…As CIBN says More credit facilities will deepen financial inclusion***
The Nigerian equities market extended positive outlook on Tuesday with further growth of 0.08 per cent, lifting market capitalisation of listed equities to rise by N10 billion and hiting N13.420 trillion, from N13.410 trillion achieved Monday.
The All-Share Index inched 21.70 points or 0.08 per cent to settle at 27,586.79 against 27,565.09 on Monday.
A breakdown of the activity chart indicates that MTN Nigeria Communications led the gainers’ table, growing by N1.50 to close at N140 per share.
International Breweries came second with a gain of N1 to close at N11, while Ecobank Transnational Incorporated increased by 40k to close at N7.70 per share.
United Bank for Africa gained 20k to close at N6.40, while Access Bank appreciated by 20k to close at N6.70 per share.
Conversely, Nestlé Nigeria recorded the highest loss, dropping by N19 to close at N1,300 per share.
Dangote Flour trailed with a loss of 95k to close at N20.05, while Union Bank of Nigeria lost 40k to close at N6.60 per share.
Sterling Bank was down by 20k to close at N2.30, while Flour Mills also shed 20k to close at N13.50 per share.
Similarly, the volume of shares transacted increased by 163.99 per cent with an exchange of 294.41 million valued at N3.49 billion in 3,337 deals.
This was against a total of 111.515 million shares worth N1.560 billion exchanged in 3,122 deals on Monday.
The banking sectors dominated trading activities with United Bank for Africa emerging the toast of investors, exchanging 61.66 million shares valued at N50.60 million.
Access Bank followed with an account of 55.14 million shares worth N369.36 million, while Guaranty Trust Bank sold 52.002 million shares valued at N1.39 billion.
Transcorp sold 26.54 million shares worth N27.03 million, while UACN exchanged 15.71 million shares valued at N74.19 million.
In the meantime, the Chartered Institute of Bankers of Nigeria (CIBN), has stressed the need for creation of more credit facilities, to boost lending and, deepen financial inclusion in the country.
Mr Uche Olowu, President and Chairman of Council, CIBN, said this at a press conference on the Institute’s 12th Annual Banking and Finance Conference scheduled to hold from Sept. 24 to Sept. 25 in Abuja.
The theme of the Conference is: “The Future of the Nigerian Banking Industry – 360°”.
The theme of the Conference is structured to offer direction to Nigerian Banks and other Financial Institutions on how to reposition the Industry for relevance in the new world order, by leveraging on digitalization, a phenomenon that has brought about a lot of unprecedented disruptive innovations in the Industry.
Olowu said that the banking sector remained a key driver of the nation’s economic growth and development.
“Banking is pivotal to economic growth, so the right dosage of credit is required to create that robust environment for economic activities,’’ he said.
According to him, the borrowing and lending culture also needs to be changed and there should be no hiding place for perpetual borrowers that will borrow money without intention to pay back.
The president said that the 2019 annual conference would be hugely supported First Bank of Nigeria Plc (FBN) which was celebrating its 125 years in Nigeria.
Dr Adesola Adeduntan, Chief Executive Officer, First Bank of Nigeria, said the conference was an annual forum of professionals in the Banking and Finance Industry, while many dignitaries were also expected at the event.
Adeduntan, also Chairman of the Conference Consultative Committee, said that resolutions at the Conference would be available to all the relevant stakeholders and policy makers to enable them re-appraise and align their operations and strategies in line with global best practice.
He said that this year’s edition of the Conference is very unique,’’ first because of its concentration on the future of banking and financial services in Nigeria in particular and the globe at large.
‘’Secondly, it is unique for us at First Bank of Nigeria Limited, as it coincides with our 125th Anniversary.
‘’This is not just because we are the first bank to be established in West Africa, but much more because we have been woven into the fabric of society and can feel FirstBank in every other institution and every aspect of the economy.”
Adeduntan said the forum would provide opportunity to brainstorm on strategic issues that were critical to building a sound and sustainable financial system and economy.
He said that this year’s edition was expected to attract about 1,000 professionals from within and outside the country.
According to him, CIBN branches across Africa will be part of the conference.