Shares of Guaranty Trust Holding Company Plc (GTCO) have recorded strong mid-session gains on July 16, 2025, breaking through the N100 mark.
This achievement makes GTCO the first banking stock under the NGX Banking index to shatter the N100 threshold, with Stanbic IBTC Holdings hovering around N99.
This positive momentum mirrors the broader bullish trend in the banking sector, with the NGX Banking Index already up over 22% in July.
It also follows GTCO’s recent dual listing, which saw 2.29 billion ordinary shares admitted to trading on the London Stock Exchange on July 9, 2025, and a subsequent listing of 2.28 billion shares on the Nigerian Exchange the following day.
GTCO’s rally is likely fueled by positive market reaction around its cross-border listing and strong Q1 2024 earnings. The stock has gained over 27% month-to-date.
Market trend:
GTCO began trading on the Nigerian Exchange in 2025, opening in January at N57 and trading a total of 393 million shares that month, closing at N61.05.
Although February started on a bullish note, price action soon lost steam, and the stock closed the month with a muted gain of just 0.25%.
Momentum returned in March with a sharp 12.4% rise, lifting first-quarter performance to a solid 20.7%.
- The second quarter opened on a bearish note, as the stock shed 4.9% in April, its only red month so far.
However, sentiment reversed in May and June, with the quarter closing at 18.10%.
So far in July, the rally has intensified.
- GTCO has shattered the N100 mark and is currently trading between N102 and N103, likely driven by a wave of positive developments and renewed investor confidence.
Possible drivers of bullish action
GTCO’s bullish price action is likely fueled by positive market sentiment, driven by the following factors:
In Q1 2025, GTCO posted a pre-tax profit of N300.4 billion, supported by strong growth in core earnings.
- Interest income rose by 41.1%, while fee and commission income grew by 41.2%.
In mid-June 2025, the CBN directed all banks under regulatory forbearance—due to credit exposure or breaches of single obligor limits—to suspend dividend payments, defer executive bonuses, and halt new investments in FX subsidiaries.
- A source close to GTCO confirmed the company had cleared all regulatory forbearance as of December 2024.
- Following the announcement, GTCO was the only FUGAZ stock to close in the green on the 17th of June 2025, gaining 5.8% as the banking index struggled.
GTCO’s recent move to seek global capital likely lifted investor interest.
- On July 9, 2025, it listed 2.29 billion ordinary shares on the London Stock Exchange’s Main Market, followed by an additional 2.28 billion shares on the Nigerian Exchange the next day.
Commenting on the dual listing, Group CEO Segun Agbaje said GTCO is targeting a minimum dividend yield of 15% and return on equity (ROE) of at least 25% — reflecting confidence in the group’s growth outlook.
