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Nigerian Stock Exchange Reveals Results Of Full Year Review Of Market Indices

Date 01/01/2021

The Nigerian Stock Exchange (NSE), the premier sustainable exchange servicing Africa’s largest economy, has announced the results of its annual full year market index review for the following indices – 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; and the five Sectoral Indices of The Exchange - NSE Banking, NSE Insurance, NSE Industrial, NSE Consumer Goods and NSE Oil & Gas.


The review has led to the entry and exit of major companies from several indices which will take effect when the market opens on Monday, January 4, 2021.

Below are the incoming and exiting companies in the various indices:

Indices Title







NSE 30 Index

·     Transnational Corporation of Nigeria Plc

·     Julius Berger Nig. Plc




NSE Consumer Goods Index

·     None

·     None




NSE Banking Index

·     None

·     None




NSE Insurance Index

·     Veritas Kapital Ass. Plc

·     African Alliance Insurance Plc

·     Niger Insurance Plc




NSE Industrial Index

·     None

·     None




NSE Oil & Gas Index

·     Eterna Plc

·     MRS Oil Nigeria Plc




NSE Pension Index

·     None

·     None




NSE Lotus Islamic Index


·     None

·     PZ Cussons Nigeria Plc




Corporate Governance Index

·              None

·              None




Afrinvest Bank Value Index

·              None

·              None




Afrinvest Div Yield Index

·              None

·              Dangote Sugar Plc

·              FCMB Group Plc

·              United Capital Plc

·              Africa Prudential Plc

·              Aiico Insurance Plc




Meristem Growth Index

·              Access Bank Plc

·              Cadbury Nigeria Plc

·              Guaranty Trust Bank Plc

·              Julius Berger Nig. Plc

·              BUA Cement Plc

·              Glaxo Smithkline Consumer Nig. Plc

·              Okomu Oil Plc

·              Wema Bank Plc




Meristem Value Index

·       Dangote Sugar Plc

·       Total Plc

·       Cadbury Nigeria Plc

·       Dangote Cement Plc

·       Fidelity Bank Plc

·       UACN Property Development Company Plc

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 semi-annual 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 fifteen most capitalized 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 capitalized and liquid companies in the Oil & Gas sector. 

In July 2012, the Nigerian bourse launched The NSE Lotus Islamic Index (NSE LII) which consists of companies whose business practices are in conformity with Shari’ah Investment Principles, with the aim of increasing the breadth of the market and creating an important benchmark for investments as the alternative ethical and noninterest investment space widened. The companies that appear on the Islamic Index have been thoroughly screened by Lotus Capital Halal Investment, in accordance with a methodology approved by an internationally recognized Shari’ah Advisory Board comprising of renowned Islamic scholars.