The Nig equity markets mostly ignored the spike in oil prices ,assuming that military action in Iran would be brief – until last week
As damage to oil and gas facilities in the Middle East escalated and signs of an ” off -ramp” from the war diminished, investors seemed to be struggling with the economic implications of the conflict in the intermediate term.
We may be at a turming point when macro concerns re emerge in the markets, and that has important implications for investment strategy.
In the last few weeks ,the non availability of gas to power electricty and the ever recurring breakdown of our grid system have underpinned the current situation to be very unbearable for virtually all economic activities.
The effect on the pump price of petrol according to available reports have been felt mostly in Nigeria has the pump price rose from N800 per litre to around N1500 per litre, with a slight drop in price to N1340 per litre a few days, following respite from the war mongers temporarily.
Of course, that has translated into a lot of hardship to peoole who are merely surviviving with the eroded disposable income due to increase in general price levels of Consumer purchasing index (CPI).
It is against this backdrop that we take a look. at the performance at NGX for the week ended 18th March, 2026 and how it has affected the performance of Wema bank’s share performance in the week under consideration below, even though the market seemed to be immune against the general economic trend in the country.
GENERAl REVIEW
The market opened for three days the week under consideration because of ED-EIL FITRI holidays.
The NGX All Share -Index and Market Capitilization appreciated by 1.39% to close the week at 201,156.86 and N129.126 trillion respectively.
Trading in the banking sector ended on a strong bullish note as the sector appreciated in the marker by 4.31%
Wema gained 3.85% to close the week at N27.80, with a weekly volume of 335,150,409 units as against 138,316,201 in the previous week.
As predicted in the last report, there appears to be strong investors sentiments towards Wema bank , but trading below the Major resistant level of N28.00.
80 % of the trades were between N26.05-N27.65.
This is just to confirm the sharp increase in trading volumes and price levels suggests the need for disciplined positioning.
Investors should remain mindful of potential short term volatility.
CONCLUSION
This year’s Nig Equity action has been characterized by index – level resilience but idiosyncratic subsurface extremes.
It appears 2026 seemed to hinge on realization of ambitious profit forecasts.
The 2026 bull case is slowly undermined, and we may be grinding towards an inflecton point where macro again overwhelms the idiosyncratic.
Vigilance is required, as violent is apt to continue.
With the first quarter’s end approaching, investors are acknowledging that 2026 has so far not been what most pundits predicted to happen in a bull market expected to be powered by unprecedented combination off AI – driven capex, fiscal and monetary stimulus leading to improved GDP growth, where Nigeria’s GDP expanded to 4.07% in the fourth quarter of 2025, but with high hopes of projected GDP of S334bn in 2026.
In line with the foregoing ,we recommend a buy and hold option for Wema Bank’s Shares.
Tunde Sobamowo
Financial Advisor
DISCLAIMER:
This report does not constitute an offer to sell or the solicitation of an offer to buy the shares of Wema.
Kindly consult your stockbroker or accountant for further information before investing .
This material ,or any portion thereof may not be reprinted ,sold or redistributed without the written consent of Global Asset Management Nig Ltd .
Wema-Bank-Share-Price-Weekly-Research-Report-18th-March-2026
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