FCMB ends year with a lower breakout, hits historical low on sell-off

Proshare

Wednesday, December 31, 2014 3:14 PM / Research

 

Today, FCMB continued the downtrend to hit new historical low as investors and shareholders maintained strong sell-off postures. The stock closed the year N2.49kobo with a lower breakout by 4.8%, indicating strong unwillingness of the investors to hold the stock at the current price.

The stock recorded another huge loss of -6.40% to put the total loss for the week at -10.4% as the stock broke the weak support at N2.72kobo to slip further into an oversold region.

Also, the stock remained depressed among its peers, plunging further into battered zone despite the recent rally witnessed on the bourse- an indication of negative positions of key fundamentals.



In addition, the stock recorded a lower breakout with a corresponding surge in bearish volume and sharp decline in price momentum. This further revealed sustained unwillingness positions of both investors and shareholders to hold the stock at the current price – this further buttressed the negative fundamentals noted above.

The current market outlook further revealed an active sell-off pattern while the stock had depreciated by -32.52% in the year 2014.



Furthermore, the stock closed bearish in both short and mid-long term periods as the relationship between the stock and its moving averages had revealed. This is to further reveal the negative sentiments from both shareholders and investors on the back of bearish fundamentals



Also, the price analysis revealed unimpressive performance as the stock posted -42.09%  and -40.71% as its 3months and 6months returns respectively while its 52weeks and YTD performance stood at -31.59% and 32.52% loss respectively.



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

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