COSTAIN sustains reversal trend, breaks away with 10.00% gain


Tuesday, October 21, 2014 5:14 PM / Researc




Today, the shares of COSTAIN gapped up, recording a break-away rally within the band. The stock leads market performance with +10.00% gain as money inflow index surged significantly to reflect a strong reversal trend.

Also, the stock moved out of full bearish zone to halt the 8weeks losing streak with corresponding surge in bullish volume.

The market outlook in the new week reveals a strong reversal pattern from an oversold region. The stock recently hit its 44weeks low at N0.78kobo, recording -66.81% price fall after hitting its year high at N2.35kobo on January 30th 2014.

Nonetheless, technical indicator (MACD) revealed a moderate and growing bargain tendency towards the stock while it closed neutral in short term but remained bearish mid-long term period as revealed by price moving average, suggesting growing presence of the bulls towards the stock.

More so, price analysis revealed unimpressive performances trend as the stock posted -30.16% and -23.48% loss as 3 months and 6 months returns respectively while its 52weeks and YTD performance stood at -19.27%  gain and -29.03% loss respectively.


Conclusively, sub-sector/peer analysis further revealed the stock to top the worst performing stocks in the last one year, which further suggests that the sentiments within the sub-sector remained negative towards COSTAIN Plc



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