Local equities market dips further by 0.3 per cent as NGX launches new brand

Negative sentiments persist in the local bourse, on Tuesday, as the Nigerian Exchange Group (NGX) launches its new corporate brand identity and website.

The launch of the new identity followed the demutualisation of The Nigerian Stock Exchange (NSE) and the resulting creation of the non-operating holding company NGX Group Plc and its subsidiaries: Nigerian Exchange (NGX) Limited, the operating exchange; NGX Regulation (NGX RegCo) Limited, the independent regulatory arm of the Exchange; and NGX Real Estate (NGX RelCo) Limited, the real estate company.

Despite the rebranding, investors sentiments were not lifted as the All Share Index (ASI) closed lower by 0.3 per cent to 38,601.83 basis points, following profit-taking in Guinness Nigeria.

Accordingly, Month-to-Date and Year-to-Date losses increased to -1.1 per cent and -4.1 per cent, respectively.

As measured by market breadth, market sentiment also remained negative as 18 tickers declined relative to 14 gainers.

On the performance chart, Guinness Nigeria and TrippleG topped the losers’ list with a 9.9 per cent and 9.7 per cent decrease in their respective shares value, while NAHCO and Sterling Bank recorded the most significant gains of the day with 7.4 per cent and 7.1 per cent increase in the value of their respective shares.

Analyses by sectors indicated that the Consumer Goods, Oil & Gas, and Industrial Goods indices recorded losses by 0.4 per cent, 0.2 per cent and 0.1 per cent respectively; while the Insurance index gained 0.6 per cent. The Banking index however closed flat.

The total volume of trades increased by 7.6 per cent to 208.81 million units, valued at N2.91 million, and exchanged in 4,013 deals.

Fidelity Bank was the most traded stock by volume at 38.56 million units, while Guaranty Trust Bank was the most traded stock by value at N951.30 million.

peaking on the launch of the new brand, the Group Chief Executive Officer, NGX Group, Mr Oscar Onyema, said it was influenced by the dynamism and resilience of the market in both good and challenging times.

“Our new identity, which builds on our rich heritage, reflects who we are today, our ambitions for the future, and our resolve to deliver superior value to our stakeholders. As we step into the NGX era, we remain committed to achieving the highest level of competitiveness, both in African and global capital markets,” he said.

The NGX brand identity follows a monolithic brand architecture, which will facilitate the formation of any new subsidiary by leveraging existing brand equity. The identity is inspired by the arrows of the stock exchange ticker tape as well as monetary exchange between a buyer and seller. These arrows are stylised to form an ‘N’ and denote the act of collaboration.

In consolidating its group perspective, NGX Group has also rebranded its social media assets. The brand can now be found on Instagram and Twitter using the handle ‘@ngxgrp’; and on Facebook, LinkedIn and YouTube using the handle, ‘ngxgroup’.

The new brand identity and digital assets reflect the vibrant, disciplined, inspired and engaging personality of NGX Group and its subsidiaries. They are designed to make a distinctive and positive impression, even as the organisation continues to provide a platform for investors and issuers to meet their investment objectives.

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The 624 new cases reported between March 28 and April 3 is a reduction from the 849 recorded the previous week…Local equities market dips further by 0.3 per cent as NGX launches new brand

Local equities market dips further by 0.3 per cent as NGX launches new brand