FIDELITY Bank halts falling pattern after -41.67% loss

Proshare

Tuesday, August 25, 2015 5:14 PM / Research

Today,
FIDELITY Bank Plc recorded a fresh moderate bargain tendency to halt the prolonged and sustained downtrend in the recent 3months. The stock closed positive amid bearish session with an impressive gain of +5.0% to retrace from 27weeks low of N1.20kobo recorded yesterday.

The stock sheds -41.67% in the last 21-weeks after hitting its year high at N2.16kobo on April 16th 2015- the outlook suggested a prolonged price correction trend.



Market outlook in the new week suggested a waning sell tendency from both investors towards the stock with corresponding bullish volume and spike in price momentum.



In addition, technical indicators revealed a significant decline in sell pressure towards the stock while it maintained its key support level at N1.13kobo. However, the stock is yet to step out of bearish region in both short and mid-long term periods as revealed by price moving averages.

 



Furthermore, price analysis revealed unimpressive performance outlook as the stock posted -31.89% loss and +0.80% gain as its 3months and 6months returns respectively while its 52weeks and YTD performance stood at -37.00% and -22.22% loss respectively.



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


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