By InvestAdvocate

Lagos (INVESTADVOCATE)-The Nigerian Stock Exchange (NSE) said on Wednesday it has reviewed the composition of the Lotus Islamic Index (NSE LII) and announced Mobil Oil Nigeria Plc as an incoming stock; while cement producer, Ashaka Cement Plc exits.

The NSE said this is coming on the heels of the end of the first quarter 2015. “The review became expedient following the expected merger of Lafarge Cement Plc and Ashaka Cement Plc later in the year,” the NSE said in a statement made available to InvestAdvocate.

According to the NSE, the recomposition of these indices after the review will be effective on Wednesday, April 1, 2015.

The NSE in partnership with Lotus Capital Limited began publishing certified Shari’ah compliant Index known as the “NSE Lotus Islamic Index” or NSE LII in July 2012. The index consists of companies in conformity with the principles of Shari’ah and was the first index created to track the performance of Shari’ah compliant equities on the floor of the exchange.

The NSE says the investment instruments like Exchange Traded Funds (ETFs) were built on the Index which ethically minded investors, both in Nigeria and overseas can invested in.