Wema Bank Plc’s market value declined by more than 9% due to heavy sell-offs on the local bourse on Tuesday. Its sharp price depreciation aligned with a broader downturn in the stock market.

Global equities opened on a mixed note after renewed tensions between the US and Iran weighed on sentiment, while investors reacted to a sharp surge in oil prices.

The Supreme Court on Monday dismissed an appeal seeking the dissolution of the merger between Providus Bank Limited and Unity Bank Plc.

Aradel Holdings Plc added 5.3% to its market value amid a surge in demand for oil stocks; its price appreciation was primarily driven by volume, despite a missed regulatory filing.  Trading data from the Nigerian Exchange (NGX) showed that the volume of Aradel shares transacted was moderate.

GCR Ratings (GCR) has affirmed Access Bank Plc’s national scale long and short-term issuer ratings of AA(NG) and A1+(NG), respectively, while the outlook is stable.

GCR Affirms Stanbic IBTC Bank AAA/ A1+ Ratings, Outlook Stable