Guaranty Trust Bank (GTBANK) Plc, Nigeria’s third-biggest lender by market value, rallied the most in nine months on speculation it will raise its dividend this year.

The stock gained the most since April 6 2010, adding 95 kobo, or the maximum daily limit of 5 per cent, to N19.95 by the end of trading on Wenesday.

According to Bloomberg, “  Its pay-out ratio was the best in the industry last year, both in dividend and bonus, so investors are taking positions now.  Chinenyem Anyanwu, Chief Executive Officer of Dependable Securities Limited  said by phone Tuesday from Lagos”.
Guaranty paid a dividend of 75 kobo and gave a bonus of one share for every four already held last year.

“I am speculating that it will pay a dividend of N1.00 a per share and give a bonus of one share for four shares held this year,”
Eugene Ezenwa, Chief Operating Officer of Sterling Stockbrokers Limited., a Lagos-based brokerage, said by phone. .

Nigerian banks last year changed their year-end to December, following a directive from the central bank for the nation’s lenders to adopt a common year-end.