Fidelity Bank Rises Ahead of Interim Dividend Qualification Date

Fidelity Bank Rises Ahead of Interim Dividend Qualification Date

Fidelity Bank Plc gained more than 13% as investors’ sentiment on Tier-2 lender improved ahead of dividend qualification data and third quarter of 2024 earnings expectation.

The Tier-1 bank saw its market price increased to N14.70 on the floor of the Nigerian Exchange, from N13 at the end of the previous week. Trading pattern, data showed the Fidelity Bank beats the performance of the Nigerian banking index, up by 40 basis points.

Transaction volumes were huge with mixed outcome from the interaction of sell and buying side actors. On Friday, more than 43 million shares of Fidelity Bank exchanged hands in the market.

The transaction lifted its share price from N14.4 on Thursday to N14.70, suggesting that demand outpaced sell side.

The bank price had dropped by 50 kobo to N14.4 on Thursday when more than 43 million shares were transacted in the market, from N14.90.

On Wednesday, as shareholders await to be credited for rights issue exercise, investors traded more than 66 million shares belonging to Fidelity Bank in the equities market.

The bank share price dipped to N14.90 on Wednesday on the back of huge share volume traded in the local bourse.

At the current market price, Fidelity Bank Plc.’s 32.012 billion shares outstanding in the market were valued at N470.579 billion. 

MarketForces Africa stock analysts reported that the bank lost 13.33% in the previous week due to selling rallies.

Fidelity bank declared 85 kobo interim dividend on each ordinary shares for its first half of 2024 earnings performance.

In a regulatory filing, the bank said shareholders whose names appear on members register on Oct 17 will be paid interim dividend by Oct 25, 2024.

Stockbrokers projected that the bank share price would likely increase further in the new week due to investors seeking dividend revenue increasing their bets on Fidelity Bank shares. #Fidelity Bank Rises Ahead of Interim Dividend Qualification Date

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