Some of the major brand in the capital marker, United Bank For Africa (UBA) PLC, Access Bank PLC, Lafarge Africa PLC and Seplat Petroleum Development Company PLC, have been upgraded from the main board of the Nigerian Stock Exchange (NSE) to the elite premium board.
The migration of the four companies brought the number of companies on the premium board to seven.
Those on the premium board already are Dangote Cement, FBN holdings and Zenith Bank International.
The migration followed the attainment of key indices for the premium board by the companies including corporate governance, size and liquidity.
UBA, with a market capitalisation of N374.48 billion, had earlier passed the CGRS Benchmark.
Lafarge Africa, Seplat and Access Bank had market capitalisation of N391.37 billion, N378.60 billion and N347.12 billion respectively.
The premium board was designed as a market for the most capitalised stocks with the best corporate governance and liquidity. The premium board was meant to showcase Nigeria’s best stocks to the global market.
The criteria for the premium board include that companies to be listed on the board must have market capitalisation of not less than $1 billion or about N157 billion.Please subscribe to our newsletter