By Our Correspondent
Lagos (INVESTADVOCATE)-Dangote Cement Plc and nine (9) other Companies has commenced the Nigerian Stock Exchange’s (NSE’s) Industrial Index. Oscar Onyema the Chief Executive Officer (CEO) of the Exchange Tuesday disclosed this at the CEO sectoral dinner for industrial goods.
The other Companies are Cement Company of Northern Nigeria (CCNN), Ashaka Cement Plc, Lafarge Cement WAPCO Nigerian Plc, Nigerian Bag Manufacturing Plc (BAGCO) and CAP Plc.
On the list are Berger Paints Plc, DN Meyer Plc, Cutix Plc and Portland Paints & Products Nigeria Plc.
Onyema said the Companies was selected from a total of 27 Companies listed on the Industrial Goods Sector of the Nigeria’s Exchange.
According to him, they were selected based on Market Capitalisation and Liquidity, Full Year Return of 40.36 percent (40.36%) in 2012, Year-to-Date (YTD) Return 41.18% in 2013.
Onyema said the Industrial Goods Index provides opportunity for creation of products such as Exchange Traded Funds (ETFs) and to be rebalanced twice a year, the first business day of January and July.
The NSE’s CEO had in August 2012 announced that the Exchange was developing an Industrial Goods Index, which they planned to launch by January 2014.
Onyema had challenged the Companies listed in the Building Materials Sub-sector of the NSE to elevate their efforts in dealing with current housing deficit confronting Nigeria.
“I will like to use this opportunity to challenge First Aluminum Plc and all the companies quoted in the Building Materials Sub-sector of The Exchange to elevate their efforts in dealing with current housing deficit confronting our country†the NSE CEO said.
According to him, official statistics shows that Nigeria’s housing deficit currently stands at about 16 million housing units. “If we are to have a solution to this problem, companies quoted in the Building Materials Sub-sector of The NSE will have to rise to the occasion by providing quality materials that are priced within the reach of average Nigerian†Onyema said.
