Page 27 - 2017-2018 NSE FACTBOOK.cdr

2017/2018 NSE FACT BOOK 2017/2018 NSE FACT BOOK
The Performance Documentary of Listed Nigerian Companies The Performance Documentary of Listed Nigerian Companies

The NSE Indices

Main Board Value Traded (N'Billions)
3,000 2,500 2,000 1,500 1,000 500 0
2020 The NSE All-Share Index The new base market value is obtained as follows:

BMV =
CMV
x
BMVo
------
The Exchange has since January 1984 published a stock
CMVo
exchange index. The index is an aggregate of the market
capitalisa on of all of the equi es listed in the market. The
In applying the above formula to a situa on where there is
computa on of the index is explained below:
a new lis ng, we have the following expression:
The NSE Index is given by the formula: BMV = BMVo x CMV
2015 Current Market Value ------
--------------------------- x 100 CMVo
Base Market Value where
Corporate Bonds (N) or CMV CMV = Current market value including the value of new
BMV = Base value a er the adjustment to take account of

the new lis ng

------ x 100

BMV

shares.
2010 n Pa Qa BMVo = Base value before the change
CMVo = Current market value before the change.
= i=1
------------ x 100 The base adjustments are made on the day the new
n securi es are listed.
Pb Qb
i=1 In a situa on where there is a delis ng, the formula is
explained thus:
where
2005 Pa = Current market price of an ordinary share BMV = Base market value a er the adjustment to exclude
Qa = Current number of listed ordinary shares. the shares delisted.
Pb = Market price of an ordinary share as at the base date. CMV = Current market value a er deduc on of the value of
Qb = Number of listed shares as at the base date. BMVo = Base market value before the change
shares withdrawn.
= 1, 2, ...n
i
FED. Govt/State Bonds (N) eradicate the effects of such changes. becomes the new base as from the following day.
n = Number of cons tuents in the index.
CMVo = Current market value before the change.
2000 Where changes other than price varia ons occur which The adjustment to the Base Market Value is made on the
affects the index, an adjustment is made in order to
date the securi es are delisted and the adjusted Index
Such adjustment is designed to make the Index a er the
changes equal to the Index before the changes. The
capital, the formula is explained thus:
changes envisaged here are strictly new lis ngs, de- In the case of a Listed Company increasing its issued
lis ngs, and increase in the issued capital of listed BMV = Base market value a er adjustment
companies. The procedure for effec ng the adjustment is CMV = Current market value
1995 as follows: BMVo = Base market value before the change
CMVo = Current market value excluding value of rights
CMV = CMVo
------ -------- In the case of capital increase through the grant of pre-
BMV BMVo emp ve rights to exis ng shareholders, the adjustment is
made on the ex-rights date. If rights were however granted
to other persons such as the general public, company
where: directors, employees, etc., the adjustment is made on the
1990 CMV = Current market value a er the change date the new shares are registered or listed on The Nigerian
10,000 8,000 6,000 4,000 2,000 - BMV = Base market value a er the change Stock Exchange. If there is no transac on in either case on
CMVo = market value before the change
the said date, the adjustment is made on the day
BMVo = Base market value before the change transac on first takes place a er the closure of the rights
2017/2018 NSE FACTBOOK 2017/2018 NSE FACTBOOK
issue.
N'Millions)
Debt, ASeM, ETP Value Traded(

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