WEMABANK slips to 2012 price-range on fresh sell

Proshare

Thursday, July 23, 2015 5:14 PM / Research


Today, WEMABANK recorded another huge loss of -7.10% with a lower breakout, extending the 10weeks sell-down after a prolonged sideways treading, driven by mixed sentiments.

The stock dipped below 2yrs low, recording 54.07% value depreciation as 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 74.26% was observed while the stock slips into an oversold region to remain depressed- this further buttresses the strong unwillingness of both investors and shareholders to hold the stock in near term. 

The market outlook in the recent weeks revealed active sell-down pattern while the stock had booked 12.2% loss in the week. Further analysis revealed 57.98% loss between February 13th 2013 and August 20th 2015as the stock dropped from its peak of N1.88kobo to N0.79kobo.



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.



Also, the price analysis revealed unimpressive performance as the stock posted -24.76%  and -19.39% loss as its 3months and 6months returns respectively while its 52weeks and YTD performance stood at -16.84% and -17.71% loss respectively.
 



Conclusively, sub-sector/peer analysis further revealed the stock to be the among worst performing stocks in the last one year, which further suggests that the sentiments within the sub-sector remained negative towards WEMABANK

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