PZ, Unilever Nigeria, Two Others Exit NGX Pension Index

Kayode Tokede

The Nigerian Exchange Limited (NGX), yesterday disclosed that PZ Cussons Nigeria Plc, Nascon Allied Industries and Unilever Nigeria Plc have exited NGX pension Index and replaced with Transcorp Hotels plc, Fidson Healthcare plc Nigerian Aviation Handling Company plc and Conoil plc.

Most of the existing companies have delisted from the Exchange.

Take for instance, PZ Cussons Nigeria in 2023 announced delisting from the Exchange as its parent company PZ Cussons (Holdings) Limited offers to buyout minority shareholders at an offer price of N21 per share.

Also, Glaxo Smithkline Consumer Nig. Plc, and Union Bank Nigeria Plc existed from Afrinvest Div Yield Index, NGX Banking Index, respectively.

The Exchange announcing the results of its half year market index review also disclosed that Universal Insurance Company plc replaced International Energy Insurance Plc on its NGX Insurance Index.

MTN Nigeria communications plc, Vitafoam Nigeria plc, Stanbic IBTC holdings plc NPF microfinance bank plc are the new entry into the Afrinvest Div Yield Index, while Dangote sugar refinery plc, FCMB Group plc, Cutix plc and Glaxo Smithkline Consumer Nig. Plc are the newly exited companies.

According to the Exchange, “the 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 respectively. NGX indices are developed to allow investors efficiently track market movements and properly manage investment portfolios.

“NGX continues to blaze the trail on the path to becoming Africa’s foremost securities exchange with innovation and product development that deepens the market and boosts liquidity, thus connecting Nigeria, Africa and the world.”

The report revealed that FBN Holdings plc, FCMB Group plc, Guaranty Trust Holding company plc and Stanbic IBTC Holdings plc are the new entry into the NGX Banking Index as Jaiz Bank, Union Bank Nigeria Plc, Unity Bank and Wema Bank exited the index.

Access, Fidelity Bank Plc, UBA,  UCAP,  Lafarge Wapco and Zenith Bank Plc, are the incoming companies in the Meristem Growth Index and the likes of CAP, Julius Berger Plc,  Presco Plc, PZ Cusson Nigeria and Vitafoam are the exiting companies.