GTCO Surpasses N3trn on NGX as London Trading Commences
Guaranty Trust Holdings Company (Ticker: GTCO) Plc market value surpassed N3 trillion in the equities segment of the Nigerian Exchange (NGX) on Wednesday over heated up demand for organ-branded financial services company.
Investors increased their stakes in GTCO amidst expectation of strong earnings, improve corporate governance and healthy dividend track records.
Data from the Nigerian Exchange showed that Ticker: GTCO climbed to N88 in the equities as 18.229 million shares valued at over N1.6 billion exchanged hand in the local bourse.
The significant volume of GTCO shares traded pushed the financial services institution’s market value upward by 2.39% to settle at N3.004 trillion, data from the Nigerian bourse revealed.
GTCO has seen influx of offshore investors participation as analysts noted near zero key man risk, healthy earnings and dividend history suitable for its shareholders profiles.
The banking group is trading at fair discount to its highest market value achieved in the stock market in the last 52-week – it had peaked at N90 per share before a moderate pullback.
On Wednesday, the financial services company started to trade in London Stock Exchange following a successfully priced primary equity offering.
In a statement, the financial service group said its 36.4 billion of its ordinary shares has been admitted to the main market of the London Stock Exchange for immediate trading and dealing, according to a statement on its website.
GTCO announced that its entire issued share capital, consisting of 36,425,229,514 shares, has today been admitted to the equity shares (international commercial companies’ secondary listing) category of the Official List of the United Kingdom Financial Conduct Authority.
In addition, the holding company highlighted that its shares are now trading under ticker GTHC, and plan to change to GTCO after cancellation of its GDRs. #GTCO Surpasses N3trn on NGX as London Trading Commences#
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