Nigerian stock exchange launches commodity index
The Nigerian Exchange Limited (NGX) has launched a broad market commodity index that captures and tracks the collective movements of companies with primary operations in energy, agriculture, mining, metals, and natural resources.
Through the NGX Equity-Based Commodity Index, “investors are provided with potential exposure to the essential raw materials and natural resources that drive global economic activity”, the bourse said in a statement.
The starting constituents of the index are Geregu Power Plc, Multiverse Mining and Exploration Plc, Okomu Oil Palm Plc, Presco Plc, Seplat Energy Plc, Transcorp Power Plc, and Aradel Holdings Plc. The index’s starting value is set at 1,000, according to the NGX.
Jude Chiemeka, CEO of NGX, reiterates that the Exchange continues to blaze the path to becoming Africa’s foremost securities exchange with innovation and product developments that deepen the market and boost liquidity, thus connecting Nigeria, Africa, and the world.