Fidelity Bank’s Stock Upgraded After Strong Performance, CEO Makes Over N28 Million in 5 Days
- Fidelity Bank Plc's stock category in the equity market has been reclassified and upgraded by the Nigerian Exchange (NGX) Limited
- The bank has been moved from the small-price stock level to the medium-price stock region
- The reclassification follows the bank's consistent trading above the N5.00 mark for at least four months in the last six months
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The Nigerian Exchange (NGX) has upgraded Fidelity Bank Plc from a low-priced stock to medium-priced stock.
This follows the bank's recent strong predominance on the Nigerian exchange over the most recent six months.
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A medium-priced stock typically refers to a stock that is priced at N5 per share or above but less than N100 per share for at least four of the last six months, Punch reports.
How companies stocks are classified
The NGX classifies quoted companies into three categories-high-priced, medium-priced, and low-priced stocks, based on their market price.
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A company must have traded for at least four out of the most recent six-month period within a stock price group’s specified price band to be classified into the category.
The high-priced stocks consist of large-cap that are priced at N100 per share or above for at least four of the last six trading months, or new security listings that are priced at N100 or above at the time of listing on the Exchange.
Why Fidelity Bank was reclassified
Legit.ng checks show that Fidelity Bank traded above the N5.00 mark on February 20, 2023, and has remained above the N5 mark up until the close of business on June 30, 2023.
In a regulatory circular at the weekend, the NGX said:
"This indicates that Fidelity Bank has been trading above N5 for at least four) months in the last six months"
CEO makes more money
The strong performance of Fidelity Bank has helped Nneka Onyeali-Ikpe, the managing director and Chief executive and other shareholders make more money.
Analysis by Legit.ng shows that Fidelity Bank's share price increased from N6.7 per share on July 14, 2023, to N7.11 per share on July 20 adding N11.89 billion to the shareholder's pockets.
Onyeali-Ikpe who has a direct shareholding of 69.64 million in the bank made an impressive N28.55 million during the five days trading period.
Access Bank, GTCo, Zenith, and UBA pay shareholders highest dividends
Meanwhile, in another report, Legit.ng reported that Nigeria's Stock market investors had bumper harvests from their investments.
United Bank for Africa (UBA), Guarantee Trust Holdings, Zenith Bank, and Access Bank Holdings paid N236.43 billion dividend payout in 2022.
While Zenith Bank and GTCo recorded the most attractive dividend-paying stocks in the banking industry.
Source: Legit.ng
