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HomeCompany NewsFidelity Bank achieves record single-day turnover of over 600 million shares

Fidelity Bank achieves record single-day turnover of over 600 million shares

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In a remarkable performance on the Nigerian Exchange (NGX), Fidelity Bank dominated trading activity on Monday, June 10, 2024, with a record-breaking turnover volume of approximately 605.257 million shares.

This significant market movement saw the bank’s stock rise by 6.52%, closing at N9.80 per share.

This surge in activity follows the announcement of Fidelity Bank’s public offer and rights issue program, which has spurred heightened investor interest.

For the week ending June 7, 2024, Fidelity Bank had already emerged as the top-traded stock, with a turnover volume of 229.613 million shares.

Trailing Fidelity Bank, Access Holdings recorded the second-highest turnover volume at 93.067 million shares.

United Bank for Africa (UBA) followed with a 2.86% gain and a turnover volume of 58.726 million shares. Nigerian Breweries posted a 2.38% gain with a turnover volume of 45.256 million shares, while Zenith Bank recorded a 4.66% gain and a turnover volume of 16.079 million shares.

In terms of turnover value, Fidelity Bank led the market with a staggering N6.025 billion. Access Holdings followed with a turnover value of N1.744 billion, Nigerian Breweries with N1.27 billion, UBA at N1.26 billion, and Stanbic IBTC posted a turnover value of N572.92 million with a 0.57% gain.

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The trading sentiment for stocks valued over one trillion Naira remained positive, although eight out of the ten stocks saw no price changes. GTCO Holdings posted a marginal gain of 0.13%, while Zenith Bank increased by 4.66%.

Other major players in this category, such as Airtel Africa, BUA Cement, BUA Foods, MTN Nigeria, Geregu Power, Transcorp Power, Seplat Energy, and Dangote Cement, experienced no price changes.

Top-tier banking stocks showed robust gains across the board. UBA, GTCO, Access Holdings, and Zenith Bank recorded gains of 2.86%, 0.13%, 9.86%, and 4.66% respectively. However, First Bank of Nigeria Holdings (FBNH) saw no change in its stock price.

The FUGAZ stocks, which include Fidelity, UBA, GTCO, Access Holdings, and Zenith Bank, collectively recorded a turnover volume of 181.488 million shares, underscoring the strong trading activity in the banking sector.

This impressive performance by Fidelity Bank and other leading stocks reflects a positive market sentiment and investor confidence, driven by strategic corporate actions and robust financial outlooks in Nigeria’s dynamic financial landscape.

(Edited by Oludare Mayowa; omayowa@globalfinancialdigest.com; Newsroom: +234 8033 964 138)

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