Connect with us

Hi, what are you looking for?

News

Fidelity Bank reclassified as Medium Price Stock

Fidelity Bank reclassified as Medium Price Stock
Fidelity Bank reclassified as Medium Price Stock

Following a bullish run in the stock market in recent months, the Nigerian Exchange Limited (“NGX”) on Friday announced the reclassification of Fidelity Bank Plc. from small price stock to medium price stock.

A statement by the NGX said the reclassification became necessary because Fidelity Bank Plc. shares have been trading above the N5.00 mark since February 2023.

“Rule 15.29 of the Rulebook of The Exchange, 2015 (Dealing Members’ Rules) notes that equities priced above N5 per share for at least four of the most recent six months of trading, or new security listings priced above N5 per share at the time of listing on NGX are classified as medium price stock,” the statement said.

READ ALSO: AKMODEL Groups MD Bldr Abdulhakeem Odegade Celebrates Mrs Adebukola Agbaminoja On Her 50th Birthday

“According to NGX, Fidelity Bank Plc. traded above the N5.00 mark on 20 February 2023 and has remained above the N5 mark up until close of business on 30 June 2023.

“This indicates that FIDELITYBK has been trading above N5 for at least four (4) months in the last six (6) months. Therefore, it should be reclassified from small price stock to medium price stock.”

The Nneka Onyeali-Ikpe-led bank has continued to post commendable financial performance every quarter as it cements its position amongst tier-one banks in the country.

You May Also Like

BREAKING NEWS

In the Nigerian state of Ogun, tensions have been escalating between the state government and its workforce. This discord has been primarily fueled by...

Banking News

TOUCHAHEART – Against the background of groundswell of supports and enthusiasm for the bank’s ongoing offers, Fidelity Bank Plc has started preparations to allow...

Foreign

TOUCHAHEART – In a startling turn of events, former President Donald Trump survived an assassination attempt during a campaign rally in Butler, Pennsylvania. This...

Banking News

TOUCHAHEART – In a significant stride towards fostering economic growth, Access Bank PLC, sub-Saharan Africa’s largest bank by customer base, has celebrated a landmark...