Wema Bank Plc Share Price Weekly Performance Report (7th August 2026)

Highlights of the Global Asset Management research report on Wema Bank
Plc as of (7th August 2026)

1. Share price position
Closing price: ₦28.70
52-week range: ₦14.95 – ₦36.00
YTD gain: 40.69%
QTD: +10.38%
MTD/WTD: -1.03%
The stock had corrected sharply the previous week but showed signs of
stabilization during 3–7 August.

2. Wema underperformed the banking sector
The NGX Banking Index gained 2.33% during the week, whereas Wema
declined 1.03%.
The strongest banking performers included:
FCMB: +13.10%
FBNH: +12.23%
AccessCorp: +2.47%
Zenith: +1.98%
UBA: +0.90%
Wema was, therefore, among the weaker performers for the week.

3. Important positive technical signal — selling pressure appears to be
easing
Wema traded between approximately ₦27.85 and ₦29.85, closing at ₦28.70.
More importantly, the stock:
fell to around ₦28.34 early in the week;
subsequently recovered through ₦28.36, ₦28.71 and ₦28.94;
did so while trading volume declined.
The report interprets falling volume alongside price
stabilization/recovery as evidence that aggressive selling may be
running out of steam.

4. Trading volume fell substantially
Only 22.55 million Wema shares traded during the week, compared with
33.49 million the previous week — approximately a 33% decline.
This is significant because the previous week’s 8.8% price fall occurred
on much heavier volume. The report, therefore, sees the latest week’s
lower volume and price stabilization as a materially healthier pattern.

5. Key technical levels
The report identifies:
Level
Significance
₦27.98
Immediate/key short-term support
₦28.00
Intermediate support
₦25–26
Next major support zone
₦30.79
15-week moving-average resistance
₦34–36
Potential upside/retest zone
₦36.00
Major resistance
A weekly close below ₦27.98 would be a warning signal and could expose
the share to ₦25–26. Conversely, a move back above ₦30.79 on strong
volume would provide a much stronger confirmation that the correction is
over.

6. Fundamentals remain very strong
This is probably the most important part of the report.
Wema’s H1 2026 results showed:
Profit Before Tax: ₦154.56bn — +53.65% YoY
Profit After Tax: ₦131.37bn — +50.12%
Interest income: ₦342.64bn — +42.7%
Net interest income: ₦195.45bn — +51%+
Total assets: ₦5.76tn versus ₦5.07tn at end-2025
Loan book: ₦2.12tn
Net trading income: ₦21.53bn — +650%+
So, fundamentally, the business performance is substantially stronger
than the recent share-price behavior suggests.

7. The major negative: EPS dilution
Despite the huge increase in absolute profits, EPS declined from ₦7.13
to ₦6.55.
The report attributes this to the enlarged share base following
recapitalization.
This is an important valuation overhang because investors ultimately
value earnings on a per-share basis, not simply total corporate profit.

8. Medium-term trends remain bullish
The report notes that the following:
The 45-week moving average is ₦25.49
100-week moving average is ₦18.60
Both remain upward-sloping, which supports the argument that the
medium-term bull structure remains intact despite the recent correction.

9. Overall interpretation
The report’s central message is essentially:
Wema is not showing a confirmed reversal yet, but the sharp selling
appears to have lost momentum.
The share is currently in a consolidation/stabilization phase, roughly
around ₦28–₦30, while the market digests the strong H1 results.
The principal catalyst for a renewed upward move would be a break above
₦30.79 accompanied by strong volume. That could open the way toward
₦34–₦36.

10. RECOMMENDATION

HOLD.
My reading of the report is:
Fundamentals: Strong
Medium-term trend: Still bullish
Short-term momentum: Neutral/cautiously constructive
Immediate support: ₦27.98–₦28.30
Breakout trigger: ~₦30.79 with volume
Upside target if confirmed: ₦34–₦36
Major downside warning: weekly close below ₦27.98
Principal concern: EPS dilution

For Global Asset’s 5,280,000 Wema shares, the report, therefore, does
not make a case for panic selling at ₦28.70. Its evidence points more
toward holding through the consolidation and watching ₦27.98 and ₦30.79
very closely.

Tunde Sobamowo
FINANCIAL ADVISOR & STOCKBROKER

DISCLAIMER: FOR RESEARCH PURPOSES ONLY AND MEANT FOR RESTRICTED
RECIPIENTS