Tuesday, October 26, 2010, 2000hrs
Dangote Cement Plc (DCP) was today listed on the bourse of the Nigerian Stock Exchange (NSE) following the successful merger between the company and Benue Cement Company (BCC) Plc.
This transaction makes it the most capitalised stock on the NSE.
Following its listing, it offered its shares for sale and recorded 196 million units traded by the end of the day.
Sources confirmed to Proshare NI that DCP has since been added to the NSE 30 index. To accommodate the share, NSE had to rebalance the index to accommodate the over N2.03 trillion worth of shares so listed (representing about 30.04% of the NSE 30).
Hitherto, the highest weight ascribed to any stock within the NSE 30 – in terms of weighting was not more than 10%.
In an attempt to avoid the obvious over skewing of the index, a new cap of about 20% has thus been set – putting the DCP share added to the index at N1.383 trillion.