Profit-taking Cost Guaranty Trust Shareholders N2.94billion After Transition
- After two weeks gains, shareholders of Guaranty Trust Holding Company lost N2.94 billion on Wednesday as the stock value of the lender declined
- The commercial bank's market capitalisation dropped from Tuesday's N882.93 billion valuation to N879.99 billion on Wednesday
- The review of Guaranty Trust's stock market performance showed that the company's share value depreciated after five days of appreciation
Some shareholders of Guaranty Trust Holding Company (GTCO) have put an end to the long run of gains recorded by the lender which lasted for about two weeks.
They engaged in profit-taking to take advantage of the rising interest in the company's stock which had gained N1.95kobo within the last five days.
The stock value of GTCO had risen by 6.95 percent to take the financial institution's share price to N30 per share as at Tuesday, June 29, 2021, from N28.05 of last week Wednesday.
Source: Facebook
Although it had traded flat at N30 between last week's Friday to Tuesday this week before the share appreciation was put to an end on Wednesday, dropping to 29.9 percent.
What triggered the gains in GTCO stock value?
The gains occured as the firm transitioned from Guranty Trust Bank on the Nigerian bourse to Guaranty Trust Holding Company, signalling a change in future business and an increase in revenue opportunities.
This potential outlook that seeks to increase value for shareholders improved investors interest in the capital market, leading to increased investment in recent times.
However, profit-taking cost holders of GTCO shares N2.94 billion on Wednesday, as the equity capitalisation fell slightly to N879.99 billion, against the N882.93 billion of Tuesday.
Revenue opportunities for entrepreneurs in Nigeria
Meanwhile, Legit.ng had previously reported that Nigerian business owners have an opportunity to access millions of dollars from VC4A Venture Showcase.
There are funding stages ranging from $250,000 to $1.5 million for Seed startup, and $1.5 million to $10 million for companies in Series A level.
It was gathered that each funding round will give opportunity to eight startups during the showcase. Application will close July 24, 2021.
Source: Legit.ng
