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CFD Traders DiaryReversal of roles as miners pullback but market strong25/4/2008 The baton has for a change been picked up today by some of the recovery stocks which had previously been hit hard, and it is the mining stocks that are at the bottom of the board as commodity prices fall. We had been looking for a big fall in gold, which is now happening and this suggests there will be more potential profits on the short side in coming days in the sector. Gains this morning have been spread around, with banks seeing good support on value buying, as is the case with certain transport stocks which had been beaten down previously. There have also been some surprisingly good statements, with Go-Ahead standing out after it said it anticipated delivering full year performance in line with expectations and significantly ahead of record results last year, with buses driving the improvement. The shares have shot up this morning, but it will take more than this to reverse the downtrend, so shorts might want to have a punt in the next day or two.
The pub sector has had a lean time of it this week, and today Mitchells & Butlers said it was not in talks over a possible bid for the whole company. It did though remain in discussions over a stake sale at what it said might be at a material premium to the current share price, but investors were not impressed and the downtrend remains intact. |
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