Guaranty Trust Bank Plc (GUARANTY), Nigeria’s biggest lender by market value, advanced the most in seven weeks on speculation of higher profit, according to Lambeth Trust and Investment Co. Ltd.
The stock rose 4.3 percent to close at 15.70 naira in Lagos, the commercial capital, the biggest rally since May 2. Guaranty shares have risen 10 percent this year, compared with a 3.4 percent rise in the Nigerian Stock Exchange All-Share Index.
“Guaranty is a profitable bank and that profit is growing, which means that investors are assured of higher returns in the future,” David Adonri, chief executive officer of Lambeth, said by phone from Lagos today.
Guaranty’s 2011 net income rose 37 percent to 52.65 billion naira ($324 million), the company said in March. First- quarter profit rose 35 percent to 19.3 billion naira, it said April 19.
To contact the reporter on this story: Vincent Nwanma in Lagos at firstname.lastname@example.org
To contact the editor responsible for this story: Dulue Mbachu at email@example.com