Investors of GTCO, Zenith Bank lose N247.6bn to sell pressures




Sell pressure witnessed on shares of the Zenith Bank Plc and GTCO Plc since the beginning of the year has resulted in investors of both banks losing about N247.623 billion at the close of trading on Wednesday.

According to findings, while shares of GTCO Plc dropped by 19.23 per cent to N21.00 per share N26.00 which was the opening share price in January, Zenith Bank Plc shed 12.72 per cent to N21.95 per share from share price of N25.15 at the commencement of the current year trading in January.

Following low sentiment from FPIs analysis from the NGX has shown that foreign transactions stood at N201.29 billion, accounting for about 13.37 per cent of the total transactions carried out from January to May, while domestic transactions constituted N1.304 trillion, and representing 86.63 per cent of the total transaction, outperforming the foreign investment during the same period.

GTCO closed its trading day at N21.00 per share and N689.153 billion in market capitalisation on the Nigerian Stock Exchange (NGX) as against N26 per share and N765.210 billion in market capitalisation at the beginning of trading in January 2022, hence has earned a loss of N147.155 billion or 19.23 per cent year to date.

Zenith Bank Plc also closed its last trading at N21.95 per share and N689.153 billion in market capitalisation on the Nigerian Stock Exchange (NGX) in contrast to opening figure of N25.15 per share and N789.621 billion in market capitalisation at the beginning of the year on January. The bank has since lost 12.72 per cent and N100.467 billion in market capitalisation.

Guaranty Trust Holding Co’s 2022 first quarter financial result showed a profit of N43.21 billion during the period. This reflects a 5.13 per cent decline year on year. The bank also reported earnings per share of N1.51, a 5.63 per cent drop from the N1.60 reported a year earlier in 2021.

The statement revealed that in the first quarter of 2022, Net interest income grew by 9.09 per cent from N52.43 billion to N57.20 billion in the current period. Guaranty Trust’s profit performance is on the back of margin growth as income from interest and fees and commission income appreciated year on year.

Also, Zenith Bank Plc’s 2022 first quarter financial result revealed a profit of N58.20 billion in the first quarter of 2022. This reflects a 9.68 per cent increase year on year.

The bank also reported earnings per share of N1.85, a 9.47 per cent growth from the N1.69 reported a year earlier in the first quarter of 2021.

The statement revealed that in the first quarter of 2022, net interest income grew by 20.89 per cent from N83.17 billion to N100.54 billion in the current period.

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