NSE benchmark index down -16.68% YTD as MSCI delist Nigerian financial institutions

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MSCI, a global provider of financial instruments and multi-asset portfolio analysis tools, will delist two of Nigerian listed financial institutions from its MSCI Frontier markets Index for underperforming the NSE benchmark index at -16.68 percent year-to-date.

The two financial institutions are Ecobank Transnational Integrated Plc (ETI) and FBN Holdings Plc.

The value of a unit ETI share declined by 50 percent in the last 12 months to N7, while FBN Holdings lost 31.3 percent to N5.45 per share. Both companies will be delisted on November 26, 2019.

However, a total of four new companies will be added to MSCI Frontier Markets Large Cap Index while eight will be delisted.

The three largest additions are Nova Ljubljanska Banka (Slovenia), Ho Chi Minh City Dev Bank (Vietnam) and Commercial Bank Ceylon (Sri Lanka).

While MSCI Frontier Markets Small Cap Index will witness 13 additions and 17 deletions.

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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