Proshare Logo
   Market Date: 30-01-2015   
Agriculture ARTS FINANCE All One Min News Archives Bonds Cap Mkt Sentiments Capital Market CASHLESS NIGERIA Commodities Corporate Earnings Daily & Weekly Market Updates Elections Enterpreneurship ETFs Forex Frauds & Scandals General Global Market Insurance Investors NewsBeat Islamic Finance Mergers & Aquisitions Money Market Mortgage Mutual Funds Nigeria Economy Oil Sector Opinions and Analysis Pensions People Personal Finance Politics Power Products & Services Professionals Property Public Offers Private Placements Regulators REITs Stock PICKS Taxation Telcos Travel & Tours Unlisted OTC MARKET World of Business

Why is ASHAKA CEMENT Shares selling Off?

Category: Capital Market

  Read (2252)
Why is ASHAKA CEMENT Shares selling Off?

Am I the only analyst watching the shares of ASHAKACEM fall from grace?  The stock closed at N71.25 today (June 18, 2007) down N3.75 from its close of N75 on June 15, 2007. Today’s close represents a N17.75, or 19.9% decline from its 52 week intra day high of N89.00k attained on May 23, 2007.


However, today’s closing price of N71.25k represents a decline of N13.67 from the 52 week closing high of N84.89, attained on May 22, 2007. As today’s trading pattern illustrates, it appear the selling is likely to continue as the stock opened at N71.30, had an intra day high of N72.89, and an intra day low of N71.25, but closed at the low. Since the stock opened below the previous trading day’s closing price of N75, and closed at N71.25, the day’s low, it indicates that the sellers in the stock out number the buyers.


Analyst with strong technical skills would have noticed the trouble on May 23, 2007 and exited the stock. On May 23, 2007, ASHAKACEM opened at N83 had an intra day high of N89, and an intra day low of N80.81, but closed at N83.50, a price which was below the previous day’s close of N84.89. The May 23, 2007 trading pattern represents a “blow off top” and the beginning of the downtrend.


Based on today’s (June 18, 2007) trading pattern, I believe there is still some selling left in the stock.  At the current price (N71.25), the stock is below its 20 day CSMA and 50 day CSMA of N78.98k and N75.89k respectively. However, the stock has strong price supports at N68 and N66. I will watch and see if the stock bounces at those prices.


At the current price, the shares of ASHAKACEM have lost approximately N26 billion naira from its intra high of N89 attained on May 23, 2007. Again, as they say in trading bulls make money, bears make money, but pigs get slaughtered.  ÃƒÆ’ƒÂ¢Ã¢â€šÂ¬Ã¢â‚¬Å“ Good luck.



Chukwumah Biosah, is the President of CEBABL Audit Group, based in Los Angeles, California.


Proshare Limited is a public investor education and support organisation which works with and through analysts, fund managers and the stock exchange to provide information; news and commentaries to assist investors make intelligent investment decisions. Our service role is to provide a critical component of market confidence & safety through the platforms we create. All opinions on this page/site constitute our best estimate judgement as of this date and are subject to change without notice. Investors should see the content of this page as one of the factors to consider in making their investment decision. We recommend that professional advice is taken from a qualified and NSE accredited fund manager or stockbroker before any investment is made.  Proshare Limited, its employees and analysts accept no liability for any loss arising from the use of this information. All enquiries should be directed to


Tags: , 

Comment With Your Facebook or Yahoo! ID

Latest news

News on Capital Market

About Us

Who We Are
Our Team & Partners
Corporate Governance
Advertise with Us
Subscribe / Unsubscribe
Site Map
News Feed - RSS
Contact Us
Volunteer Program
Message from CEO

News & Features
The Analyst / Market Data
Investor Relations Portal
The Regulator
Economy & Politics
Training Portal
Events Calendar
NewsStands - Online Reputation

Products and Services

Research & Market Intelligence
Analyst Services
Offers & Rights Support Service
Investor Relations Services
Alert & Subscription Services
Share Support Services
Proshare Consult
Event & Seminar Coverage
Market Directory
File a Complaint
News & Analysis

News from TheANALYST
Video News from WebTV
Money Market Updates
Opinions & Analysis
Nigerian Economy
Market Data
The Regulator
Discussion Forum

Subscriber Agreement
Privacy Policy
Data Policy
Copyright Policy
Comments in Site
Advertising Code
Conflict of Interest
Content Partnership
3rd Parties

Online Trading and Execution
Legal Support Services
Web/Technology Services
File a Complaint

CBN Governor 2014