Islamic index contributed 61.8% to equity in 2013
Activities in the Islamic index stocks listed on the floor of the Nigerian Stock Exchange (NSE) surged by 61.84 per cent in 2013.
The index which tagged NSE Lotus Islamic Index (NSELII) gained more momentum than the general market index (NSE All Share Index) in the year 2013.
The NSELII opened the year with 1,769.07 basis points to close at 2,863.12 points representing 61.84 per cent compared to NSE ASI which opened the year with 28,078.81 points to close at 41,329.19 basis points translating to 47.19 per cent.
The NSELII was created to track the performance of Shari’ah compliant equities trading on the floor of the exchange. For instance, companies dealing with pork, alcohol, gambling, tobacco and banks do not qualify to be part of the index.
The stocks that made of NSELII are; Ashaka Cement, Cadbury Nigeria, Cap, Cement Company of Northern Nigerian, Dangote Cement, Glaxosmith Nigeria, Julius Berger Nigeria, Nigerian Aviation Handling Company (Nahco), National Salt Company of Nigeria, Nestle Nigeria, Okomu Oil, Presco, PZ, Unilever Nigeria and Lafarge Cement Wapco Nigeria.
Although, almost all the NSE indices appreciated during the year, more impressively, the NSE oil and gas Index soared 122.26 per cent and the newly-introduced NSE industrial index grew 81.43 per cent. The NSE 30 index appreciated 42.75 per cent; the NSE banking index added 31.86 per cent to its 2012 value, and the NSE consumer goods and NSE insurance indices both expanded by 31.14 per cent and 29.01 per cent, respectively.