By Udeme Ekwere
Monday, 3 Jan 2011
The Nigerian Stock Exchange has included two rescued banks – Intercontinental Bank Plc and Oceanic Bank International Plc – in its NSE 30 Index.
This follows the quarterly review of the index and four sectoral indices on the NSE.
The NSE 30 Index includes the top 30 companies in terms of market capitalisation and liquidity, and is weighted by adjusted market capitalisation.
According to the NSE report for the week ended December 31, 2010, the banks formed part of the troubled banks that were delisted from the Index in January 2010.
The NSE 30 is a price index that measures the returns on investment from the change in market value of the stocks in terms of capital appreciation and depreciation only.
According to the NSE, African Petroleum Plc was removed from the NSE-30, while Tantalizers Plc was also removed from the NSE Food/Beverages 10 Index, to be replaced by Northern Nigerian Flour Mills Plc.
Mutual Benefits Assurance Plc, Standard Alliance Insurance Plc, Equity Assurance Plc and Goldlink Insurance Plc were removed from the NSE Insurance 10 Index, and were replaced with Lasaco Assurance Plc, NEM Insurance Plc, Niger Insurance Plc and African Alliance Insurance Plc.
The report said there were no changes made to the NSE Banking 10 Index, and the Oil/Gas 5 Index.
It said that two securities were admitted on the NSE-30 Index because Benue Cement Company Plc had been delisted in October last year and had not been replaced.
It also noted that Dangote Cement Plc, which was listed in October 2010, did not have the required three months data as at the date of the rebalancing, and as such, was not included in the NSE-30 Index.
Meanwhile, the National Salt Company of Nigeria Plc‘s unaudited result for the third quarter ended September 30, 2010, showed a profit after tax of N1.02bn, representing a decrease of 25 per cent or N34m compared with N1.36bn recorded in the corresponding period of 2009.
The company posted a turnover of N6.53bn in the period under consideration, compared with N6.50bn in the previous year, while Net Asset Value stood at N5.65bn as against N4.63bn in December 2009.
Source: Punch
