Fidelity Bank Plc’s additional share listing on the Nigerian Exchange boosted market capitalisation by N94 billion on Monday.
This followed the successful completion of its oversubscribed hybrid offer, which included a rights issue and a public offer.
A total of 18.2 billion ordinary shares of 50 kobo each were listed on the NGX following Fidelity Bank Plc’s recently concluded hybrid offer.
The rights issue of 3.2 billion shares at ₦9.25 per share was fully subscribed, while the public offer of 15 billion shares at ₦9.75 per share was oversubscribed by 237.92%.
Despite this development, the overall market performance saw a slight decline, with the All-Share Index dropping by 0.34% to close at 107,455.13 points.
Ikeja Hotel led the losers’ chart with a 9.92% drop, closing at ₦10.90 per share. United Capital and Cutix also recorded significant losses of 9.91% and 9.84%, respectively.
In terms of market activity, 308.1 million shares worth ₦7.23 billion were traded across 15,474 deals, representing a 33% decline in volume and a 49% drop in turnover compared to the previous trading day. Zenith Bank led in traded volume with 32.4 million shares, followed by Fidelity Bank (19.7 million shares), Access Holdings (16.9 million shares), and Nigerian Exchange Group (15.8 million shares).
