The Adage says “You can’t Eat your Cake and have it”.
Well, The share price of Transcorp did Eat his cake paying a Dividend of 5 kobo and having it back ” by appreciating same day.
Yesterday, The share price was marked down for 5kobo after closing at N3.90 on friday..
Those who benefited from the 5 kobo dividend also enjoyed price appreciation of 18 kobo.
- Marked down price N3.90-5kobo= N3.85 kobo
- Market share price closed strong at N4.08 kobo
- Total gain 23 kobo
The old NSE rule says: that price remain the same on the day a stock is marked down whereas the new NSE rules supports price movement whether up or down on the same day a stock is marked down.
NAME OF COMPANY: ZENITH BANK PLC AND ITS SUBSIDIARIES
DATE:11 MARCH 2013.
PERIOD: 31 DECEMBER 2013.
Statement of Comprehensive Income
Turnover/Revenue 31/12/2013 (N’m) 351,470 31/12/2012 (N’m) 307,082
Profit before Tax from Discontinued Operations 31/12/2013 (N’m) 4,388 31/12/2012 (N’m) 3,508
Profit before Tax 31/12/2013 (N’m) 110,597 31/12/2012 (N’m) 102,100
Profit after Tax 31/12/2013 (N’m) 95,318 31/12/2012(N’m) 100,681
Corporate Actions
Proposed Dividend N1.75K
Proposed Bonus None
Qualification Date- March 21st, 2014
Closure Date March 24th – March 28th 2014. (Both dates inclusive)
AGM Date : April 2nd, 2014.
Payment Date: 2nd April 2014
AGM Venue: CIVIC CENTRE
Current share price is up: N22.20 bid
Overall Bid: 10 million units
Overall Offer:8.5 million units
YEAR ENDED DECEMBER 31, 2013
Proposed Dividend N1.30
Proposed Bonus Nil
Closure Date 16th – 22nd May, 2014
AGM Date 11th June May, 2014
Payment Date 12th June, 2014
AGM Venue MUSON Centre, Onikan Lagos, 11.00 a.m.
(Reuters) – Nigerian energy company Seplat will announce on Tuesday a $350 million initial public offering in a dual listing on the London and Lagos stock exchanges, the Financial Times reported.
Seplat, in which French energy firm Maurel & Prom (MAUP.PA) and Swiss-based trader Mercuria both have minority stakes, will have a market capitalization of $1.5-$2 billion, the FT said.
Descending Triangle (Continuation)
A descending triangle is a bearish pattern that can indicate an impending downward trend.
How Do I Recognize a Descending Triangle Futures Chart Pattern?
An descending triangle is formed when support remains flat as resistance drops.
What Does a Descending Triangle Chart Pattern Mean?
The price will rise and fall within the triangle until support and resistance converge. At that point, the apex, breakout occurs, usually downwards.
See the example below:
Note: The example below, the price moves upwards on completion of the pattern. This is not as common but it is important to be aware of all the potential movements when using chart patterns.
Because of its shape, the pattern can also be referred to as a right-angle triangle. Two or more comparable lows form a horizontal line at the bottom. Two or more declining peaks form a descending trend line above that converges with the horizontal line as it descends. If both lines were extended right, the descending trend line could act as the hypotenuse of a right triangle. If a perpendicular line were drawn extending up from the left end of the horizontal line, a right triangle would form. Let’s examine each individual part of the pattern and then look at an example.
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Trend: In order to qualify as a continuation pattern, an established trend should exist. However, because the descending triangle is definitely a bearish pattern, the length and duration of the current trend is not as important. The robustness of the formation is paramount.
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Lower Horizontal Line: At least 2 reaction lows are required to form the lower horizontal line. The lows do not have to be exact, but should be within reasonable proximity of each other. There should be some distance separating the lows and a reaction high between them.
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Upper Descending Trend Line: At least two reaction highs are required to form the upper descending trend line. These reaction highs should be successively lower and there should be some distance between the highs. If a more recent reaction high is equal to or greater than the previous reaction high, then the descending triangle is not valid.
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Duration: The length of the pattern can range from a few weeks to many months, with the average pattern lasting from 1-3 months.
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Volume: As the pattern develops, volume usually contracts. When the downside break occurs, there would ideally be an expansion of volume for confirmation. While volume confirmation is preferred, it is not always necessary.
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Return to Breakout: A basic tenet of technical analysis is that broken support turns into resistance and visa versa. When the horizontal support line of the descending triangle is broken, it turns into resistance. Sometimes there will be a return to this newfound resistance level before the down move begins in earnest.
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Target: Once the breakout has occurred, the price projection is found by measuring the widest distance of the pattern and subtracting it from the resistance breakout.
A good example of a Descending Triangle OANDO PLC.
- Highest pivot points equaling 3 year highs of October 2011 at N29.46
- Lower highs for January N29.46-N28.63-N27.11-N25.80
- Lower highs for February: N23.42-N22.65-N22.00-N21.00
- Lower highs for March N19.94-N18.52
- Strong support levels from 31st January till date within the N18.25-N18.16-N18.33.
Conclusion,
Traders should watch the N18.20 plus strong support levels as Entry points for potential rebounds while Resistant ranges between N19.20 and lower until a Breakout occurs within the Triangular Pattern. The Up-side has a 47%-50% chance of hitting the N22.00 range before attempting N24.00 plus, While Down-ward trigger below support state that descending triangles breakout to the downside 64% of the time (N17.00-N16.40).
Chart showing OANDO PLC caged in a 2nd Descending Triangle pattern with first support at N20.00 with 2nd within the N18.21 plus range
