Oando Plc has been added to a key index of Nigeria’s 30 largest and most active firms, highlighting the energy company’s growing importance as one of the most powerful companies in determining the country’s economic future.
The Nigerian Exchange (NGX) released the results of its stock market indices full-year market index review yesterday. The inclusion of Oando in the NGX 30 Index was a big highlight of the evaluation, which is conducted twice a year.
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.
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