The Nigerian Exchange recorded a boost on Monday as Fidelity Bank Plc’s listing of additional shares increased the market capitalisation by N94bn.

This follows the conclusion of the bank’s hybrid offer, which comprised a rights issue and a public offer that were both oversubscribed.

A total of 18.2bn ordinary shares of 50 kobo each were listed on the NGX’s daily official list, arising from the bank’s recently concluded hybrid offer. The rights issue of 3.2bn ordinary shares at N9.25 per share was fully subscribed, while the public offer of 15bn shares at N9.75 per share was oversubscribed by 237.92 per cent.

The development also contributed to the overall market performance, as the All-Share Index declined slightly by 0.34 per cent, closing at 107,455.13 points.

Despite the slight dip in the ASI, the stock market saw improved investor activity, with 129 equities trading, leading to 20 gainers and 35 losers. Nigerian Exchange Group topped the gainers’ chart with a 10 per cent increase, closing at N33.00 per share, followed by Learn Africa and Champion Breweries, which gained 10 per cent and 9.9 per cent, respectively.

Conversely, Ikeja Hotel led the losers’ chart with a 9.92 per cent drop, closing at N10.90 per share. United Capital and Cutix also recorded significant losses of 9.91 per cent and 9.84 per cent, respectively.

In terms of market activity, 308.1 million shares valued at N7.23bn were traded in 15,474 deals, marking a 33 per cent decline in volume and a 49 per cent drop in turnover compared to the previous trading day. Zenith Bank led in traded volume with 32.4 million shares, followed by Fidelity Bank with 19.7 million shares, Access Holdings with 16.9 million shares, and Nigerian Exchange Group with 15.8 million shares.

PUNCH Online reports that the Nigerian Exchange suffered a N421bn loss last week as sustained bearish sentiment pushed the All-Share Index down by 0.62 per cent to close at 107,821.39 points.