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Forte Oil, Ecobank Added to MSCI 100 Index

May 19, 2014

Forte Oil Plc and Ecobank Transnational Incorporated (ETI) have been included in the MSCI's Frontier Market Index, one of the world's leading equity index provider announced, last week.

MSCI is a leading provider of investment decision support tools to over 6,000 clients worldwide, ranging from large pension plans to boutique hedge funds.

The Equity Index provider which has presence in 23 countries, offers a range of products and services, including indexes, portfolio risk and performance analytics, and ESG data and research.

The changes were effected following inclusion of thirteen securities into the MSCI Frontier Markets Index, while 30 were deleted from the index.

MSCI Frontier Markets 100 Index were dominated by Kuwait (30 per cent from 20 per cent) and Nigeria (20 per cent from 13 per cent), with Pakistan, Oman, Argentina, Kenya and Morocco in the 5 to 7 per cent range (from 3 to 4 per cent).

Nigeria consequently added two names (ETI and Forte Oil).

On the deletions, they are almost all coming from the UAE (10 names) and Qatar (13 names).

According to analysts, the inclusion of Nigeria stocks into the index meant that investment inflow of over $200 million would be redirected toward the Nigeria investment market, which is great for the country.

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Source: AllAfrica

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