Jump to content

Rank Group shares tumble almost 10%


MongiIG

Recommended Posts

The outlook from the gambling company has sent shares down heavily today, despite it reporting an improvement in revenues.

 Jeremy Naylor | Writer, London | Publication date: Thursday 13 October 2022

Rank Group tumbles on outlook

Let's take a look at Rank Group, the company which owns Mecca and also the Grosvenor Casinos.

It has come through with an updated report this morning, but so far as shares are concerned, they're on the way down because investors are focused in on the negativity the company is suggesting is going to dominate the outlook from where we go.

Share price chart

Let's take a look at the share price chart, because you can see clearly that since the highs that we had, the recent highs we had back in May 2021, there has been this slide in the share price and it's currently day trading down by a margin of 10.5% today, down to $0.58.

The company has painted a bleak picture for its immediate future, despite reporting what was a small rise in the net gaming revenue in the first quarter (Q1).

But this has been way overshadowed by the expectations that the company is going to continue to see the sort of pressure we've seen building pre-COVID. We had this stock all the way up at £3.28. It's now trading at $0.58 a share.

The company says it's seeing big pressures on consumer spending this year with inflation likely to remain high for some time to come, and as a result of that, business at its Grosvenor casinos and Mecca chain businesses will likely continue to be pressured throughout the foreseeable future. Certainly well into 2023 according to the statement, the company will continue to see pressure building for Rank Group, down on the trading day today so far.

Link to comment

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • General Statistics

    • Total Topics
      21,612
    • Total Posts
      91,832
    • Total Members
      41,888
    • Most Online
      7,522
      10/06/21 10:53

    Newest Member
    Mas
    Joined 23/03/23 04:08
  • Posts

    • Elliott Wave Analysis TradingLounge Daily Chart, 23 March 23, Bitcoin/U.S.dollar(BTCUSD) BTCUSD Elliott Wave Technical Analysis Function: Follow trend Mode: Motive Structure: Impulse Position: Wave III Direction Next higher Degrees: wave (I) of Motive Details: Wave 3 is equal to 1.618 multiplied Length of wave 1 at 35366 Wave Cancel invalid level: 15479 Bitcoin/U.S.dollar(BTCUSD)Trading Strategy: Bitcoin is developing in wave III and is trending towards 1.618 times wave I at 35107 as the price recovers from support at MA200 and breaks the upper channel. Help support this idea. So the overall picture is still a steady increase in the uptrend. Bitcoin /U.S.dollar(BTCUSD)Technical Indicators: The price is above the MA200 indicating an UpTrend. The wave oscillators above Zero-Line momentum are bullish. TradingLounge Analyst: Kittiampon Somboonsod, CEWA Source : Tradinglounge.com get trial here!   Elliott Wave Analysis TradingLounge 4H Chart, 23 March 23, Bitcoin/U.S.dollar(BTCUSD) BTCUSD Elliott Wave Technical Analysis Function: Counter trend Mode: Corrective Structure: Zigzag Position: Wave A Direction Next higher Degrees: wave ((2)) of Motive Details: Wave ((2)) usually retraces 50-61.8% of wave ((1)). Wave Cancel invalid level: 19569 Bitcoin/U.S.dollar(BTCUSD)Trading Strategy: Wave ((1)) seems to end at the level 28936. As the price structure completes five waves and the Wave Oscillator slows down, it is possible that a reversal in wave ((2)) is ongoing and it is likely to end at the level of 28936. will go to the level of 50 - 61.8% of the wave ((1)) before rising again in the wave ((3)). Bitcoin/U.S.dollar(BTCUSD)Technical Indicators: The price is above the MA200 indicating an UpTrend. The wave oscillators above Zero-Line momentum are bullish.
    • Wow. That censored word was twitter shortened. T w i t ..
    • Which exchange charts on TV are the ones being used on the IG platform? Specifically AUD/USD. Also what/when is **** feed coming back?
×
×
  • Create New...