Morgan Stanley removes FBN Holdings, Ecobank from frontier market index

In what is likely to stoke some sell pressure on affected stocks, US-based index provider, Morgan Stanley Capital International (MSCI), has deleted First Bank Nigeria Holdings, and Ecobank from its main frontier markets index, with effect November 26.

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MSCI, a global provider of research-based indexes and analysts said the changes will take place as of the close of November 26, 2019.

Details later…