Thursday, September 03, 2015 5:14 PM / Research
Today, FLOURMILL recorded another moderate loss of -5.00% with corresponding growth in bearish volume, extending the 14weeks active sell-off pattern after a prolonged sideways treading- an indication bearish fundamentals.
The stock slipped further below 5yrs low, recording 79.81% value depreciation, after hitting its peak at N109.24kobo on June 12th 2013.
It was observed that both investors and shareholders maintained strong negative sentiments towards the stock to close among the depressed and battered stocks on the Nigerian bourse.
In addition, a significant surge in bearish volume by 71.75% was observed while the stock slipped into an oversold threshold to close battered. This further showcased the unwillingness from investors to hold the stock at the current price in near term.
The market outlook in the recent weeks revealed fresh active sell-down pattern while the stock had shed 32.06% of its market value in the last 5weeks. Further analysis revealed 79.87% loss between June 12th 2013 and September 3rd 2015 as the stock remained unattractive at the current price.
Furthermore, the stock closed bearish in both short-term and in mid-long term periods as the relationship between the stock and its moving averages had suggested. This indicates strong negative sentiments and falling investors’ loyalty.
Conclusively, the price analysis revealed unimpressive performance as the stock posted -36.24% and -34.73% as its 3months and 6months returns respectively while its 52weeks and YTD performance stood at -67.61% and 43.72% loss respectively.