The Nigerian Exchange (NGX) saw a significant boost on Monday, following the listing of additional shares by Fidelity Bank Plc, which increased the market capitalisation by N94 billion.
This surge comes after the successful conclusion of the bank’s hybrid offer, which included both a rights issue and a public offer both of which were oversubscribed.
A total of 18.2 billion ordinary shares, each valued at 50 kobo, were added to the NGX’s daily official list as part of this offering.
The rights issue, which comprised 3.2 billion ordinary shares priced at N9.25 each, was fully subscribed.
Meanwhile, the public offer, which featured 15 billion shares at N9.75 each, was oversubscribed by a notable 237.92 per cent.
Despite the overall market performance showing a slight dip— with the All-Share Index (ASI) dropping by 0.34 per cent to close at 107,455.13 points—the listing of Fidelity Bank shares helped to improve investor sentiment.
This was further reflected in the trading activity, which saw 129 equities changing hands, with 20 gainers and 35 losers.
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Among the top gainers was Nigerian Exchange Group, which rose by 10 per cent to close at N33.00 per share. Learn Africa and Champion Breweries also saw notable gains, with both stocks increasing by 10 per cent and 9.9 per cent, respectively.
On the other hand, Ikeja Hotel led the losers’ chart, with a 9.92 per cent drop to N10.90 per share. United Capital and Cutix were also among the biggest decliners, losing 9.91 per cent and 9.84 per cent, respectively.
Market activity saw 308.1 million shares traded, valued at N7.23 billion, across 15,474 deals.
However, trading volumes and turnover declined compared to the previous session, dropping by 33 per cent and 49 per cent, respectively.
Zenith Bank topped the volume chart with 32.4 million shares traded, followed by Fidelity Bank, Access Holdings, and Nigerian Exchange Group.
The positive movement in Fidelity Bank’s listing helped cushion the impact of broader market trends, although the Nigerian Exchange Group’s report last week highlighted a N421 billion loss, which was driven by bearish sentiment that saw the ASI fall by 0.62 per cent to close at 107,821.39 points.
Despite these mixed developments, the market’s activity remains closely watched, as investors continue to monitor the trends and reactions to the ongoing corporate actions.
