The Nigerian Exchange Group (NGX), in its quest to standardize and ensure consistent expression of its brand across touchpoints after its successful demutualization of has rebranded all its indices with the NGX prefix to promote brand awareness and recognition, the group said in a statement signed by Olumide Orojimi, head, corporate communications.
According to the statement, “Nigerian Exchange Limited is pleased to announce the rebranding of all its existing indices by changing the prefix from NSE to NGX. The transition, which is effective Monday, 28 June 2021, leverages on the new brand identity of the Exchange. There are currently nineteen (19) indices – either wholly-owned or co-branded – on NGX, servicing the investment management community along the lines of product development, benchmarking.”
“Consequently, the rebranding of the indices is in line with NGX’s drive to standardize and ensure consistent expression of the brand across touchpoints. From today, all indices from Nigerian Exchange Limited will be rebranded with a pre-fix, NGX, to promote brand awareness and recognition. Market players should however note that this exercise will not affect the computation methodology of the indices,” the statement reads.
Meanwhile, the nomenclature changes now see the indices NSE All-Share Index (ASI) become NGX All-Share Index (ASI); NSE-Main Board Index (NGX-Main Board Index); NSE 30 Index (NGX 30 Index); NSE CG Index (NGX CG Index); NSE Premium Index (NGX Premium Index); NSE Banking Index (NGX Banking Index); NSE Pension Index (NGX Pension Index); NSE Insurance Index (NGX Insurance Index); NSE ASeM Index (NGX ASeM Index); NSE-AFR Bank Value Index (NGX-AFR Bank Value Index); NSE AFR Div Yield Index (NGX AFR Div Yield Index); NSE MERI Growth Index (NGX MERI Growth Index); NSE MERI Value Index (NGX MERI Value Index); NSE Consumer Goods Index (NGX Consumer Goods Index); NSE Oil/Gas Index (NGX Oil/Gas Index); NSE Lotus Islamic Index (NGX Lotus Islamic Index); NSE Industrial Goods Index (NGX Industrial Goods Index); NSE Growth Index (NGX Growth Index); and NSE Sovereign Bond Index (NGX Sovereign Bond Index) respectively.
Olumide, however, stated that the indices are rebalanced on a semi-annual basis on the first business day in January and in July and designed using the market capitalization methodology.
He also stated that as NGX continues to provide a platform for investors and issuers to meet their various investment objectives, this rebranding effort is a testament to NGX’s commitment to providing an efficient market that reflects available information. He urged market players to note that this exercise will not affect the computation methodology of the indices.