IN what looked like a bang, investors moved by different sentiments swooped on the shares of two Deposit Money Banks, pushing their outstanding shares to record highs.
Even though details on this huge volume trading remained sketchy at the time of filing the report, the trading transaction according to keen market watchers may represent attempts by some market stakeholders and speculators to increase their stake in the bank considering the impressive financial year 2020 audited results recently released by the bank.
At the close of trading on Thursday, a total volume of 230.37 million units of shares of Guaranty Trust Bank Plc valued at N7.39 billion were traded.
This represents 44.12 per cent of the total market volumes of 522.17 million while the value of GTBank’s shares traded represents 69.35 per cent of the total market value traded which was put at N7.39 billion.
This is compared though with a wide margin, with a total volume of 1.00 billion units of shares of Unity Bank Plc valued at N700.69 million traded at the close of trading on March 18, 2021.
As details on this huge volume trading remained sketchy, industry analysts attribute the trading transaction to attempts by key stakeholders in the bank to recapitalize and resolve the negative shareholders’ fund currently recorded by the financial institution.
Furthermore, the GTBank’s volume traded represents 0.78 per cent of the lender’s total shares outstanding put at 29.43 billion shares while the value of the shares traded also represents 0.76 per cent of GTB’s market capitalization of N968.29 billion as of March 29, 2021.
A comparison of the lender’s volume traded on that day with the previous day’s traded volume revealed that it increased by 1064 per cent.
This explains that the share price of Guaranty Trust Bank moved up by a tick size of +4.28 per cent to close at N32.90k at the close of trading on that day.
Year-to-date, the bank’s shares have moved up by +1.70 per cent as against -1.93 per cent year to date (YTD) return recorded by the NSE All Share Index (ASI), outperforming the broad market index by 3.63 per cent.
Similarly, the Unity Bank’s performance represents 68.17 per cent of the total market volumes of 1.47 billion while the value of Unity Bank’s shares traded represents 11.97 per cent of the total market value traded which was put at N5.85 billion.
The volume traded represents 8.56 per cent of Unity Bank’s total shares outstanding put at 11.69 billion shares while the value of the shares traded also represents 8.56 per cent of Unity Bank’s market capitalization of N8.18 billion as of March 18, 2021.
A comparison of the lender’s volume traded with the previous day’s traded volume revealed that it increased by 279,248 per cent.
The share price of Unity Bank moved down by a tick size of -2.78 per cent to close at N0.70k at the close of trading on that day.
Year-to-date, available records show that Unity Bank’s shares have moved up +2.94 per cent as against -3.37 per cent Year to date (YTD) return recorded by the NSEASI, outperforming the broad market index by 6.31 per cent.
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