GTCO Plc market value has surged near N1.8 trillion following a successful first tranche equities capital raise on the Nigerian Exchange for recapitalisation of its banking arm.
Newsonspot gathered that investors have been taking positions in the financial services warehouse over stronger earnings expectations.
According to data from the Nigerian Exchange, GTCO reached N61 per share in the market in a steady daily capital appreciation that started after it told the exchange about its first tranche of equities capital raise was successful, with N209 billion raised already.
The positive price movement lifted its market valuation to N1.795 trillion, trading slightly below the 52-week high of N61.2 ahead of earnings. The banking group remained top market movers in the financial services segment in the local bourse.
Its market value has also been projected to cross N1. 8 trillion and perhaps more as the banking name continues to lead the industry’s earnings performance.
