SAT, JULY 22 2023-theGBJournal |Nigerian Exchange Limited (NGX) has announced the reclassification of Fidelity Bank Plc from Small price stock to Medium price stock.
Rule 15.29 of the Rulebook of The Exchange, 2015 (Dealing Members’ Rules) 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.
According to NGX, Fidelity Bank Plc traded above the N5.00 mark on 20 February 2023 and has remained above the N5 mark up until close of business on 30 June 2023.
”This indicates that FIDELITYBK has been trading above N5 for at least four months in the last six months. Therefore, it should be reclassified from Small price stock to Medium price stock,” NGX said.
With over 7.2 million customers who are serviced across its 250 business offices and various other digital banking channels, Fidelity Bank is focused on select niche corporate banking sectors as well as Micro Small and Medium Enterprises (MSMEs).
It began operations in 1988 as a Merchant Bank. In 1999, it converted to Commercial Banking and then became a Universal Bank in February 2001.
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