Thursday, November 20, 2014 5:14 PM / Research
Today, GUARANTY sustained the downtrend to slip further into an oversold region with a modest loss of -1.20%, extending the price correction pattern.
Also, it was observed that investors had maintained negative sentiments towards the stock in the last 4 months while it closed battered at N23.12kobo – the lowest close position in the last 8months.
Just as noted above, the stock hits new low in the last 8 Months as sell pressure persisted, depressing the stock further into full bearish mode with corresponding sharp decline in price momentum.
Also, both money flow index and accumulation indicators closed with mixed patterns. This further indicates sustained pessimistic postures of both investors and the shareholders.
The market outlook revealed gradual growth in price correction as the stock had shed weight by -35.96% after hitting its year high of N36.10kobo on June 16th 2014. This further buttressed the sustained pessimistic and price correction postures noted above.
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.
Also, the price analysis revealed unimpressive performance as the stock posted -20.86% and -14.44% loss as its 3months and 6months returns respectively while its 52weeks and YTD performance stood at -11.15% and -14.51% loss respectively.
Conclusively, sub-sector/peer analysis further revealed the stock to close among the worst performing stocks in the last one year, which further suggests that the sentiments within the sub-sector remained negative towards GUARANTY