GTCO Lost 22% of Its Market Value despite Oversize Profit
Jumbo profit delivered for the financial year 2023 failed to stop equities investors from selling their holdings in GTCO Plc due to changing mood on banking index amidst the recapitalisation program.
In April, the financial stock has lost about 22% from its peak price of N53.05 to settle much lower at N44 brackets range in the local bourse.
Even though GTCO Plc produced enormous earnings for the fiscal year 2023, the company’s market capitalization has fallen by more than a fifth in April 2024.
The financial service supermarket mouth watering profit failed to impress shareholders, who quickly sold their interest amidst plan to upgrade capital base for banks.
Ticker: GTCO has seen strong rally in recent months due to increase popularity of the brand in the market and solid earnings expectations that match its growing exposure to oil and gas business.
According to information from the Nigerian Exchange, the orange brand financial services holding company’s market valuation has declined by about 22% in April. Its market value printed lower at N1.218 trillion on Friday at a unit price of N41.4.
