Company Overview
FCMB Group Plc is one of Nigeria’s leading diversified financial services groups operating through several subsidiaries spanning commercial banking, consumer finance, investment banking, asset management, pensions, stockbroking, trusteeship, and wealth management services. Its flagship banking subsidiary, First City Monument Bank which serves millions of customers through a nationwide branch network and digital banking platforms.
Current price: N11.9
Rating: Buy
Price projection: N15 (+36.36%) or N20 (+81.82%)
Technical Analysis
In this report, we shall use the following tools and analysis methods:
Elliott’s wave theory to understand the overall market sentiment
Fibonacci tools to determine support and resistance levels
The Relative Strength Index and volume to evaluate the market’s strength
The Money Flow Index to determine the market liquidity
Moving average and MACD to understand the nature of the trend
Top-down analysis to know the best investment position
Elliott wave analysis
Weekly chart: Market overview
On the weekly chart the market is about to complete a full 5-wave corrective pattern on the lower degree cycle. This correction offers an investment opportunity for discount investors. After the five corrective waves an ABC impulsive wave should follow, which offers short-term profit for traders.
Daily chart: Investment opportunity
Plotting the Fibonacci retracement from the beginning and ending of Y of the higher degree, the market retraced to the 0.5 Fibonacci level. Thus, an investment opportunity lies between N10 and N11 with a projection of N15 (+36.36%) or N20 (+81.82%).
Indicator analysis
Weekly chart: Market overview
The weekly chart reveals that the stock is gradually recovering despite the strong bearish sentiment. MACD’s bearish momentum strengthened, depicting a continuous bearish market. This performance aligns with the incomplete fifth corrective wave. Also, the bearish volume is extremely low, which means a possible trend reversal is on the horizon.
Daily chart: Investment opportunity
On the daily chart, the bearish volume remained weak. Also, the market tilted upward, signifying that investors are buying into value, with N10.50 being the strong support level.
Fundamental Analysis
Financial report for the year 2025
Key insight: The fundamental rating for FCMB is 100%, making the sector suitable for long-term investment
SWOT analysis
