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Negative Sentiment Sustained On ETI As Share Price Hits 52-Week Low of N6.00K

Stock & Analyst Updates	1441 VIEWS
Stock & Analyst Updates
1441 VIEWS

Sunday, August 18, 2019 /02:45PM / By Proshare Research / Header Image Credit: Busiweek

Ecobank Transnational Incorporated (ETI) has seen its share price fell by 15% in three days of aggressive trading activity by traders taking strategic positions in the stock. The bank's share price dipped from N7.00 on Wednesday 14, August 2019 to N6.00 per share on Friday 16, August 2019. Furthermore, the stock has also hit its low of N6.00k in 52 weeks.

Thus, Ecobank Transnational Incorporated share price has declined by -57.14% YTD. Further analysis also revealed that the stock declined by -17.65% in 2018 as against +65.37% recorded in 2017.

The current negative market sentiment recorded on the stock seemed to further buttress the bearish performance witnessed on the stock in the year 2018.

Table 1: ETI YTD, 2018 and 2017 Share Price Performance

	16-Aug-19	31-Dec-18	YTD % Change
ETI	6.00	14.00	-57.14%
	31-Dec-18	31-Dec-17	2018 % Change
ETI	14.00	17.00	-17.65%
	31-Dec-17	31-Dec-16	2017 % Change
ETI	17.00	10.28	65.37%
Source: NSE, Proshare Markets

Analysis on the YTD performance of the banking stocks revealed that there is a weak market sentiment towards the banking stocks as only two of the stocks recorded growth in share price during the period under review.

STERLNBANK topped the list with an impressive gain of 27.37% and closely followed by UNION BANK with 25% growth in share price.

However, ETI topped the list of losers in the banking sector as it recorded 57.14% YTD decline in share price.

Table 2: Peer Analysis on Price Movement