Bloomberg News

Fidelity Bank Nigeria Rises Most in 4 Months After Year Low

June 08, 2012

Fidelity Bank Plc (FIDELITY), a Nigerian lender, climbed the most in more than four months, rebounding from the lowest this year.

The stock rose by the daily limit of 5 percent to close at 1.26 naira in Lagos, the commercial capital. The stock traded at 1.20 naira on June 6, the lowest since Dec. 8.

“The current prices present an opportunity for a technical investor to come in because the stock is trading at the lower end of its price range this year,” Adesoji Solanke, a Lagos- based Africa bank analyst at Renaissance Capital, said by phone today.

To contact the reporter on this story: Vincent Nwanma in Lagos at vnwanma@bloomberg.net

To contact the editor responsible for this story: Dulue Mbachu at dmbachu@bloomberg.net


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