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National Bank Of Greece (ADR): Stock Movement Signals Deeper Troubles

Stock resumes downward spiral, leaving investors alarmed

Nov 20, 2015 at 7:50 am Est National Bank Of Greece (ADR): Stock Movement Signals Deeper Troubles

National Bank of Greece (ADR) (NYSE:NBG) stock dived over 14% to close at $0.37 on Thursday. The bearish momentum did not stop here, as the stock dropped a further 9.70% to $0.33 in extended trading yesterday, as of 07:59 PM EST.
An important development surfaced from Athens that weighed down heavily on the stock. National Bank of Greece announced that it will now offer new ordinary shares at a price per share of €0.02. The offering has an alternative option attached to it that reflects a 1-for-15 reverse share split. This option is being offered at €0.30. These offerings are priced substantially below the stock’s latest market prices, which reflects deeper problems within the country’s banking system.
The share offering sanctioned by the National Bank of Greece has its origins in the coveted bank recapitalization strategy, adopted by Greece and encouraged by its international creditors. In late October, the European Central Bank (ECB), as per third bailout talks, conducted a series of stress tests on Greece’s top four banks, namely National Bank of Greece, Piraeus Bank, Eurobank, and Alpha Bank. The results of the stress tests showed that these banks had a total capital shortfall of €14.4 billion. However, it is important to note that the amount was derived using assumptions of economic adversity in the country.
To fill these capital gaps, Greek banks seek policies to mend the shortfall and improve the state of their balance sheets. The recapitalization process is imperative for Greek banks to emerge out of trouble, as the economy attempts to rebound. Greek depositors have pulled out a significant portion of their savings. Currently, the banking system is struggling to restore investors’ trust. Without sufficient encouragement, Greek banks would find it difficult to recapitalize through investors. The urgency to encourage investors explains why Greek banks have priced the new share offerings at significant discounts.
Investors were quick to notice the hidden message. Shares of the National Bank of Greece plunged to an all-new 52-week low of $0.36. Yesterday, National Bank of Greece stock traded between $0.36 and $0.42.
National Bank of Greece stock has a 30-day average trading volume of 13.58 million. Yesterday, the stock generated a trading volume of more than 52 million. As of yesterday’s close, National Bank of Greece has a market cap of $1.31 billion
Additionally, the stock’s relative strength index (RSI), as per yesterday’s trade, further indicates the bearish sentiment. The stock’s RSI dropped to roughly 27 yesterday. An RSI of less than 30 shows that a stock has entered oversold territory. In contrast, an RSI of more than 70 indicates overbought territory. Shares are expected to continue their downward slide today. The stock is down more than 30% at $0.259 in pre-market trading today, as of 04:04 AM EST. Investors will be watching the stock closely to figure out the next best investment strategy. We believe the stock could carve an all-new low today; investors are advised to proceed with caution.

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