Quote:
Originally Posted by femibolarinwa
Please my people, what is the state of Costain shares now. I beg if you know what i dont know about this organisation pls help out
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My bros, Costain shares are now in a state of coma. Ask me why I would like to buy a unit @ N2.66 as quoted and my answer would be 'I DON'T KNOW'. During the hey days of 2007-2008, I went to Port Harcourt and saw that the company had what looked like some resuscitation of business life. Then, they were renovating some buildings at the Rivers State secretariate complex and also carrying out construction work on The
NSE new building structure. Somehow, these made me start beaming my searchlight on the stock but I never thought of buying into it because the stock looked too expensive, fundamentally, like many others at the time.
Their quarterly & annual results as released then even made me distance myself more and more from the stock, as the bubble kept expanding.
This year-January 2012- I passed by The
NSE building on Aba road in Port Harcourt (nearly opposite Zenith Bank by Kaduna street flyover) and saw that not only is the building at the stage it was as at 2008-uncompleted, but that Costain has demobilized from site.
Looking at their corporate culture on The
NSE, it's visible that the company has relapsed into its former self - a company that hardly gives information on the goings-on in its operations as demanded on listing as a public company. This, I believe, speaks volumes of the tough times the company is in. So for me, it's sit don look for this stock in 2012 even if it touches the 50k park avenue.
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