FCMB Plc extends bearish trend as sentiments remain negative


Tuesday, August 06, 2013 6:38 PM / TheANALYST

Today, First City Monument Bank (FCMB) Plc recorded another modest loss of -1.5% to extend its losing streak in the new week; while the stock maintained its downtrend in the last 16 trading sessions on the bourse, indicating sustained negative sentiments towards the stock in recent times - as it plunged below its 14-weeks resistance level.

The market outlook reveals sustained lacklustre trading pattern(s) amid a continued price correction as the stock plunged by -14.23% after hitting its year-high at N5.20kobo recorded on February 5th 2013.


Additionally, the technical indicator (MACD) reveals a growing sell tendency towards the stock, indicating unwillingness postures of both investors and shareholders to hold the stock at the current price.

Significantly, the stock closed bearish in both short and mid-long term period as revealed by its price moving average(s). This further buttresses the strong unwillingness postures of investors to hold the stock at the current price.


Curiously, its price performance analysis reveals unimpressive performances as the stock posted negative returns of -4.09% and -14.23% for its 3-months and 6-months price performance(s) respectively while its 52-weeks and YTD performance stood at +48.67% and +18.93% gains respectively.


First City Monument Bank Plc trades at N4.45kobo, representing -13.01% below its 52-week high of N5.12kobo, recorded on February 7th 2013.


For further information, contact analyst@proshareng.com  

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