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Nigerian Exchange Limited Announced Results of Half Year Review of Market Indices

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Nigerian Exchange Group - Investors King

Nigerian Exchange (NGX or The Exchange) Limited has announced the results of its half year market index review for the following indices – the NGX 30, NGX Lotus Islamic, NGX 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 – NGX Banking, NGX Insurance, NGX Industrial, NGX Consumer Goods and NGX Oil & Gas.

The review has led to the entry and exit of some companies from several indices effective Thursday, 1 July 2021. Below are the incoming and exiting companies in the various indices:

Indices Title Incoming Exiting
     
 

NGX 30 Index

·      United Capital Plc ·      11 Plc (delisted)
NGX Consumer Goods Index ·      None ·      None
NGX Banking Index ·      None ·      None
NGX Insurance Index ·      None ·      None
NGX Industrial Index ·      None ·      None
NGX Oil & Gas Index ·      None ·      11 Plc (delisted)
NGX Pension Index ·      Vitafoam Nig. Plc ·      11 Plc (delisted)
NGX Lotus Islamic Index 

 

·      Presco Plc 

·      Nigerian Aviation Handling Company Plc

·      Chemical and Allied Paints Plc 

·      Cadbury Nigeria Plc

Corporate Governance Index ·         None ·                   None
Afrinvest Bank Value Index ·         Fidelity Bank Plc 

·         FCMB Plc

·         United Bank for Africa Plc.
Afrinvest Div Yield Index ·         Dangote Cement Plc. ·         Africa Prudential Plc 

·         Vitafoam Plc

Meristem Growth Index ·         Aiico Insurance Plc 

·         Jaiz Bank Plc

·         Presco Plc

·         PZ Cussons Nigeria Plc

·         Africa Prudential Plc 

·         Ardova Plc

·         Dangote Cement Plc

·         Glaxo Smithkline Consumer Nig. Plc

Meristem Value Index ·         Ardova Plc 

·         Custodian Investment Plc

·         Unilever Nigeria Plc

·         Conoil Plc 

·         Presco Plc

·         Wema Bank Plc

·         Nascon Allied Industries 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.

It would be recalled that NGX recently announced the rebranding of its indices in line with NGX’s drive to standardise and ensure consistent expression of the brand across touchpoints. All indices were rebranded with a pre-fix, NGX – formerly NSE – to promote brand awareness and recognition. The exercise did not, however, affect the computation methodology of the indices.

The Nigerian bourse began publishing the NGX 30 Index in February 2009 with index values available from January 1, 2007. On July 1, 2008, the NGX 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.

Furthermore, NGX has collaborated with other capital market players to publish co-branded indices including Lotus Capital Limited, Meristem Securities Limited and Afrinvest Securities Limited.

The compiler of the indices maintains the right to modify the circulated selection above in connection with any mergers, takeovers, suspension or resumption of trading or any other company structure changes during the period before the effective date of the annual review.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Capital Market

Oliver Alawuba, UBA Deputy Managing Director, Increases Stake in United Bank for Africa

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Oliver Alawuba - Investors King

Oliver Alawuba, Deputy Managing Director of the United Bank for Africa, has added 986,000 shares valued at N7.148 million to his stake in the bank.

The lender disclosed in a statement signed by Bili A. Odum, Group Company Secretary, UBA Plc.

Mr. Alawuba purchased the shares at N7.25 a unit on Thursday, June 24, 2021 at Lagos, Nigerian Exchange Limited trading floor.

Oliver Alawuba has worked with the UBA Group for almost 20 years and was appointed in January 2020, CEO for the Group’s Africa operations. He previously held the role as CEO of UBA in Ghana and more recently, as Regional CEO for UBA in Anglophone Africa.

Mr. Oliver Alawuba has over twenty years of work experience in the banking industry and the academia. Oliver was at various times an Executive Director at Finbank Nigeria Plc (now FCMB Plc), MD/CEO of UBA Ghana Ltd, MD/CEO of UBA West Africa, Directorate Head, Public Sector and Personal Banking and Regional CEO, UBA Africa – Anglophone.

Oliver has B.Sc and M.Sc degrees in Food Science and Technology and MBA in Banking and Finance. He is an alumnus of the AMP and SEP programmes of the prestigious Insead Business School, France, and London Business School respectively. He is also a Fellow of Nigerian Institute of Management and Honorary Senior Member of Chartered Institute of Bankers of Nigeria.

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Abdul Samad Rabiu, Chairman of BUA Cement, Transfers N7 million Worth of Shares to Godswill Egbe

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Abdul Samad Rabiu - Investors King

Mr. Abdul Samad Rabiu, the Chairman of BUA Cement Plc and founder of BUA International Limited, has transferred 100,000 shares at N69.92 each through BUA International Limited to Godswill Egbe, a project manager.

The details of the transaction were contained in the two disclosure statements released through the Nigerian Exchange Limited on Friday.

The nominal transfer was recorded as a sale of shares for BUA International Limited (Transferor) and as a purchase of shares for Godswill Egbe (Transferee).

“Nominal transfer is the transfer of unlisted public securities between a Transferor and Transferee who are related or connected parties with no exchange of money or consideration for the transfer.”

The total value of the shares stood at N6.9 million. Therefore, bringing the total value of shares divested or sold by Rabiu in the last one month to N1.933 billion.

In June 2021, Investors King had reported that the chairman divested 27,130,000 shares valued at N1,926,230,000. Rabiu still holds about 31 billion shares in the company, representing around 92 percent of the total shares issued by BUA Cement.

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NGX, NG Clearing Hold Engagement Session With PFAs on Derivatives

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Nigerian Exchange Limited Derivatives - Investors King

Nigerian Exchange (NGX) Limited continues to drive understanding of derivatives ahead of the launch of Exchange Traded Derivatives in the Nigerian capital market. On Thursday, 8 July 2021, NGX in collaboration with NG Clearing hosted a virtual engagement with Pension Fund Administrators (PFAs).

Speaking at the event, the Divisional Head, Trading Business, NGX, Mr. Jude Chiemeka stated, “In line with our committment to deepen the Nigerian capital market, NGX will introduce derivatives as a new asset class to the benefit of stakeholders, including PFAs. We are confident that derivatives will provide a greater pool of liquidity and the participation of PFAs in NGX derivatives market will not only allow PFAs to protect their positions but also benefit from various opportunities. That said, being the first line of contact for investors in the capital market, NGX is focused on educating market participants through workshops, webinar and conferences which will continue pre and post-product launch.

Mr. Chiemeka also highlighted three main elements which are critical to the success of any derivatives market and expounded on the efforts of NGX in ensuring these are in place. The areas are: market efficiency and integrity, financial safety and integrity, and customer protection (fair treatment of customers). He further stated, “Ahead of the launch of derivatives, The Exchange trading system, X-GEN, has been configured to trade derivatives products and there are rules governing order priority. Also, The Exchange has a robust market surveillance system – SMART – to monitor the market on a regular basis for any potentially manipulative behaviour of market participants.”

It would be recalled that NGX received approval for seven derivatives contracts from the Securities and Exchange Commission (SEC) on 28 June 2021. The approved contracts are: Access Bank Plc Stock Futures, Dangote Cement Plc Stock Futures, Guaranty Trust Bank Plc Stock Futures, MTN Nigeria Communications Plc Stock Futures, Zenith Bank Plc Stock Futures, NGX 30 Index Futures, and NGX Pension Index Futures.

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