Fidelity Bank Delivers 11.1% Gain in Fresh Rally
Fidelity Bank Plc.’s’ market value surged more than 11% over bargain hunting as investors’ increased their bets on the financial services company.
The increased market activities following series of buying recommendations from notable investment firms, projecting double digits upside potentials.
Stock trading data from the Nigerian Exchange (NGX) showed that Fidelity Bank topped gainers list among all listed banking stocks last week, reflecting the renew interest ahead of third quarter earnings period.
Fidelity Bank’s share price edged higher by 11.1% week on week to close at N20.5 of Friday when 5.738 million units of the lender’s shares outstanding valued at N116.519 million were traded.
At the current price, Fidelity Bank is trading nears its highest value of N22.45 per share. The bargain hunting was principally driven by investors’ positive sentiment.
Meanwhile, MarketForces Africa spotted a huge trading volume of more than 793 million during the week. The transaction was driven by buy side actors with some block deals.
The significant surged in share demand hanged on investors’ confidence, and expectations. Fidelity Bank Plc.’s 50.212 billion market value climbed by 11.1% to N1.029 trillion.
Futureview Financial Limited projected 27.05% upside potential for investors holding Fidelity Bank shares, and equity analysts rated the bank share buy.
With target price set at N23.44 by Futureview Financial Limited, equity analysts are anticipating Fidelity Bank share price will surpassed N22.45 its highest value in 52 week. #Fidelity Bank Delivers 11.1% Gain in Fresh Rally#
