Wema Bank Plc Share Price Weekly Performance Report (23rd October 2026)

Essentially this report serves as a prelude to the release of the 3qtr results of the bank to be published soon and hoping it will have some positive impact on the pricing of its shares on the local bourse. Meanwhile , we shall publish a comparative analysis of most of the listed banks on NGX as soon as their results are in the public domain. This will help to provide some useful hints as we dovetail to Dec. 2026.
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Highlights from the 23rd Oct 2026 Weekly Report – Wema Bank Plc:

1. Share Price Performance:
   • Closed at N30.00 – down -3.23% WoW
   • Opened N31.00, Low N29.00, High N30.68
   • Still +47.06% YtD, but -4.76% QTD and MTD – losing momentum
   • Underperformed NGX ASI (-0.13%) and Banking Index (-0.67%)
2. Market & Volume:
   • Total volume: 17.3m shares in 1,695 deals – down -21.13% WoW and -72% vs early Oct (62.2m)
   • 14 deals moved price, 1,681 did not – shows thin interest
   • Key event: 7.47m spike on Oct 20 at N30 failed to lift price = supply at N30
   • Mean price fell every day: N30.08 → N30.05 → N29.96 → N29.56 → N29.47
3. Technical Picture:
   • Lost N30 breakout support held since mid-Sept
   • Closed below 15-week MA (N30.27) for first time since breakout
   • RSI faded to 51.91 from 56.05 – neutral, losing bullish tilt
   • Next supports: N29.0 (weekly low) then critical cluster N28.0 – N28.19 (support band + 45-week MA)
   • Major Resistance N36, Major Support N25, Intermediate Support N28
4. Sector Context:
   • NGX ASI fell 4th straight week to 247,222.27. Financial Services led turnover with 54.89% of volume.
   • Banking was mixed: Fidelity +14.01%, FBNH +4.42% on earnings, while Wema, Zenith -4.05%, UBA -5.35%, Access -7.02% fell. Report notes: “Earnings, not sector beta, is what is moving bank stocks at present.”

Effect of Q3 Figures on Share Price:

This report was written just ahead of Wema’s Q3 release – so Q3 has not yet been priced in.

• The 3.2% decline to N30 was described as “weaker than the market and came just ahead of its own Q3 results, so the stock enters the earnings window below its 15-week average and without the volume to defend it.”
• The decline is not market-wide but Wema-specific – absence of buyers supply at N30, ahead of results.
• Report says fundamentals remain strong and valuation is undemanding.

Key test flagged by the report:

1. Wema’s Q3 numbers vs ~N70bn benchmark + EPS gap – this will decide next move
2. Can it recover N30.0 – N30.3 on rising volume = shakeout, or close below N29.0 = risk of fall to N28.0-28.2 which decides medium-term trend.

Base case until results land: Consolidation N28.5 – N30.5
Recommendation: HOLD

Tunde Sobamowo
FINANCIAL ADVISOR & STOCKBROKER

DISCLAIMER: RESEARCH PURPOSES ONLY

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