Wema Bank Plc Share Price Weekly Performance Report (30th October 2026)

The report tries to give a summary of the share price of Wema bank throughout Oct , 2026 but at the same time pull out some analytical information for the week ending 30th October, 2026.

This one page summary should be read in conjunction with the attached full report.

WEMA BANK SHARE PERFORMANCE – OCT 2026 Report
Date: 30th October, 2026 | Price: N32.00k | 52-Wk Range: N17.10 – N36.00

MONTH OF OCTOBER AT A GLANCE:
October was volatile but ended positive. After falling to N29.0 in week of Oct 19-23 (-3.23% WoW, lost N30 support), Wema staged a strong recovery in last week. Month-to-Date: +1.59%, QTD +1.59%, YTD +56.86%.
The low of the month was N29.00, high N32.60.

WEEK ENDING 30th OCT – MAJOR HIGHLIGHTS:
• Performance: +6.67% WoW – 2nd best bank after AccessCorp +7.92%.
Open N30.00, High N32.50, Low N29.20, Close N32.00. Recovers all prior week losses and more.
• Daily Trend – Unbroken Uptrend: Mean price rose every session:
N29.64 (26th) → N30.23 → N30.76 → N31.29 → N32.01 (30th) = +8% in 5 days.
• Volume – Bullish Signal: 33.28m shares (+92.25% WoW vs 17.3m).
Heaviest volume 11.8m on Friday at the highest price = genuine buying interest, not thin rally. Prior week’s N30 supply has been absorbed.
• Technical: Reclaimed N30 which was resistance last week. Now testing key resistance N32.0 – N32.5 – this zone rejected the stock 3 times since mid-Sept. Close at N32 does NOT yet confirm breakout, need weekly close above N32.5. RSI improved to 58.45 from 51.91. Price is 17% above 50-week EMA (N27.39).
• Market Context: NGX ASI +2.86% to 254,299.49, ending 4 weeks of losses. Banking Index however fell -3.42%. Wema outperformed market and sector. Market turnover was highly concentrated in First HoldCo, GTCO, UBA (80% of volume).

Q3 EFFECT:
Q3 PBT N104bn published end of week – materially beat the ~N70bn benchmark needed to sustain H1 pace. Report says technical and fundamental now point same direction. However stock rallied ahead of results, EPS decline is a cap on multiple. July pattern: stock ran ahead of H1 and eased after results.

OUTLOOK / WHAT TO WATCH:
• Immediate test: Can Wema hold above N30.0-30.5 after results and close above N32.5 on volume? That confirms breakout and opens N34-N36 July highs.
• Support: N30.0, then N29.2, then critical cluster N27.4 – N28.0. Break below that = first real break of uptrend since July.
• Base Case: Volatile retest of N32 after results, with earnings strength favoring eventual upside once Dangote liquidity returns
mid-Nov.
• Recommendation: HOLD

Tunde Sobamowo
FINANCIAL ADVISOR &STOCKBROKER

DISCLAIMER:FOR RESEARCH PURPOSES ONLY

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