AshakaCem Exits as Mobil Enters NSE’s Islamic Index

Effective Wednesday 1, April 2015, the reviewed Nigerian Stock Exchange Lotus Islamic Index (NSE LII) will reflect the performance of Mobil Oil Nigeria Plc., while it will no longer contain information on AshakaCem, following recent developments that leading to the merger between the latter and Larfarge Cement Plc. A statement from the Exchange explained that the review of the NSE LII was timed to coincide with the end of the first quarter 2015. “The Review became expedient following the expected merger of Lafarge Cement Plc and Ashaka Cement Plc later in the year. The recomposition of these indices after the review will be effective on Wednesday, April 1, 2015.”
The Nigerian Stock Exchange in partnership with Lotus Capital Limited began publishing certified Shari’ah compliant Index known as the “NSE Lotus Islamic Index” or NSE LII in July 2012. The index consists of companies in conformity with the principles of Shari’ah and was the first index created to track the performance of Shari’ah compliant equities on the floor of the exchange.
According to the NSE, investment instruments like Exchange Traded Funds (ETFs) were built on the Index which ethically minded investors, both in Nigeria and overseas can invested in.