GTCO Dips Slightly over Huge Cross Trade
GTCO’s share price declined slightly in the equities market as an unidentified broker crossed huge share volume outside the Nigerian Exchange (NGX) trading platform.
The financial stock declined to N63.45 in the equities market as trading records showed that more than 87 million of GTCO, valued at about N5.558 billion, exchanged ownership on Monday.
A Lagos-based investment firm, AIICO Capital Limited, hinted in its market update that 40 million shares of GTCO were priced at ₦63.80 in a crossed deal.
At the close of the trading session, GTCO’s market value declined by 86 basis points, or 0.86%, to close at N2.165 trillion, spread over its 34.136 billion shares outstanding in the Nigerian market.
Cross deal which is permitted in Nigerian market, allows stockbroker to pair two offsetting customer orders. The block transaction effectively stem price volatility on the stock. #GTCO Dips Slightly over Huge Cross Trade#
