GTCO Hits N2.9T as Investors Eye Bank with Unrestricted Dividend
GTCO Plc soared on investors’ confidence that pushed its market value to about N2.9 trillion at the close of the trading session on Friday. The financial services holding company’s stock market price surged by 21.3% as foreign and local investors increased their positions, eyeing banking stock with unrestricted dividend payment ahead of second quarter earnings season.
The banking index saw intermittent but sharp selloffs last week following a directive that stopped banks with forbearance from paying dividends to shareholders until they are cleared. Data also showed that GTCO has one of the lowest exposures to oil and gas at 38.23% versus Fidelity Bank’s 221.3%.
GTCO hits a new 52-week high at N84.95 on Friday when 21.063 million shares valued at N1.704 billion exchanged hands in the market. The orange-branded financial services holdings share price had opened the week at N71.5 before healthy investors’ confidence triggered the rally that last all week.
Despite the Central Bank of Nigeria’s directive, GTCO was excluded from one-day sell pressure that shook the equities market last week. GTCO emerged as early movers, having fully exited its forbearance position well ahead of the June 2025 deadline.
In its 2024 investor call, the group disclosed that it no longer carries any forborne exposures and highlighted a more conservative lending posture, Meristem Securities Limited said in a commentary note.
This was evidenced by a deceleration in loan growth to 12.32% in 2024 from 31.52% the prior year. Stockbrokers explained that GTCO will still declare interim dividends as its usual ritual to match shareholders profiles. #GTCO Hits N2.9trn as Investors Eye Unrestricted Dividend Paying Stock SAHCO: Analysts See Upside Potential on Strong Earnings Profile
