Does anyone know why the share price of spring bank seems to be in a free-fall. At the beginning of the year it was N7.16 and right now it is N3.92 and it is still falling at the maximum 5% per day. I know they did some share reconstruction but that doesn't mean the value should plummet at this rate.

I actually bought into one of the banks that make up the present Spring bank on compassionate grounds as the girlfriend of one of my friends used to work there. The funny thing is that she wasn't even retained after everything. And before anybody starts sermonizing about not being sentimental about such - let me say I bought just N75,000 worth of shares, which is money I could dash out then. I just didn't invest like I would normally do because I was unconvinced about the bank.

Looks like they are proving me right?

this is interesting though am sorry for your situtation,but am thinking about something ,someone told me that sometimes the best time to buy a company stock is when bthey are in free fall ,but still have chance of rising again if managed well ,does anyone think springbank is in such situation now .someone also said this is how warren buffet made his money by buying stocks of companies that people would not touch ,what do u guys think ?

i also got to know that these bank made up the present springbank plc :

ACB International Bank Plc, Citizens International Bank Plc, Fountain Trust Bank Plc, Guardian Express Bank Plc, Omega Bank Plc and Trans International Bank Plc.

here is teh price movements of springbank since the 10th of last november ;

[center]STOCK PRICE MOVEMENT : SPRINGBANK
Date Price
1/26/2007 3.92
1/25/2007 4.12
1/24/2007 4.33
1/23/2007 4.55
1/22/2007 4.78
1/19/2007 5.03
1/18/2007 5.29
1/17/2007 5.56
1/16/2007 5.56
1/15/2007 5.85
1/12/2007 5.85
1/11/2007 6.15
1/10/2007 6.15
1/9/2007 6.47
1/8/2007 6.81
1/5/2007 6.81
1/4/2007 6.81
12/29/2006 7.16
12/28/2006 7.16
12/27/2006 7.16
12/22/2006 7.16
12/21/2006 7.16
12/20/2006 7.16
12/19/2006 7.16
12/18/2006 7.16
12/15/2006 7.16
12/14/2006 7.16
12/13/2006 7.16
12/12/2006 7.16
12/11/2006 7.16
12/7/2006 7.16
12/6/2006 7.16
12/5/2006 7.16
12/4/2006 7.16
12/4/2006 7.16
12/1/2006 7.16
11/30/2006 7.17
11/29/2006 7.20
11/28/2006 7.19
11/27/2006 7.19
11/24/2006 7.10
11/23/2006 7.10
11/22/2006 7.20
11/21/2006 7.30
11/20/2006 7.30
11/17/2006 7.45
11/16/2006 7.45
11/15/2006 8.02
11/14/2006 7.64
11/13/2006 7.28
11/10/2006 0.50
[/center]

source = www.cashcraft.com

It's true that it could be a good time to buy such shares but you don't buy if you don't know what's happening with the company. People like Warren Buffet will buy into a company that has potential but is going through a hard patch and try to turn it around (if they have controlling shares) or one that they know will definitely get over the bad times. In this case one just doesn't know what is happening. I guess some folks that are stock brokers will know.

Any stock broker in da house!!!!!!

good contribution from theone ,so anyone with inside info about springbank ?