GTCO Slides to N2.341trn amidst Substantial Block Trades
The market value of GTCO Plc slid in the stock market amidst huge block trades with foreign interests dominating transactions in the orange-branded financial services company.
According to trading data obtained from the Nigerian Exchange, GTCO’s share price declined slightly to N68.6 as 53.274 million units valued at N3.675 billion were traded in the market.
Out of this, 30 million shares at a unit price of N69 were crossed by stockbrokers between willing buyers and a willing sellers in a deal outside the Nigerian Exchange trading platform.
Foreign portfolio investors have continued to hunt after GTCO shares in the equities market, with sources citing low key man risk and strong corporate governance. Investors, local and foreign, have continued to appreciate the financial services company’s strong earnings and dividend track records.
Its strong business fundamentals, earnings potential, and high level of disclosure would continue to drive increased attention, stockbrokers said in a chat with MarketForces Africa. “Investor activity was mixed, with foreign interests dominating trades in GTCO,” an investment firm said in a note on Wednesday. #GTCO Slides to N2.341trn amidst Substantial Block Trades#
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