Oando Plc has been included in crucial index of Nigeria’s 30 largest and most active companies, underlining the growing importance of the energy group as one of the most influential companies denoting the direction of the Nigerian economy.
The Nigerian Exchange (NGX) yesterday published the results of its full-year market index review for the stock market indices. The major highlight of the review, which is done twice a year, was the inclusion of Oando as part of the NGX 30 Index.
The NGX 30 Index is a weighted benchmark that tracks pricing and activity trends among Nigeria’s 30 largest quoted companies. It has considerable influence over the overall market position and the national economy as the 30 biggest companies account for more than two-thirds of Nigeria’s stock market capitalisation
The NGX noted that the stock market indices were developed to allow investors to follow market movements and properly managed investment portfolios.
Designed using the market capitalisation methodology, the indices are rebalanced on a semi-annual basis on the first business day in January and in July
Market analysts said the upscale of Oando to the NGX 30 Index underscored sustained investors’ appetite for the energy group, which led to considerable improvement in its market value and consistency of trading.
The NGX 30 Index has a primary place among the group and sectoral indices. The NGX began publishing the NGX 30 Index in February 2009 with index values available from January 1, 2007.