Tuesday, 03 January 2017 14:37

Otedola's Forte Oil is Worst Performing Stock, Down 74.42 Per Cent As NSE Reviews Composition of Market Indices

Forte Oil Plc stock has dropped more than 70%, and for the year to date it is down nearly 74%  emerging as the worst performing stock in 2016, according to information from the Nigerian Stock Exchange (NSE).

 

Skye Bank was also down with a loss of 68.35 per cent to close at 50k compared with N1.58 it opened for the year. The NSE on Tuesday announced review composition of market indices in a statement obtained by Per Second News.

"The Nigerian Stock Exchange (NSE or “The Exchange”) is pleased to announce the review of the NSE-30, and the seven sectoral indices of the Exchange. These Indices are NSE Consumer Goods, NSE Banking, NSE Insurance, NSE Industrial, NSE Oil & Gas, NSE Pension and the NSE Lotus Islamic Indices. These indices are normally reviewed bi-annually (June and December) except for NSE Pension index that is reviewed once in the year (December). The review process will see the entry of some major companies and the exit of others from the various indices. The Index review will become operational on January 3, 2017. There were 123 Trading Days during the review period of June 24, 2016 and December 23, 2016." 

 In the NSE 30 Index, Diamond Bank, Sterling and Fidelity bank are exiting, while the trio of Okomu oil palm plc, Presco plc and Conoil plc are incoming.

The NSE-30 and NSE Industrial indices are modified market capitalization index with the numbers of included stocks fixed at 30 and 10, respectively. The stocks are selected based on their market capitalization from the most liquid sectors. The liquidity is based on the number of times the stock is traded during the preceding two quarters. To be included, the stock must have traded for at least 70 percent of the number of times the market opened for business. 

 
"The indices, which were developed using the market capitalization methodology, are rebalanced on a biannual basis -on the first business day in January and in July. "


 

Last modified on Wednesday, 18 January 2017 02:05

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