On Wednesday, Fidelity Bank Plc’s share price peaked at N17.95 during trading session, showing a sustained upward trend, and strong confidence among investors. The bank’s shares have recorded a decent 38% growth this month alone, closing at N15.35.
This impressive performance comes after the successful hybrid capital raising by Fidelity Bank which encompassed a rights issue and an Initial Public Offering (IPO) which was opened on June 20, 2024. The offer was able to raise the sum of N127.1billion.
In the words of Nneka Onyeali-Ikpe, Managing Director of Fidelity Bank, “It is gratifying to see the level of interest in our capital raise in terms of subscriptions, as it reflects the confidence that investors have in our growth strategy.”
Fidelity Bank’s share price rallied back sizeable losses during the month of April, when fears of major Nigerian banks’ recapitalization especially affected their stock. In addition, the price has increased by more than 680% since the year 2018, August.
These market conditions are said to be fuelled by strong demand for the hybrid offer and high selling activity where more than 400 million shares were transacted in September alone.
Fidelity Bank’s market cap was N444.8 billion as of September 25, 2024, and the bank has an increase of 41% year-to-date.
Fidelity Bank Plc is among the top Nigerian banks engaged in provision of financial services to persons, corporates and organizations.
