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RBS RISES ABOVE ALL MAs ON DIVIDEND ANNOUNCEMENTS - Capital Street FX
Royal Bank of Scotland’s stock is currently trading at 253.10-higher by 2.18% as compared to its previous close.
The bank reported its earnings on Friday. RBS reported a net profit of 1.6 billion pounds, above the market expectation of 1.4 billion pounds, and also up from 752 million pounds in 2017. The bank also said that it would pay investors an annual dividend of 3.5 pence and a special dividend of 7.5 pence, taking its total payout, including an earlier interim dividend, to 13 pence per share.
The bank, however, warned that Brexit could drive businesses under and curtail cost-cutting. RBS also said political turmoil over Brexit means it will struggle to hit its target of cutting its cost-to-income ratio to less than 50% as planned by 2020.
On the technical front, the current price is above the MA5. The current price is above the upper band of the Bollinger Bands and is heading upwards. The RSI is currently at 66% and suggests that the market can move in the upward direction.
TRADE SUGGESTION- LIMIT BUY AT 252 TAKE PROFIT AT 256 STOP LOSS AT 250