Because of the shifting sentiment in the banking index throughout the recapitalization program, investors in stocks continued to liquidate their interests in GTCO Plc despite the company’s impressive earnings for the fiscal year 2023.
The financial stock fell over 22% in April from its highest point of N53.05 to close in the N44 level on the local exchange. GTCO Plc’s market value dropped by more than a fifth in April 2024, despite the business posting massive earnings for the fiscal year 2023.
The shareholders were not impressed by the financial services supermarket’s tantalizing profit, and they promptly sold their shares in the middle of a plan to upgrade banks’ capital bases.
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.
