Wema Bank Spikes by 17.65% on Substantial Trade Volume
Bolstered by an improved sentiment in banking stocks, Wema Bank Plc saw about an 18% valuation surge in the equities market in the just concluded week.
The Nigerian Tier-1 financial institution with deep roots in retail banking saw its share price pop higher to N8 on Friday, from N6.80. The positive price appreciation recorded lifted the market value of Wema Bank Plc higher by 17.65% to N171.441 billion, according to data from the Nigerian Exchange.
Wema Bank Plc was among the most actively traded stock in the equities market last week. Transaction volume was strong over the last five trading sessions as investors continue to rebalance portfolios ahead of earnings season.
On Friday, 3.319 million shares of Wema Bank exchanged hands in the market at a total value of N26.5 million. Throughout the week, Wema bank price surged until Thursday, when it retreated and later climbed on Friday. Analysts said there was no particular market sensitive information that drove the surge other than sentiment.
Strategic shareholders – Neemtree Limited (28.26%), SW8 Investment Company (17.08%) and Petrotrab limited (6.89%) control 52.23% shares outstanding in Wema Bank as of the first half of 2024.
Directors’ direct shareholding was 4.57% in the first half of 2024, in addition to 8.56% government shareholdings – led by Odua Investment Company. Wema Bank has 34.64% as free float in the equities market at the end of first half of 2024. #Wema Bank Spikes by 17.65% on Substantial Trade Volume Seplat Price Surge Raises Entry Barrier for Retail Investors
