Today, Costain West Africa Plc recorded another significant plunge of -8.3% to extend the prolonged downtrend in the year as investors maintained strong pessimistic posture toward the stock.
So far in the week, the stock has recorded four straight days of pessimistic trading to hit its 8yrs low of N0.66kobo, dipping below N0.71kobo recorded on June 23rd 2005.
The outlook in the recent weeks reveals significant sell pressure after hitting its year high at N1.69kobo (recorded on June 12th 2013). Further analysis suggests a gradual sell-off amid strong negative sentiments toward the stock -an indication of low shareholders' loyalty. In addition, technical indicators further reveals growing sell pressure while the stock closed bearish in both short and mid-long term periods as indicated by moving averages. Also, a steep decline was observed in the price momentum while the stock remained battered in an oversold region.
The price analysis reveals an unimpressive performance outlook as the stock posted -41.07% and -35.92% loss as its 3-months and 6-months returns respectively while its 52-weeks and YTD performance stood at -75.19% and -75.19% loss respectively.
The Analyst is a market service provided by Proshare Nigeria Limited.
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