13 additions to and 17 deletions from the MSCI Frontier Markets Small Cap Index.

The announced results of the November 2019 Semi-Annual Index Review for the MSCI Equity Indexes include the MSCI Global Standard, MSCI Global Small Cap and MSCI Micro Cap Indexes, the MSCI Global Value and Growth

Indexes, the MSCI Frontier Markets and MSCI Frontier Markets Small Cap Indexes, the MSCI Global Islamic and

MSCI Global Islamic Small Cap Indexes, the MSCI Pan-Euro and MSCI Euro Indexes, the MSCI US Equity Indexes,

the MSCI US REIT Index, the MSCI China A indexes and the MSCI China All Shares Indexes.

All changes will be implemented as of the close of November 26, 2019.

With over 45 years of expertise in research, data and technology, MSCI powers better investment decisions by enabling clients to understand and analyze key drivers of risk and return and confidently build more effective portfolios.

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.