SEM Declares The Inclusion Of Afreximbank In The SEM-10 Index

NNPC Has Secures $5 Billion Funding For Oil And Gas Upstream Projects
NNPC Has Secures $5 Billion Funding For Oil And Gas Upstream Projects

The Stock Exchange of Mauritius (SEM) has declared the incorporation of the African Export-Import Bank (Afreximbank) in the SEM-10 index.

A statement posted on the SEM website listed Afreximbank among the SEM-10 Constituents for the third quarter commencing 3 July 2019. Other companies on the list are MCB Group Limited; IBL Ltd; SBM Holdings Ltd; Grit Real Estate Income Group Limited; ENL Limited (Ordinary A Shares); CIEL Limited; New Mauritius Hotels Limited; Rogers & Company Limited; and Lux Island Resorts Ltd. The index tracks the performance of the 10 largest stocks on the SEM in terms of market capitalisation and the 10 most liquid stocks in terms of average value traded and trading frequency during the preceding three months.

Being part of the SEM-10 index was expected to enhance Afreximbank’s visibility with local and international investors and, potentially, encourage institutional investors that track the index to include the Bank’s Depositary Receipts in their investment portfolios. Ninety per cent of foreign investors’ transactions on SEM-listed stocks is targeted towards companies that are included in the SEM-10 index. Moreover, some of the larger companies in the index are tracked closely by global data vendors like Bloomberg, Factset and Refinitiv, as well as by global Index providers, such as S&P, Dow Jones, MSCI and FTSE. The SEM-10 Index is subject to quarterly reviews and to remain in the index, companies need to ensure regular trading of their securities.

Afreximbank currently ranks as the SEM’s third best-performing stock on a year-to-date basis in 2019, with a performance of 26.5 per cent.