GTCO Rises Softly, Investment Firm Sets N110 as Target Price
The market value of GTCO’s 36.425 billion outstanding shares in the Nigerian stock market settled at N3.132 trillion on Friday amidst price fluctuation.
The financial services company’s share price rose to N86 week on week, with significant trading volume on record on the Nigerian Exchange (NGX) trading platform.
GTCO peaked at N88.50 on Thursday after the government announced a plan to adjust capital gain tax. A significant selloff on Tuesday had plunged GTCO’s share price down by 10% to N78.
The market recorded significant offshore participants showing interest in the orange-branded financial services group. Transactions involving more than 17.7 million units of GTCO valued at N1.530 billion on Friday dragged its share price to N86 on Friday from N88.50.
GTCO shares outstanding totalling 36.425 billion was valued at N3.132 trillion, which is about a 17% discount to its highest value reached in the last 52 weeks on NGX.
In its stock recommendation, Anchoria Securities Limited guided investors to buy GTCO, citing 29.65% upside potential as the target price of N110.20.
Anchoria Securities Limited sees GTCO as one of Nigeria’s most fundamentally sound financial institutions, supported by strong profitability, operational efficiency, and consistent shareholder returns.
The group’s focus on digital transformation continues to enhance cost efficiency and customer acquisition, the investment firm stated in its stock recommendation note.
Analysts said GTCO’s capital adequacy and liquidity ratios remain solid, positioning it to benefit from rising interest rates and stronger loan growth.
GTCO gets the investment firm’s buy rating for strong earnings momentum, dividend consistency, and sector leadership. #Zenith Bank Soars by 10% in Fresh Rally
