Tracking Skye bank's Share Price: 25days After

Proshare

Thursday, August 11, 2016 3.38 PM / Proshare Research

In our previous tracking report on the Skye bank Plc, we observed an active speculative trading pattern towards the stock as short-termists embarked on profiteering, following the impressive price rally of 42% from an historical low of N0.60kobo to N0.85kobo.



In the recent times, trend analysis revealed mixed sentiments towards the share price of the bank as the price is still struggling to find a support base- this reveals indecisive postures from investors as the price maintained sideways pattern in the last 8days. 

The bank had shed 4.29% of its market value in the last 8days(i.e. from August 2nd - August 11th 2016), indicating a significant decline in sell-down pressure when compared to 18% loss recorded in previous 8days period (i.e. July 21st August 1st  2016).

However, an extensive analysis revealed that the stock still maintains a price recovery pattern- after posting 37% loss of its market value as at July 15 2016, hitting its historical low of N0.60kobo. Technically, the stock had recovered 11.67% of its lost market value in the last 20days, while struggling to build new support line between the ranges of N0.70kobo and N0.67kobo.



Also, volume analysis revealed the stock to be very active in the recent days, trading total volume of 614.44million units of shares- this represents 9% of total market volume traded in the last 25days and 4% of its total share outstanding of the bank.



Nevertheless, the outlook in the last 25days remains negative and unimpressive with a sustained bearish bias towards the stock. The stock had shed 29% of its market value in the last 25days with strong indication of falling further as indicated by technical indicators.

Related news:
1.
Skye Bank Plc Seeks Extension to file its Interim Financial Statements for Q1 and Q2 2016
2.
All Round Pressure Sinks Skye Bank FY 15 Earnings
3.
Skye Bank Plc Reports Q4 2015 Results Further Deterioration Expected in Q1 and Q2
4.
SKYEBANK Declares N40.73bn Loss in 2015 Audited Results SP N0.70k
5.
Tracking Skye bank s Share Price 15days After
6.
Tracking Skye bank s Share Price 5days After
7.
Nigeria s Skye Bank Downgraded To CCC- On Heightened Default Risk
8.
Changes on the Board of Skye Bank Plc 

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