Emmanuel OchayiIn a reshuffle of indices by the Nigerian Exchange Limited (NGX), banking stocks such as FBN Holdings, Guaranty Trust Holding Company Plc, FCMB Group, and Stanbic IBTC Holdings Plc have been incorporated into the Banking Index.
This strategic move, unveiled in a corporate announcement on Tuesday, marked the exit of equities from Jaiz Bank, Unity Bank, Wema Bank, and the delisted Union Bank of Nigeria from the same index.
“The NGX’s review has led to remarkable changes in various indices, shaping the market’s landscape,” stated the official corporate notice.
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The rejigging impacted several sectors, with Universal Insurance Plc joining the Insurance Index and International Energy Insurance Plc exiting.
Additionally, the NGX witnessed gains, reaching over N13 trillion in market capitalization throughout 2023, nearly tripling the previous year’s figures.
The All-Share Index also showed significant growth, closing the year at 74,773.77 points, reflecting a 45.90% year-to-date gain compared to the previous year’s 19.98%.
“The index rebalancing process can have considerable ramifications on trading volumes and broader market sentiment,” said market analysts, emphasizing the potential impact of these changes on stock prices and sector trends. This shift underscores the dynamic nature of the Nigerian stock market, demonstrating its resilience and growth potential.”
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