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Home Markets Equities Stock Market

Fidelity Bank non-Executive Director purchases 3.1 million shares

Omokolade Ajayi by Omokolade Ajayi
November 14, 2020
in Stock Market
Fidelity Bank non-Executive Director purchases 3.1 million shares
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Fidelity Bank Plc has notified the Nigerian Stock Exchange that Chief Charles Umolu, a Non-Executive Director in the bank, has acquired 3,138,000 additional units of Fidelity Bank shares, worth ₦8.8 million.

In line with the Nigerian Stock Exchange policy on insider dealing, the formal disclosure was made by the Bank’s Secretary, Ezinwa Unuigboje.

READ: Covid-19: Nigeria to seek $750 million from World Bank- Finance Minister

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According to the disclosure, Chief Umolu acquired the additional 3,138,000 units of Fidelity Bank shares in three transactions, at an average share price of ₦2.8 per share.

This put the total consideration for the shares purchased by the non-executive director by at ₦8,876,740.00.

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Fidelity Bank Plc’s shares closed the week at ₦2.89 per share on Friday the 13th of November, 2020. This price, however, is 92.7% higher than its 52-week low of ₦1.50.

READ: Investors embrace Nigerian stocks, with portfolio investment rising by N40.5 billion

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READ: Donald Trump bans American investments in companies linked to Chinese military

Why this matters

Dealings by insiders of listed companies are corporate actions to be disclosed, as required by the Nigerian Stock Exchange. Reporting the trade is part of the transparency required by the Exchange and compliance of the bank.

Trade by insiders, particularly purchases, often demonstrates confidence in the financial performance of the companies that they run.

READ: Sanwo-Olu launches Nigeria’s first electric car, to complete Lagos-Badagry expressway

READ: Group Executive Director, others acquire over 3.5 million shares of United Capital Plc

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Tags: Charles UmoluFidelity Bank PlcNigerian Stock Exchange

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