Rules-Based Benchmarks for African Capital Markets

Venoble Nigeria Balanced 60/40 Index

A balanced portfolio index combining 60% Nigerian equities (VNG-ETR gross total return) with 40% Nigerian T-bills (VNG-TNR nominal return). Rebalanced monthly.

Venoble Nigeria Edge Equity Index

A rules-based multi-factor equity index for Nigeria. Selects the cheapest quartile of liquid, well-governed stocks using P/E, P/B, earnings yield, and price-to-sales, then equal-weights them. This is a price return index; dividends are not reinvested.

Venoble Nigeria Equity Price Return Index

Measures the price return from the NGX All-Share Index, excluding dividends. Extracted from the VNG-ETR total return pipeline's ASI close series and rebased to 1000.

Venoble Nigeria Equity Benchmark Total Return Index

Total return version of VNG-EQB. Reinvests dividends at the constituent level on ex-dates, tracking what a buy-and-hold investor in the free-float benchmark would have earned including income. Gross of withholding tax.

Venoble Nigeria Equity Benchmark Net Total Return Index

Net total return version of VNG-EQB. Reinvests dividends after 10% withholding tax, showing what a taxable investor in the free-float benchmark would have earned.

Venoble Nigeria Equity Net Total Return Index

Measures the total return from Nigerian equities after 10% withholding tax on dividends. Shows what a taxable investor actually earns, compared to VNG-ETR which assumes tax-exempt reinvestment. The gap between the two isolates cumulative tax drag.

Venoble Nigeria Equity Total Real Return Index

Measures the real (inflation-adjusted) total return from investing in Nigerian equities. Deflates the VNG-ETR gross total return by the NBS Consumer Price Index to show purchasing-power returns.

Venoble Nigeria T-Bill Nominal Return Index

Tracks the nominal (pre-inflation) return from investing in 91-day Nigerian Treasury Bills. Derived from the VNG-CRR pipeline, this isolates the raw yield before inflation adjustment, showing what T-bill holders earned in naira terms.