Essentra (ESNT.L) 10-12-19
Will Essentra (ESNT.L) shares break the key resistance level, or will it continue within the current range and retest the 395p support zone?(-5%)
- Currently trading around the 420p resistance, now at 419.4p (at time of writing).
- We have posted this previously at both the top and bottom of the trading range, each time it subsequently remained within the range.
- The range has proven reliable to date. Will the pattern repeat itself?
- Will the share price continue in this range, falling to the lows at 395p? (-5%).
- Shares -5% from 12-month highs; +28% from 12 month lows.
27 Nov: Essentra, the plastic and fibre product supplier, announced that it had reached an agreement to invest approximately £7.8m for a 49% stake in a new joint venture in China. The new company is to produce specialist, next generation filters.
25 Oct: Essentra announced that revenues fell in Q3, due to Brexit and a tougher macroeconomic environment.
02 Aug: Essentra posted profits for the half higher by 9.6%, due to better revenues and progress in streamlining. Adjusted operating profit was higher by 9.6% at £48.3m.
24 Jul: Jefferies International has upgraded its rating on Essentra (ESNT) to buy (from hold).
12 Jul: Deutsche Bank reiterates its buy rating on Essentra (ESNT) and increased the target price to 445p (from 430p).
Source: Bloomberg, Reuters, Alpha Terminal, FT, DJ Newswires