GTCO Holdings and Zenith Bank Become First Banks to Hit N1 Trillion Market Cap
GTCO Holding (NGX:GTCO) stock price increased by 5.5% to N34.4 at the end of today’s trading session, propelling the bank’s market valuation beyond the N1 trillion threshold and earning it a position among the prestigious group of SWOOTs (Stocks Worth Over One Trillion).
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With this feat, GTCO follows in the steps of Zenith Bank, which became the first bank to join the existing group of SWOOTs on Friday, the 23rd of June. Currently, the group of SWOOTs includes Airtel Africa, MTN Nigeria, Dangote Cement, BUA Cement, BUA Foods, Zenith Bank, and GTCO Holdings.
At the close of trading on the 27th of June 2023, the All Share Index of the NGX increased by 1.3% to hit 60,109 points, and the NGX 30 index also increased by 29.13 points to hit 2,173.77 points. The market capitalization also hit N32.74 trillion or $43.96 billion based on an N744.8/$ exchange rate
The notable performance observed in the NGX market in recent weeks indicates the market’s positive reaction to specific economic reforms implemented by the new government. Prominently, one of the key reforms is the exchange rate policy aimed at aligning the exchange rate with a market-determined rate. Speculations regarding the possible removal of the suspended CBN Governor, Godwin Emefiele, and anticipated monetary policy reforms led to the NGX achieving its highest level in 15 years. And the momentum from this surge has continued without diminishing.
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In Q1 2023, the Nigerian Stock Market (NGX) gained 5.82%, as its All-Share Index moved from 51,251.06 basis points at the start of the quarter to 54,232.34 points at the end of the quarter. Similarly, between January and March 2023, the NGX market capitalization increased by N1.63 trillion, resulting in a closing quarter value of N29.54 trillion. The remarkable performance of the NGX is evident in most traded stocks. Specifically, the top ten most valuable companies listed on the NGX have achieved a combined market capitalization of approximately N24.09 trillion, constituting 82% of the total market value.
