SECTOR Agriculture Industrial Goods

Livestock Feeds Plc: Livestock Feeds Plc was included in the Thisday BGL 50 Index after the acquisition of controlling stake in the company by UAC of Nigeria Plc in 2013. The acquisition saw a significant rally in the company’s share price and increase in the traded volume and value of the company’s shares. However, trading in the company’s stock is still quite strong, the company has suffered significant erosion in market capitalisation; leading to its falling below the inclusion benchmark of N5 billion. We therefore remove the company from the index at this review.

Ashaka Cement Plc (Ashaka Cement): Ashaka Cement Plc has maintained its position amongst Thisday BGL 50 Index constituents since inception and has witnessed satisfactory growth in performance over the years; profitable and financially viable. However, it is in the process of merging with Lafarge Africa Plc as a single entity. Lafarge Africa Plc, formerly known as Lafarge Cement Wapco Nigeria Plc, is a combination of all Lafarge’s Nigerian operations (Lafarge WAPCO, Ashaka Cement Plc, UNICEM, Atlas Cement Company Limited) and Lafarge South African Holdings Limited assets. The merger which was concluded in September 2014 was enacted in order

Fidson Healthcare Plc (Fidson Healthcare): Fidson Healthcare Plc would be entering the Thisday BGL 50 Index constituents for the first time since inception. Fidson Healthcare Plc stock’s has recorded improved performance in recent time that has seen improvement in liquidity adequacy to 17.90% and market capitalisation within the index criteria at N5.12 billion. The company also meets the financial adequacy criterion with four consecutive positive as reported earning as at December 2014 full year. Having met all the criteria for inclusion and amongst the other potential candidates, Fidson Healthcare was added to the index by unanimous decisions of the Committee members.

Wema Bank Plc has been in and out of the index on several occasions as a result of falling short of some criteria. However, most recently it has witnessed consistent growth in performance and profitability. This has seen its share price appreciate considerably, attracting both local and foreign investors. Although still low on tradability, it produces the best adequate liquidity among the competing alternatives.