GTCO Climbs with Significant Block Trade Deals
Amidst its earning delay, Guaranty Trust Holdings Company (GTCO) Plc market value climbed by 85 basis points to N3.460 trillion as the financial services group recorded significant off market shares transactions.
The financial services company share price inched higher to N95 in a bid to recover from its latest sell pressures, from N94.20 at the beginning of the week.
In the Nigerian Exchange trading platform, GTCO led the activity chart, accounting for 7.96% of the total volume of all trades transacted.
Anchoria Securities Limited reported that several transactions totalling 30 million shares were executed at the same market price of ₦95.00 resulting in a trade value of ₦2.5 billion.
The block deals were conducted outside the Nigerian Exchange, a kind of structured arrangement led by brokers acting on behalf of their clients.
GTCO recorded 32.890 million shares traded valued at N3.124 billion on Tuesday, emerged as the most traded stock in terms of value, with 24.18% of the total value of trade on the exchange.
MarketForces Africa reported that foreign portfolio investors have continued to increase their bets on GTCO due to absence of keyman risks, earnings potential and positive effects of latest listing on London Stock Exchange. Banking, Insurance Sectors Drive NGX Index Higher by 29bps
