Fidelity Bank’s Regional Head purchases additional 1 million shares

Fidelity Bank Nigeria Plc has announced the purchase of additional 1 million units of the Bank’s shares by one of its managers.

By Chidi Emenike

Fidelity Bank Nigeria Plc has announced that one of its General Manager/Regional Head, Mr. Kenneth Opara, has purchased additional 1 million units of the Bank’s shares worth approximately N2.8 million.

In a disclosure, signed by the Bank’s Secretary, Ezinwa Unuigboje, the transaction occurred in two tranches with an average share price of N2.78 per unit.

What you should know

Further checks by Nairametrics revealed that the shares purchased in two tranches were transacted at different prices.

• In the first tranche, 6,000 units were purchased at the price of N2.78 per unit, totalling N16,680.
• In the second tranche, 994,000 units were bought at N2.79, amounting to N2,773,260
• The transaction occurred on the 25th of November, 2020 and was reported inline with the rules of the Nigerian Stock Exchange.
• Nairametrics earlier reported that another Fidelity Bank Non-Executive Director had purchased additional 1 million units of the Bank’s share.

What this means

The recent purchase by top insiders of the bank could portray an optimistic outlook on the bank’s profit in the near future.

Also, the surge might also be attributed to a recent disclosure by the bank that it will close the window for internal purchase of its shares by December 1, 2020, until 24 hours after the release of its audited financials.