Guaranty Trust Holding Company Plc (GTCO) hit a milestone on Wednesday, July 16, as its share price closed at N101, making it the first Nigerian bank stock to exceed the N100 mark, NaijNaira can report.
The development comes a week after GTCO listed 2.29 billion shares on the London Stock Exchange and followed up with 2.28 billion on the Nigerian Exchange, according to data from the NGX.
The stock reached an intraday high of N103 before settling at N101, reflecting increasing demand driven by investor confidence.
GTCO opened the year trading at N57, marking a N44 increase and over 77% growth in value by mid-July.
Analysts credit this momentum to the firm’s dual listings and solid Q1 performance, which appears to have strengthened market interest.
During a post-listing press event in London, Group CEO Segun Agbaje stated, “Nigeria is actually a pretty cheap place to shop at the moment in terms of what you can buy.”
He added, “You have companies doing over 30 per cent ROE, trading at book or below book value.”
Meanwhile, the Nigerian stock market gained N1.44 trillion in capitalisation on Wednesday, closing at N81.58 trillion, a move that underscores sustained investor confidence.
Article updated 4 weeks ago. Content is written and modified by multiple authors.
