Business and Brands

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.

 

Advertisement

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.

 

Advertisement

“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.

 

Advertisement

“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.

 

Advertisement

“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.”

 

Advertisement

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.

Advertisement
citynews

Recent Posts

Presidential candidate paid 774 delegates $23m in 2023 election – Dele Momodu Reveals

A journalist-cum politician, Dele Momodu, has revealed that a former presidential candidate spent $30,000 on…

1 hour ago

Breaking: Gunmen Kill At Least 30 People In Fresh Attacks In Benue

At least 30 individuals were reportedly killed in various attacks that occurred within two of…

1 hour ago

Dangote Finally Refinery Crashes Petrol Price

Dangote Refinery has crashed Petrol Price.     CityNews Nigeria reports that the Dangote Petroleum Refinery, Petrol Chemical…

5 hours ago

Phyna denied entry into Lagos restaurant over “Indecent” outfit

Phyna has taken to social media to express her outrage and disappointment after being denied…

5 hours ago

VAT Attribution and Derivation: A Personal Appeal to all Parties – By M. Nami

Introduction  I have read a ton of views on the proposed Nigeria Tax Administration and…

5 hours ago

Odumeje vows to take punitive action against Nigerians doing this to him in public…..

Pastor Odumeje has rendered a strong warning to those who make videos or take photos…

5 hours ago