November 28, 2018
Saheed KIARIBE, Proshare Research
Market sentiments around DIAMOMNBNK remained negative on the Nigerian bourse as the stock, emerged again as the top loser for the second time this week.
The sell-off witnessed towards the stock in the early part of the month prior to, and after the denied news about a possible take-over bid has not abated but appears to continue in gaining further momentum.
One would have otherwise expected that an announcement of such a possible M&A would move northwards; but has gone southwards in a way that the market believes appears to be pricing in non-public information.
We continue to watch and analyse the trend of a below book value stock.
At the end of trading today, DIAMOMNBNK dipped by -9.88% while it has also lost-23.16% WTD. This further adjusted its month-to-date loss to –48.23%.
DIAMOMNBNK lost N5.09bn in market capitalisation this week to date (WTD ) or/and N15.75bn month to date (MTD).
Fig 2: Diamond Bank Graph As At 28th November, 2018 – Proshare Markets/TheAnalyst
Source: Proshare Markets
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