Fidelity Bank Gains 14%, Investment Firm Sees Huge Upside
Fidelity Bank Plc surged 14% as investors increased their positions in the tier-2 financial services company, bucking last week’s negative trend on the Nigerian Exchange (NGX).
The latest round of buying interest in Fidelity Bank shares lifted its market capitalisation to N1.516 trillion, trading very close to its 52-week high valuation in the local bourse.
The bank attracted market attention ahead of its earnings release, with investment analysts projecting an upbeat performance.
Data from the Nigerian Exchange showed Fidelity Bank’s share price edged higher to N24 on Friday, as 11.883 million units, valued at N268.266 million, exchanged hands in the local bourse.
The bank share price opened the week at N21.05 and reached a 7-day high of N24 on improved trading activity from investors positioning for a bumper earnings harvest.
The market value of Fidelity Bank Plc.’s 63.174 billion outstanding shares increased by 14% in 5 days to N1.516 trillion, trading 1% below its 52-week high on the Nigerian Exchange.
In its stock market recommendation for the new week, Cowry Asset Securities Limited is guiding investors to buy Fidelity Bank shares at the current price.
The investment firm estimates that Fidelity Bank could deliver a 40% upside, with a target price of N30.80. Nigerian Stock Market Cap. Declines by N206bn to N160.52trn
