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Guaranty Trust Holding investors lose N2.94bn as firm completes restructuring

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Guaranty Trust Holding Company (GTCO) investors have lost N2.94 billion as the company’s stock value dropped with just 24 hours to its complete restructuring.

Ripples Nigeria analysis of the GTCO’s stock price revealed that its market value has dropped by 0.33 percent in the last two days.

The company’s stock price dropped from N29.55 kobo per share to N29.45 kobo on Tuesday.

GTCO’s share traded flat at the end of trading on Wednesday, but not before dropping to as low as N29.25 kobo during intraday trading.

READ ALSO: Guaranty Trust Bank records N50.4bn profit in 3 months

The 0.33 percent decline in stock value dragged the firm’s market capitalization downward from N869.69 billion recorded on Monday to N866.74 billion 24 hours later.

While some shareholders might have sold off their shares to protect their investment close to the new phase, the company said in a statement the restructuring would enhance its long-term growth prospects and competitiveness.

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