Fidelity Bank’s Additional Share Listing Lifts NGX By N94bn

The Nigerian Exchange (NGX) had seen a boost in market capitalisation on Monday, 3 March, 2025, as Fidelity Bank Plc’s listing of additional shares added N94 billion to the exchange.

This came after the successful conclusion of the bank’s hybrid offer, which included both a rights issue and a public offer that were oversubscribed.

A total of 18.2 billion ordinary shares of 50 kobo each were added to the NGX’s official list, reflecting the outcome of the offer. The rights issue, which involved 3.2 billion shares at N9.25 per share, was fully subscribed, while the public offer of 15 billion shares at N9.75 per share saw an oversubscription of 237.92 percent.

Despite this positive development, the broader market saw a slight decline, with the All-Share Index (ASI) slipping by 0.34 per cent to close at 107,455.13 points. However, investor activity remained strong, with 129 equities traded, leading to 20 gainers and 35 losers.

Nigerian Exchange Group led the gainers’ chart with a 10 percent rise to close at N33.00 per share, followed by Learn Africa and Champion Breweries, which gained 10 percent and 9.9 percent, respectively.

On the losing side, Ikeja Hotel suffered the biggest drop of 9.92 percent, closing at N10.90 per share, while United Capital and Cutix recorded losses of 9.91 percent and 9.84 percent, respectively.

Trading activity saw 308.1 million shares worth N7.23 billion exchanged in 15,474 deals, reflecting a 33 percent decline in volume and a 49 percent drop in turnover from the previous session. Zenith Bank led in traded volume with 32.4 million shares, followed by Fidelity Bank with 19.7 million shares, Access Holdings with 16.9 million shares, and Nigerian Exchange Group with 15.8 million shares.

The NGX had previously recorded a N421 billion loss last week, as persistent bearish sentiment pushed the All-Share Index down by 0.62 percent to close at 107,821.39 points.