Wema Bank Trades 50% Behind its 52-Week High
Wema Bank Plc share price movement has shown that the tier-2 lender is now trading at about 50% to its highest price level seen within the last 52 weeks.
The price movement has been tight despite the fact that transactions on the financial services company shares have been large. But mostly, the transaction volume has been sell side actors driven.
The bank share closed slightly lower at N6.30 on Friday, according to data obtained from the Nigerian Exchange platform. The Tier-2 bank with 21.43 billion shares outstanding on the Nigerian Exchange was valued at N135 billion in the local bourse on Friday.
Wema Bank is reported to be seeking N150 billion to meet the new capital requirement by the Central Bank of Nigeria (CBN).
Its share price movement determine the numbers of shares it can raise and fundamentally, its offer price that investors would be willing to pay – whether for rights issue, private placement or public offers.
During early boom in the domestic exchange, Wema Bank Plc had climbed to N12.5 per share. Wema Bank lost more than 3% of its market value in the last seven days in the market. Wema Bank Trades 50% Behind its 52-Week High
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