Nigeria’s stock market closed slightly in the green zone on Tuesday as investors raised bets in mid/large cap stocks.
The market’s benchmark performance indicator – the NSE All Share Index (ASI) – increased by 0.03percent to 28,665.82 points, from preceding day low of 28,658.31 points.
Stock market trading data for Tuesday October 20 showed the equities market’s positive return year-to-date (YtD) stood at +6.79 percent.
Also, the value of listed stocks on the Bourse increased by N4billion to N14.983trllion, from N14.979trillion recorded the preceding trading day.
Nigerian Breweries Plc led the gainers table after its share price moved from N49.2 to N51.5, adding N2.3 or 4.67 percent while Flourmill followed after rising from N22 to N23, adding N1 or 4.55 percent. In 4,736 deals, investors exchanged 297,311,966 units valued at N2.926billion.
Meanwhile, the introduction of Financial Technology (FinTech) in Nigeria’s financial landscape has led to enhanced propositions across the value chain.
With over 200 FinTech standalone companies in Nigeria, the sector is still relatively young offering significant opportunities for growth and expansion across the consumer spectrum.
To facilitate access to these opportunities, the Nigerian Stock Exchange (NSE) has partnered Fintech Association of Nigeria to a FinTech sector webinar on Thursday, October 22, 2020.
The webinar with the theme, Accelerating Growth in the FinTech Ecosystem through the Nigerian Capital Market, will bring together industry experts and regulators to identify these challenges and jointly collaborate to provide solutions to address the needs of the FinTech community in Nigeria.
The event will be headlined by the President, FinTech Associates Limited, Segun Aina and will feature a stellar line-up of speakers across the FinTech sector who will identify challenges in the ecosystem, explore existing opportunities and values that a partnership will harness, and focus on approaches that will deepen the capital market and accelerate growth in the Nigerian FinTech ecosystem.
Speaking about the webinar, the Divisional Head, Listings Business, Olumide Bolumole, noted that, “The FinTech industry in Nigeria continues to gain increasing popularity after taking the lead in Africa and attracting $122 million in funds in 2019. At The Exchange, we recognise the opportunity to provide a platform where players in the FinTech landscape can have easier access to right-sized capital to fulfil their organisational objectives. The NSE is, therefore, committed to developing multiple solutions to address the needs of the FinTech community in Nigeria such as the provision of the NSE Growth Board. The Exchange will also prioritise collaborations with organisations such as FinTechNGR to ensure solutions from this webinar are implemented for the benefit of the sector.”
Some of the other confirmed speakers at the event include Mohamed Garuba, Partner, CardinalStone Partners Limited; Gbite Oduneye, CEO, Eagle Global Markets; Babs Ogundeyi, CEO, Kuda Bank; Yemi Saka, Partner/West Africa West Africa Leader Deloitte; and Godstime Iwenekhai, Head, Listings Regulation, NSE.
