Fidelity drives NGX early rally as investors swoop on bank stocks by Iheanyi Nwachukwu
After muted days of buy activities, Nigeria’s stock market recorded early rally on Friday as invested pounced on the stocks of Fidelity Bank Plc.
As at 11am, the NGX All Share Index (ASI) was up by 0.19 percent to 109,385.94 points. Fidelity Bank was up to N18.60, after adding N1.255 (6.63 percent).
After Thursday’s negative close, Vetiva analysts said in their post trading commentary that, “With market breadth weakening and key sectors under pressure, investors may stay defensive unless renewed buying interest emerges in oversold key names. Barring a strong rebound in the banks or consumer goods space, the market looks set to close the week on a softer note”.
BusinessDay had ahead of Friday’s trading told investors to buy into recent dip in the stock market, specifically why they should hold or buy the Fidelity Bank stocks.
Fidelity Bank’s recent financial results provide further context. The lender recorded a Profit Before Tax of N105.8 billion in the first quarter of 2025, up 167.8 percent from the same period in 2024. Gross earnings also rose by 64.2 percent year-on-year to N315.4 billion, driven by both interest and non-interest income.
On the balance sheet, the bank’s total deposits climbed to N6.6 trillion, representing an 11.1 percent increase year-to-date, while net loans and advances rose by 5 percent to N4.6 trillion. These figures suggest sustained liquidity and the capacity to manage lending and investment operations effectively.
As published on the BusinessDay Website.
