GUARANTY Trust Holding Company Plc (GTCO) share price crosses the N100 on Wednesday, July 16 to become the first bank on the Nigerian stock market to hit the mark.
The share broke through the N100 threshold to close at N101 after trading as high as N103.
The bank’s achievement followed its recent dual listing of 2.29 billion ordinary shares on the London Stock Exchange on July 9 and a subsequent listing of 2.28 billion shares on the Nigerian Exchange Limited (NGX) the following day.
Analysts believe that the GTCO stock rally is further buoyed by positive market reaction around its cross-border listing and strong first-quarter earnings.
Opening trading on the NGX floor at N57 this year, its share has gained N44 as of the close of trading on Wednesday.
Speaking during a post-listing media chat in London, the Group Chief Executive Officer of GTCO, Segun Agbaje, reportedly said, “I think we still have a long way to go in terms of finding the right valuations, and if you look at the valuations of most companies in Nigeria, they’re trading below book or just above book.
“So, for discerning people, Nigeria is actually a pretty cheap place to shop at the moment in terms of what you can buy. You have companies that are doing over 30 per cent ROE [return on equity], trading at book or below book value.”
Meanwhile, the Nigerian stock market reported a significant performance on Wednesday as the market capitalisation increased by N1.44 trillion, to close at N81.58 trillion.
The N1.44 trillion gained signals continued investors’ optimism and sustained confidence in the market.
It also reflects deepening market liquidity and heightened investor interest
Despite the overall positive tone, profit-taking persisted as 41 companies’ shares appreciated against 44 companies’ shares that declined during the day’s trading.
Banking stocks remained upbeat gaining 7.02 per cent to close at 1,589.55 basis points.
Consumer goods, industrial goods, and commodities indices also appreciated while insurance and oil and gas indices closed in the red.