FBNH hits 16-months low as investors sustain sell-down positions

Proshare

Wednesday, January 29, 2014 5:14 PM / Research
 

Today, First Bank Holding Plc recorded another moderate loss of -2.00% to extend the prolonged pessimistic trading pattern observed in the recent weeks while both investors and the shareholders maintained a lacklustre postures towards the stock to remain weak in a bearish zone.
 

 

In addition, the stock recorded a lower breakout by 4.6% as sell pressure persisted while the stock hits 16-months low, this further revealed a sustained low risk appetite towards the stock amid prolonged lacklustre postures.
 

The market outlook in the recent weeks revealed sustained negative sentiments in the last 16months while the stock had plunged by -32.56% after hitting its year high at N21.50kobo on 4th April 2013.

 


 

Furthermore, the stock closed bearish in both short and mid-long term periods as the relationship between the stock and its moving averages suggests. Also, growing sell tendency was observed towards the stock with corresponding plunge in price momentum while money flow and accumulation level recorded similar pattern.

 


  

Nevertheless, the price analysis revealed unimpressive performance as the stock posted -11.91% and -15.30% loss as its 3months and 6months returns respectively while its 52weeks and YTD performance stood at -20.37% and -11.04% loss respectively. Conclusively, First Bank Holding Plc, recorded a new 52-week low at end of today’s session at N14.28kobo.

 

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