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Forte, Oando, PZ exit NSE-30 in recently reviewed market indices

Nigerian Stock Exchange

Forte Oil Plc (Ardova Plc), Oando Plc, and  PZ Industries Plc have exited the NSE 30 Index paving way for likes of Cement Company of Northern Nigeria Plc (CCNN Plc), FCMB Plc, and  MTN Nigeria Plc.

The NSE 30 tracks the top 30 companies in terms of market capitalisation and liquidity.

The Nigerian Stock Exchange (NSE) disclosed this in its annual full year market index review which led to the entry and exit of major companies from several indices. It took effect on Wednesday January 2, 2020.

The indices are the NSE 30, NSE Lotus Islamic, NSE Pension, Corporate Governance Index, Afrinvest Bank Value Index, Afrinvest Dividend Yield Index, Meristem Growth Index, Meristem Value Index.

Also included are the five Sectoral Indices of The Exchange – NSE Banking, NSE Insurance, NSE Industrial, NSE Consumer Goods and NSE Oil & Gas.

Read also: NSE 30 profit hits N1.21 trillion after admitting MTN, CCNN, and FCMB

The indices were developed to allow investors to follow market movements and properly manage investment

portfolios. Designed using the market capitalization methodology, the indices are rebalanced on a semiannual basis on the first business day in January and in July.

The Nigerian bourse began publishing the NSE 30 Index in February 2009 with index values available from

January 1, 2007. On July 1, 2008, the NSE developed five sectoral indices with a base value of 1,000 points,

designed to provide investable benchmarks to capture the performance of specific sectors. The sectoral indices comprise the top 15 most capitalised and liquid companies in the Insurance and Consumer Goods sectors; the top ten most capitalized and liquid companies in the Banking and Industrial Goods sector; and the top seven most capitalised and liquid companies in the Oil & Gas sector.

The Exchange in collaboration with issuers like Lotus Capital, Meristem Securities and Afrinvest also published co-branded indices.

While the NSE Consumer Goods Index, NSE Banking Index, NSE Oil & Gas Index, and Afrinvest Bank Value Index saw no changes, the NSE Insurance Index is now made up of Cornerstone Insurance Plc, and Sunu Assurances Nigeria Plc, while Veritas Kapital Plc and Continental Insurance Plc exited. Notore Chemical Industries Plc has left the NSE Industrial Index for Premier Paints Plc.

MTN Nigeria Plc has replaced Glaxo Smithkline Plc in the NSE Pension Index. Also, MTN Nigeria Plc and Forte Oil Plc have replaced Glaxo Smithkline Plc, CAP Plc and Presco Plc in the NSE Lotus Islamic Index.  MTN Nigeria Plc also joined the Corporate Governance Index.

Other changes were seen in the Afrinvest Div Yield Index where Conoil Plc, Dangote Cement and Vitafoam exited for NASCON, NEM Insurance and UACN Plc. Meristem Growth Index witnessed the exit of Cadbury Nigeria Plc, CAP Plc, Dangote Cement Plc, ETI Plc, May & Baker, UAC-Properties, Wapic Insurance Plc and Zenith Bank Plc. They paved way for likes of  Access Bank Plc, Dangote Sugar, and Flour Mills Plc. The Meristem Value Index witnessed the exit of CCNN Plc, Conoil Plc, Custodian Insurance Plc, Forte Oil Plc, Glaxo Smithkline Plc, NAHCO Plc, NASCON while Dangote Cement Plc, GT Bank Plc, and Wapic Insurance Plc joined the index.