Wema Bank Slumps by 10% as Investors Exit Positions
Stock market value of Wema Bank Plc plunged as some investors exited positions on Tuesday following sharp year to date return, trading data from the Nigerian Exchange (NGX) showed.
In the stock market, the bank share price fell by 10% to close at N20.7 on Tuesday as more than 5 million units valued at N107.361 million exchange hands.
The negative transaction pull by sell side actors dragged Wema bank market value down by 10% to N467.177 billion. MarketForces Africa reported that Wema Bank outperformed its peers in the banking sector, with higher year to date return.
As of August, Wema Bank shareholders’ wealth was boosted by 158%. However, equities analysts across investment banking have different expectations about the tier-2 lender stock market direction.
Stockbrokers told MarketForces Africa that the share price decline is in line with over bearish tone on the Nigerian Exchange. The local bourse may have started its long awaited price correction, and banks will be key casualties, MarketForces Africa gathered.
PZ Cussons, Cadbury Drive Nigerian Stock Market Intraday Loss