Stanbic IBTC Asset Management is to launch the Stanbic IBTC ETF 30 on the Nigerian Stock Exchange (NSE).
The firm has received approvals for the listing of 10,000,000 units of the new fund, which will seek to replicate the return of the NSE 30 Index, from both the Nigerian Securities and Exchange Commission and the NSE.
The initial offering, with a minimum subscription of 10,000 units, is due to open on 15 September and close on 15 October. Stanbic IBTC Capital is the issuing house for the offer.
Olumide Oyetan, managing director and chief executive officer of Stanbic IBTC Asset Management, says the new fund will give investors access to the performance of the NSE.
“The NSE 30 Index comprises of the top 30 companies in terms of market capitalisation,” he says. “The index serves as the flagship benchmark for the stock market as it represents 92 per cent of The NSE’s market capitalisation.”