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UBA slides further as investors stay cautious toward banking stocks


Category: Investors NewsBeat


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UBA slides further as investors stay cautious toward banking stocks

Tuesday, November 19, 2013 5:14 PM / Research

 

Today, UBA recorded another loss to put its 3-week performance at -7.52% loss as investors maintained lackluster posture amid low-key profit-taking tendency toward the stock in the recent weeks.

 

Meanwhile, the market sentiments in the banking subsector so far in the current month appeared pessimistic as NSE-Banking MTD performance stood at -0.25% loss as against +30.86% gain recorded by NSE-Oil & Gas– an indication of significant shift in investors’ preference.



Further analysis revealed that the lackluster trading pattern amid growing speculative tendency continued to prevail in the market as four out of eight sectoral indices on the Nigerian bourse closed negative, ranking NSE-Consumer Goods as worst hit, followed by NSE-Asem.

  

Nonetheless, the market outlook toward UBA suggests low-key price correction after hitting 12-week high, following 7-week rally of +15.04% witnessed between September 13th and November 4th 2013. However, we expect the stock to hold its 3-week support at N7.44kobo around 61.8% Fibonacci retracement line.



In addition, technical indicator revealed weak bargain posture- an indication of growing presence of the bears toward the stock while the stock maintained neutral posture in both short and mid-long term periods as indicated by the relationship between the stock and its moving averages.



Furthermore, the price analysis revealed mixed performance outlook as the stock posted -4.46% and -11.66% loss as its 3-month and 6-month returns respectively while its 52-week and YTD performance stood at +56.57%  and +64.47% gain respectively.


Conclusively, United Bank for Africa Plc closed at N7.50kobo, -28.98% below its 52-week high of N10.56kobo, recorded on Jun 12, 2013. 






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