Nigeria: NSE Screens Firms On Islamic Index

The Nigerian Stock Exchange (NSE) has announced that an Islamic screening exercise has been carried out on the 15 companies in the NSE Lotus Islamic Index (NSE LII) and other Shari'ah compliant companies using the 2012 year-end financial statements. The result saw some stocks likely to fail the screening exercise. The NSE said possible replacements will be made to the stocks that are due to exit the index. Some of the stocks being watched for replacement are Japaul Oil & Maritime Service Plc, Honeywell Flourmills Plc and Dangote Flour Plc. The 15 companies that will make the NSE LII list and market capitalizations will be made public before the end of the month, and before the index rebasing date of July 1, 2013.