NCB Financial has been scaling record highs after record and closed on the Jamaica Stock Exchange at $139.99 on Monday as well as a new record high close on the Trinidad and Tobago Stock exchange.
The chart shows the stock moving side ways from November last year after reaching $110, until June this year before it started its climb. The move higher was spurred by record profit for 2018 and later by the announcement that they would be going after another 22 percent of Guardian Holdings’ shares. Last week directors and executives bought $650 million of NCB shares which including the sale of a lesser amount by one insider.
The chart shows short term resistance at $150 with the trendline going back to 2015, there after if and when it breaks the $150 level, then it should move on to $165. Going forward, with pick up in growth in Jamaica’s economy, NCB should have good long-term prospects of growth, ahead of it. The company should earn around $12.50 for the 2019 fiscal year and that should put the price at $190 or more in 2019.
Since July 13 last year NCB has gained 48 percent in rising from $94.50 to Monday’s close of $139.99 on the Jamaica Stock Exchange.
Where is NCB heading $150 or $165?
November 27, 2018 by
