Monday marked a bustling trading session for investors as 96.63 million units of GTCO shares were actively traded on the NGX.
This significant volume accounted for 23.4% of the market’s overall activity in terms of the volume of shares traded today.
As of now, the reason behind this surge in trading volume remains unclear. However, traders with cursory knowledge of the trade informed Nairametrics that it was a cross-deal between two foreign portfolio investors.
- However, the details of the people behind the trade were not known at the time of going to press.
- Another source suggested it could be a strategic move by insiders in the bank to take significant positions ahead of a likely capital-raising effort that is imminent.
- By the close of trading, GTCO shares demonstrated a strong performance, ending in bullish territory. The shares appreciated by N0.80, closing at N41.90.
- This increase represents a 1.95% gain, highlighting a positive day for GTCO in the market.
Investors excited: Some investors who spoke to Nairametrics expressed excitement with the trade as they opined it is the first major sign that foreign portfolio investor appetite for Nigerian equities is back on.
Nigerian equities posted a first weekly gain in two weeks when stocks gained 2.6% taking the All Share Index to 101,330.85 points.