Forte Oil: Falling Fundamentals depress share price to 13Mths low

Proshare

Tuesday, May 12, 2015 5:14 PM / Research

Today,
FO recorded a new 13months low on the back of active sell-down tendency witnessed towards the stock. The stock closed with another low-key loss of -2.90%, breaking its long term support level at N155.95 as investors maintained strong negative sentiment towards the stock.

Also, the stock closed battered and depressed among bearish stocks on the Nigerian bourse. The stock remained bearish at 13Months low of N153.00kobo..



In addition, the stock set to break its lower Bollinger band while bearish volume surged by 76.55% with corresponding sharp decline in price momentum. This further revealed sustained unwillingness positions of both investors and shareholders to hold the stock at the current price as the stock had completely slipped into oversold region.


The market outlook in the recent week revealed a continued sell-down pattern while the stock had shed weight by -31.97% in the last 6weeks.




Furthermore, the stock closed bearish in both short and mid-long term periods as the relationship between the stock and its moving averages had suggested. This is to buttress the unwillingness by investors to hold the stock at the current price.




Also, the price analysis revealed unimpressive performance as the stock posted -30.61%  and -12.95% as its 3months and 6months returns respectively while its 52weeks and YTD performance stood at +2.69.87%  gain and 32.87% loss respectively.



Conclusively, sub-sector/peer analysis further revealed the stock to be among top performing stocks in the last one year, which further suggests that the sentiments within the sub-sector remained positive towards FORTE OIL.


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5. FORTEOIL declares N4.02billion PAT in Q3 14 result SP N209.00k

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