FIDELITY BANK MD/CEO DESIGNATE PURCHASES 5 MILLION ADDITIONAL SHARES WORTH N12.97 MILLION, UPS BANK POTENTIAL

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The MD/CEO Designate of Fidelity Bank Nigeria Plc has purchased an additional five million units of the bank’s shares.
 The Managing Director/CEO Designate of Fidelity Bank Nigeria Plc, Mrs. Nneka Onyeali-Ikpe has purchased an additional five million units of the bank’s shares totalling N12.97million.

This is according to a notification, signed by the bank’s Secretary, Mr. Ezinwa Unuigboje, and sent to the Nigerian Stock Exchange Market yesterday, as seen by Nairametrics.

What you should know
The breakdown of the disclosure showed that the transaction took place in five tranches with an average share price of N2.56.

First tranche: 260,190 units of the bank’s share were bought at N2.52 each, amounting to N655,678.8.

Second tranche: 400,000 units of the bank’s share were bought at N2.55 each, amounting to N1.02million.

Third tranche: 130,000 units of the bank’s share were bought at N2.58 each, amounting to N335,400.

Fourth tranche: 2,870,000 units of the bank’s share were bought at N2.60, amounting to N7.46million.

Fifth tranche: 1,339,810 units of the bank’s share were bought at N2.56, amounting to N3.43million.
In summary, the total transactions incurred by the MD in buying 5 million additional shares grossed N12.97million.

The ImplicationsThe recent corporate action indicates growing optimism in the bank’s future and potentials, which could be a pull factor to other investors.

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