GTCO share price crosses N100 as LSE dual listing drives investor demand

BY TEMITOPE ADEBAYO

Guaranty Trust Holding Company Plc (GTCO) has become the first Nigerian banking stock to surpass the N100 mark, following a month-long rally driven by strong investor appetite and renewed confidence after its dual listing on the London Stock Exchange (LSE).

The stock, which was valued at N71.50 on June 16, surged by 41.26 per cent to close at N101.00 on July 16, with an intraday high of N103.20. This performance followed GTCO’s landmark cross-listing on the LSE on July 10, a move analysts say signalled renewed foreign inflows and elevated investor sentiment, both locally and internationally.

The stock’s rally began on June 17 when it gained N4.15 to close at N75.65. This upward momentum continued with steady gains of N3.35, N0.75 and N5.20 in subsequent sessions, pushing the price to N84.95 by June 20. Though it saw a mild pullback to N82.50 by June 27 and dipped further to N80.00 by July 2, a strong rebound followed.

For instance, from July 3, the stock climbed steadily, adding N2.75, N0.45, N1.30, and N1.45 over successive sessions to hit N85.95 by July 8. By July 9, it had reached N88.00. On July 10, the day of its LSE debut, the stock jumped N2.50 to close at N90.50, then gained N3.60 on July 11 to reach N94.10.

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Although it declined marginally to N93.85 by July 14, GTCO surged again on July 16, adding N7.15 or 7.62 per cent to close at N101.00 — cementing its position as the first Nigerian bank stock to break the psychological N100 threshold.

GTCO’s Group Chief Executive Officer, Mr Segun Agbaje, described the dual listing as a significant milestone, but noted that Nigerian equities remain undervalued. “Most Nigerian companies are trading at or below book value, despite delivering returns on equity above 30 per cent. For discerning investors, Nigeria currently offers significant value,” Agbaje said in London.

He also highlighted GTCO’s broader growth plans, which include strengthening operations across West and East Africa and building out its non-banking subsidiaries to diversify revenue and expand its pan-African footprint.

Market analysts expect GTCO’s recent performance to spur further foreign interest in Nigerian banking stocks, especially as dual listings and corporate expansion strategies begin to reshape investor outlook for the sector.