Nigeria’s Stock Exchange Rebrands 19 Market Indices

By Dipo Olowookere

A total of 19 market indices have been rebranded by the Nigerian Exchange (NGX) Limited to reflect the transformation of the Nigerian Stock Exchange (NSE) into NGX.

A statement from the exchange disclosed that the market indicators had their prefixes modified into NGX from the former NSE with effect from Monday, June 28, 2021.

There are currently 19 indices – either wholly-owned or co-branded – on NGX, servicing the investment management community along the lines of product development, benchmarking.

It was stated that the modification of the indicators is in line with NGX’s drive to standardise and ensure consistent expression of the brand across touchpoints.

Designed using the market capitalisation methodology, the indices are rebalanced on a semi-annual basis on the first business day in January and in July.

The exchange explained that “this rebranding effort is a testament to NGX’s commitment to providing an efficient market that reflects available information” as it “continues to provide a platform for investors and issuers to meet their various investment objectives.”

As earlier stated, the recent demutualisation led to the transformation of the NSE to a non-operating holding company, Nigerian Exchange Group Plc.

Consequently, the group now has three wholly-owned operating subsidiaries: NGX, the operating exchange; NGX Regulation Limited (NGX RegCo), the independent regulation company; and NGX Real Estate Limited (NGX RelCo), the real estate company.

Below are the affected rebranded indices;