On Monday, June 10, 2024, Fidelity Bank emerged as the most traded stock on the Nigerian Exchange (NGX), recording an unprecedented turnover volume of approximately 605.257 million shares. This remarkable achievement came as the bank’s stock price surged by 6.52%, closing at N9.80 per share.
This surge in trading activity follows Fidelity Bank’s announcement of its public offer and rights issue program, which has significantly boosted market interest and activity. For the week ending June 7, 2024, Fidelity Bank also led the market with a turnover volume of 229.613 million shares.
In comparison, Access Holdings was the second most traded stock on Monday, with a turnover volume of 93.067 million shares, followed by United Bank for Africa (UBA), which saw a 2.86% gain and a turnover volume of 58.726 million shares. Nigerian Breweries reported a turnover volume of 45.256 million shares with a 2.38% gain, while Zenith Bank posted a turnover volume of 16.079 million shares and a 4.66% gain.
In terms of turnover value, Fidelity Bank again led the pack with a total value of N6.025 billion. Access Holdings followed with N1.744 billion, Nigerian Breweries with N1.27 billion, UBA with N1.26 billion, and Stanbic IBTC with a turnover value of N572.92 million, alongside a 0.57% gain.
Among stocks valued at over one trillion naira, trading sentiment was generally positive, though eight out of the ten stocks in this category saw no price change. GTCO Holdings recorded a slight gain of 0.13%, and Zenith Bank posted a 4.66% gain. The other high-value stocks, including Airtel Africa, BUA Cement, BUA Foods, MTN Nigeria, Geregu Power, Transcorp Power, Seplat Energy, and Dangote Cement, remained unchanged.
Top-tier banking stocks saw widespread gains, with UBA, GTCO, Access Holdings, and Zenith Bank posting gains of 2.86%, 0.13%, 9.86%, and 4.66%, respectively. However, First Bank of Nigeria Holdings (FBNH) recorded no price change. Overall, the FUGAZ stocks collectively recorded a turnover volume of 181.488 million shares.
The impressive trading volumes and gains underscore the growing investor confidence in Fidelity Bank and highlight a broader positive trend in the Nigerian banking sector.