Fidelity Bank Racks Up Gain Ahead of Earnings Results
Fidelity Bank PLC racked up gains as the market anticipates the lender would keep earnings growth stronger in 2025. The Tier-2 banking name saw a price uptick on the Nigerian Exchange trading platform as local investors increased their interest in its shares, with steady climbs.
In the equities market last week, Fidelity Bank share price settled at N19.10 on Friday, from N17.6 due to healthy trading volumes recorded on the buy side actors. Investors demand for Fidelity Bank in the past seven trading sessions pushed the lender’s market valuation above N611 billion.
Fidelity Bank has recorded significant trading volume over the last five days, and the share price is an inch below its latest 52-week high of N19.3 in the equities market. Investors anticipating the release of fourth quarter earnings would further drive momentum.
Fidelity Bank outperformed the banking index, which surged by 4.1% in the last seven trading sessions, and eclipsed the Nigeria Exchange market index, which was higher by 1.1% in the same period.
Fidelity Bank Plc is looking to shore up equity capital through private investors as the race for the bank’s capitalisation continues into 2025. This move is evident in the bank’s recently disclosed plans to place 20 billion units of shares in the hands of private investors at a yet-to-be disclosed price.
The private placement of 20 billion units of Fidelity Bank’s shares, for which the bank will seek its shareholders’ approval in February, will by far surpass its recently concluded public offer and rights issue.
In 2024, based on the prior approval of the bank’s shareholders, Fidelity Bank undertook a capital raising exercise by way of a public offer of 10 billion ordinary shares of 50 kobo each at N9.75 per share to prospective shareholders.
The company told the Nigerian Exchange its close period started January 1 as the board met to consider the audited financial statement for 2024. Fidelity Bank said in its regulatory filing that upon completion of the audit, the audited financial statement is expected to be transmitted to the Central Bank for approval and then published on the Nigerian Exchange. #Fidelity Bank Racks Up Gain Ahead of Earnings Results FG to Construct 10,000 Housing Units for Medical Workers Nationwide
