Guaranty Trust Holding Company (GTCO) saw strong demand for its shares on the London Stock Exchange (LSE) on Tuesday, July 15, with its international listing trading under the ticker GTHC surging 14.5 percent in a single session.
The stock closed at $0.08 per share on the LSE, up from $0.07 the previous day, reflecting growing investor appetite since its cross-border listing on July 9. When converted at the prevailing exchange rate of N1,529/$ on Tuesday, the LSE price equated to roughly N122.32 per share. That figure stands around 30 percent higher than GTCO’s closing price of N93.85 on the Nigerian Exchange (NGX).
This pronounced price gap has caught the attention of local investors, who see a clear arbitrage opportunity between the two markets. As trading resumes on the NGX on Wednesday following a public holiday on July 15, analysts expect heightened buying interest from investors seeking to narrow the valuation gap.
Trading data from the LSE on Tuesday underlines this shift in focus: GTHC recorded a significant volume of 17.49 million shares on a day when its home market in Lagos was closed. The cross-listing strategy has quickly paid off in visibility and liquidity, with the LSE price up 33.3 percent from its listing level of $0.06 on July 9.
By contrast, the performance on the Nigerian market has been more measured. Since early July, GTCO’s share price on the NGX has risen by 9 percent, moving from N85.95 to N93.85. Despite this slower pace, the stock remains the best-performing banking stock in Nigeria so far this year, delivering a 64.7 percent year-to-date return.
Investors and analysts are also looking ahead to the next catalyst: the simultaneous listing of 2.29 billion newly issued shares on both the LSE and NGX, scheduled for July 31. The company’s latest equity offering is expected to boost liquidity on both markets and deepen the pool of investors participating in Nigeria’s most valuable banking group.
Market watchers say GTCO’s dual-listing strategy is designed not just to raise fresh capital, but also to broaden its investor base and bolster its international profile at a time of continued interest in Nigerian financial assets despite currency volatility and macroeconomic headwinds.
For local shareholders, the recent price action on the LSE offers a reminder of the potential value of cross-border listings and the opportunities—and risks—that come with trading in global markets.