Fidelity Bank Gets Price Stock Category Upgrade at NGX

By Aduragbemi Omiyale

The price stock category of Fidelity Bank Plc in the equity market has been reclassified and upgraded by the Nigerian Exchange (NGX) Limited.

The lender was formerly in the small-price stock level, but with the upgrade, it has been moved to the medium-price stock region, a statement from the bourse on Friday confirmed.

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

This indicates that the financial institution has been trading above N5 on the stock exchange for at least four months in the last six months, prompting its reclassification from small-price stock to medium-price stock.

This is in line with Rule 15.29 of the Rulebook of The Exchange, 2015 (Dealing Members’ Rules), which 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.