Increased interest displayed by investors on shares of stocks listed on the financial services sector of the Nigerian Exchange Limited saw the market record over N65 billion gains during the week ended February 7, 2025.
Consequently, the NGX All-Share Index and Market Capitalization appreciated by 1.38 percent and 1.37 percent to close the week at 105,933.03 and N65.592 trillion respectively.
Similarly, all other indices finished higher with the exception of NGX Consumer Goods and NGX Growth which depreciated by 0.60 percent and 4.74 percent respectively while the NGX ASeM and NGX Sovereign Bond indices closed flat.
A total turnover of 3.051 billion shares worth N98.350 billion in 72,535 deals was traded during week under review by investors on the floor of the Exchange, in contrast to a total of 3.245 billion shares valued at N69.198 billion that exchanged hands in the previous week in 77,270 deals.
The Financial Services Industry (measured by volume) led the activity chart with 2.260 billion shares valued at N52.190 billion traded in 33,724 deals; thus contributing 74.08 percent and 53.07 percent to the total equity turnover volume and value respectively.
The Consumer Goods industry followed with 141.684 million shares worth N4.018 billion in 7,218 deals.
Third place was the Industrial Goods Industry, with a turnover of 104.862 million shares worth N3.300 billion in 3,995 deals.
Trading in the top three equities namely Access Holdings Plc, FBN Holdings Plc and Zenith Bank Plc, (measured by volume) accounted for 1.176 billion shares worth N38.469 billion in 9,506 deals, contributing 38.56 percent and 39.11 percent to the total equity turnover volume and value respectively.
Fifty-eight equities appreciated in price during the week, higher than fifty-two (52) equities in the previous week.
Thirty-four equities depreciated in price lower than forty-four (44) in the previous week, while fifty-eight (58) equities remained unchanged, higher than fifty-four (54) recorded in the previous week.
Investors confirm support for Fidelity Bank with 238% oversubscription
Also, Fidelity Bank Plc has announced the successful conclusion of the first tranche of its equity capital raise through its combined offer made up off a Public Offer and Rights Issue following the completion of the capital verification exercise conducted by the Central Bank of Nigeria and approval of the Basis of Allotment by the Securities and Exchange Commission.
Fidelity Bank received a total of 108,046 applications for 23,791,687,463 Ordinary Shares, totaling N231, and 968,952,764.25 Public Offer. Out of these, 107,588 applications for 23,768,724,000 Ordinary Shares totaling N231, 745,059,000.00 were found to be valid based on the terms of the Offer and the CBN’s verification.
However, 458 invalid applications for 22,765,143 Ordinary Shares totaling N221, 960,144.25 were rejected, while 548 applications which included odd lots amounting to 198,320 Ordinary Shares (N1, 933,620.00) were also rejected. The Public Offer was 237% subscribed and 150% allotted.
With respect to the Rights Issue, 7,559 applications for 4,430,290,237 Ordinary Shares totaling N40,980,184,692.25 were received, of which 656 applications for 23,037,442 Ordinary Shares totaling N213,096,338.50 were invalid based on the terms of the Rights Issue. The Rights Issue was 137.73% subscribed and 100% allotted.
“We are delighted to announce the successful completion of the first phase of our capital-raising initiatives through a Public Offer and Rights Issue. The positive result recorded in our Combined Offer is a testament to the strength of the Fidelity Bank franchise in the capital market. It is both gratifying and humbling to note this level of investor confidence in our Bank. We extend sincere gratitude to our investors for their continued confidence in the Bank, as evidenced by the 237.92% and 137.73% oversubscription of our Public Offer and Rights Issue, respectively. As we go into the next phase of our capital raising drive, we reaffirm our commitment to providing cutting-edge financial solutions to our customers and sustainable returns to our stakeholders”, commented Nneka Onyeali-Ikpe, Managing Director and Chief Executive Officer, Fidelity Bank Plc.
The funds realised from this initial phase of capital raising will be deployed to local and international business expansion, enhancement of technology infrastructure and deepening customer service initiatives.
With the successful conclusion of the first phase of capital raising, the Board of Directors recently obtained the approval of shareholders to commence the second phase and is confident of meeting the new regulatory capital for banks with international authorisation before the CBN’s deadline of March 31, 2026.
Following the CBN’s publication of the revised minimum capital requirement for banks in March 2024, Fidelity Bank, with its combined offer of June 2024, became the first financial institution to undertake a public offer on the Nigerian Exchange Group.
From an offer price of N9.75 per share for the Public Offer and N9.25 per share for the Rights Issue in June 2024, the Bank’s shares traded at a high of N21.15 on February 7, 2025, a growth rate of over 116%, the highest for any financial institution in the banking industry.
Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 8.5 million customers through digital banking channels, its 251 business offices in Nigeria and its United Kingdom subsidiary, FidBank UK Limited.
