CONOIL: Investors dump shares further, price hits 15Months low

Proshare

Tuesday, January 27, 2015 5:14 PM / Research

 

Today, CONOIL slipped further to record another moderate loss of -5.00%, extending the sell-off pattern after a prolonged flat posture.

Also, the stock hit 15months low as both investors and shareholders sustained the prolonged negative sentiments towards the stock to close among the battered stocks on the Nigerian bourse.



In addition, the stock recorded a lower breakout, hitting below lower Bollinger band by 43.5% as sell pressure resumed with significant surge in bearish volume to remain depressed in an oversold region.

This further revealed sustained pessimistic trading posture from both investors and shareholders as bargain tendency collapsed further.

The market outlook in the recent revealed a continued sell-down trend while the stock had shed by -52.36% after hitting its year high at N76.00kobo on November 14th 2013.



Furthermore, the stock closed bearish in both short-term and in mid-long term periods as the relationship between the stock and its moving averages had suggested. This indicates strong negative sentiments and low investors’ loyalty. 



Conclusively, the price analysis revealed unimpressive performance as the stock posted -26.45%  and -41.90% as its 3months and 6months returns respectively while its 52weeks and YTD performance stood at -30.35% and -4.99% loss respectively.



Conclusively, sub-sector/peer analysis further revealed the stock to be among worst performing stock in the last one year, which further suggests that the sentiments within the sub-sector remained negative towards CONOIL

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CONOIL hits 62weeks low sell-off persists on bearish fundamentals

2. CONOIL declares N1.43billion PAT in Q3 14 result SP N49.23k

3. CONOIL sustains reversal trend records upper breakout on renewed optimism

 

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