Guaranty Trust Holding Company (GTCO) Plc has crossed the N1.8 trillion market capitalization mark amid strong investor demand ahead of its earnings release.

Data from the Nigerian Exchange (NGX) revealed that GTCO’s share price surged to a new 52-week high of N61.25 over the weekend. The banking group’s stock has maintained a steady upward trajectory, consistently breaking resistance levels throughout the past week.

With 29.431 billion outstanding shares, the company’s market value climbed above N1.8 trillion as high trading volumes favored buy-side investors. Analysts believe GTCO’s 2024 earnings performance will remain strong, driven by a high-interest-rate environment and foreign exchange gains.

Cordros Capital Limited, in its latest review, noted that GTCO’s cost leadership has helped maintain robust profit margins. The firm highlighted that the HoldCo’s nine-month 2024 earnings surpassed N1 trillion, supported by strong growth in both core and non-core income lines.

Anticipating further earnings expansion, Cordros Capital raised its target price for GTCO shares by 23.7%, from N58.88 to N72.85, while maintaining a “BUY” rating. The firm expects the group to benefit from elevated interest rates, currency depreciation-induced gains, and strong cost management.

However, analysts also cautioned that regulatory pressures and macroeconomic challenges could pose potential risks to GTCO’s outlook.