Shares of Guaranty Trust Holding Company Plc (GTCO) recorded a slight decline in the Nigerian equities market after a large volume of shares changed hands through a cross-deal executed outside the official Nigerian Exchange (NGX) trading platform.
GTCO’s stock price fell to N63.45 following the sizable block trade, which involved the transfer of over 87 million shares valued at approximately N5.558 billion on Monday.
Market insights from AIICO Capital Limited revealed that 40 million of those shares were priced at ₦63.80 in the off-exchange transaction, highlighting the substantial nature of the cross deal.
At the end of the trading session, GTCO’s market capitalization dipped by 86 basis points—or 0.86%—to close at N2.165 trillion. The valuation is spread across the company’s 34.136 billion outstanding shares listed on the Nigerian Exchange.
Cross deals, which are permissible under NGX rules, allow brokers to internally match large buy and sell orders between clients. These transactions are often employed to reduce price volatility and maintain stability in the stock’s market valuation during high-volume trades.
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