Thursday, April 23, 2015 5:14 PM / Research
Today, PORTPAINT recorded active bargain tendency with an upper breakout to extend the reversal trend as investors displayed strong optimistic tendency. The stock closed as top performer with significant surge in bullish volume, recording maximum gain of +10.00%.
The stock had shed -39.45% in the last 27-weeks after hitting its high in the month of October 2014 at N5.55kobo while the trading pattern suggested strong negative sentiments from both investors and shareholders.
Market outlook in the last two sessions revealed a reversal trend as investors displayed fresh bargain optimism towards the stock while holding its strong support level at N3.33kobo with corresponding surge in price momentum to close neutral in short term but remained bearish in mid-long term period.
In addition, technical indicators revealed growing bargain tendency towards the stock to close neutral in short term but remained bearish in mid-long term periods- this indicates an improved bargain appetite towards the stock as revealed by price moving averages.
Also, the upper breakout by 22.8% recorded by the stock further buttressed the sustained bargain appetite noted above while both money inflow and accumulation pattern closed northward.
However, price analysis revealed unimpressive performance outlook as the stock posted -1.03% and +23.35% as its 3months and 6months returns respectively while its 52weeks and YTD performance stood at -6.34% loss and -1.54% loss respectively.
Conclusively, sub-sector/peer analysis further revealed the stock to be among worst performing stocks in the last one year, which further suggests that the sentiments within the sub-sector remained negative towards PORTPAINT.
1. PORTPAINT declares N148.4million PAT in 14 Audited results SP N3.50k