5 Companies Hitting 52 Week Highs, Which One Would You Buy?
Taking Stock Thursday 9th October 2023
Taking Stock: Is a look at today's top business news & investment views plus we cover the winners, losers, the most read company news & the most followed. Today this includes:
5 Companies Hitting 52 Week Highs, Which One Would You Buy?
The “52-week high effect” states that stocks with prices close to the 52-week highs have better subsequent returns than stocks with prices far from the 52-week highs.
According to a study called "Volume and Price Patterns Around a Stock's 52-Week Highs and Lows: Theory and Evidence," conducted by economists at Pennsylvania State University, the University of North Carolina at Chapel Hill, and the University of California in 2008, small stocks crossing their 52-week highs produced 0.6275% excess gains in the following week.
Large stocks produced gains of 0.1795% in the following week.
Companies discussed on “Taking Stock” today:
03:00 Hargreaves’s Lansdown #HL.
04:30 Mark & Spencer #MKS
05:54 Associated British Foods #ABF
07:33 Auto Trader #AUTO
08:00 Rightmove #RMV
08:10 AstraZeneca #AZN
08:48 Taylor Wimpey #TW.
10:20 Croma Security #CSSG
11:40 Time Finance #TIME
12:35 Watkin Jones #WJG
16:20 Trainline #TRN
17:35 Destiny Pharma #DEST
20:20 Mark & Spencer #MKS
25:50 Trufin #TRU
26:12 Poolbeg #POLB
27:39 eEnergy #EAAS
28:27 Fusion Antibodies #FAB
29:20 Argentex #AGFX
30:48 Audioboom #BOOM
32:00 Angle #AGL
33:15 United Oil & Gas #UOG
34:10 TheWorks #WRK
39:58 Facilities by ADF #ADF
40:55 Burford Capital #BUR
43:12 Trufin #TRU
43: 13 Bidstack #BIDS
45:20 S4 Capital #SFOR
TOP BUSINESS STORIES
Mortgage arrears up sharply with landlords hit hard
The number of people falling behind on their mortgage payments rose sharply over the summer months, figures from the banking sector show.
Rising interest rates have put pressure on homeowners, with 87,930 in arrears said UK Finance, up 18% compared with July to September last year.
Among landlords, the number in arrears doubled in a year.
Despite the sharp rise in mortgages in arrears, the number where payments have fallen behind still represent just 1% of the 8.8 million outstanding mortgages, trade body UK Finance said.
China has dropped into deflationary territory for the second time this year, reigniting concerns over its economy.
Consumer prices in the world’s second-largest economy fell by 0.2%, compared with the previous year, in October, a larger decline than the 0.1% expected.
Chinese producers also cut their prices at a faster rate. The producer price index (a measure of prices at the factory gate) fell 2.6% year-on-year, following a 2.5% drop in September. That could push inflationary pressures down globally.
BoE's Pill: 'Crucial' rates stay at 5.25% to tame inflation
Bank of England Chief Economist Huw Pill said on Thursday that it was essential interest rates stay at their current level in order to tame inflation, in a shift in tone from earlier in the week when he discussed possible cuts next year.
Last week, the BoE kept its main interest rate at 5.25% and said rates would need to stay there for an extended period, but Pill said on Monday that market pricing pointing towards a first rate cut in August 2024 "doesn't seem totally unreasonable".
Disclaimer & Declaration of Interest
The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.