Thursday, June 04, 2015 5:14 PM / Research
Today, ZENITHBANK plunged further with another moderate loss of -4.70% as investors maintained pessimistic postures towards the stock in the recent weeks.
The market outlook revealed 9weeks downtrend pattern while the stock failed to trade above N23.00kobo- its short term resistance point after price correction.
Analysis further revealed that the stock had shed 23.15% in the last 9weeks, breaking all its short term key supports level as bargain tendency continued to wane- an indication of sustained negative sentiments after hitting its year high at N25.05kobo.
In addition, the stock closed the bearish session with a lower breakout, closing below lower Bollinger band by 10.8%- an indication of strong negative sentiments, which further revealed the sustained waning loyalty from both shareholders and the investors.
The market outlook in the recent week further suggests continued sell-down trend while the market value had depreciated by 23.15% between April 2nd and June 4th 2015, just as noted above.
Furthermore, the stock closed bearish in short-term but remained neutral in mid-long term periods- this indicates growing sell negative sentiments as the relationship between the stock and its moving averages had suggested.
Also, the price analysis revealed unimpressive performance as the stock posted +0.8% and +0.7% as its 3months and 6months returns respectively while its 52weeks and YTD performance stood at -23.0% loss and +4.56% gain 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 ZENITHBANK.
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4. Analysts retain NEUTRAL rating on Zenith Bank Plc post Q1 results
5. Analyst gives a BUY Rating on Zenith Bank Plc on Q1 2015 Results