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Friday Email: 26 April 2013

Every Friday morning our lead analyst Mark Riding sends out his weekly run-down and upcoming events in the investor calendar, like this one:

The FTSE 100 has clawed back around 200 points in the past 5 days and is starting to look a little range bound. It feels, as we move towards 6500, that another downturn will occur. The miners have had a decent week. Not surprising as they were starting to look seriously undervalued and remain so in my my view.

Tuesday brought a good set of numbers from ARM and the share price of ARM is now making Imagination Technologies look very good value. Thursday brought final results from Toumaz, which is a very interesting stock in which Imagination have a stake and Sir Hossein Yassaie, CEO of Imagination sits on the board. Have a look at the report on the Sensium plaster that came out at the same time as the results.

On the dividend front, the story continues with more increases across the board. Associated British Foods increased by 10% at the interim stage. Glaxosmithkline increased the dividend exactly as we expected in Q1 and Unilever increased by 10.7%. A note of caution for DividendMax users. I was talking to our Chairman who pointed me to a piece of research that suggests that stock picking is beginning to look a little unhealthy and too much money is pouring into the large cap safe dividend stocks such as Vodafone, Glaxo, Astra Zeneca, National Grid, etc, can find them all in the optimizer. I tend to agree with him as he knows what he is talking about. I suspect that this is driven by the relentless search for yield in a low interest rate environment coupled with fear of the market. Remember that there is growth and yield across the FTSE 350 and a whole raft of top quality companies that are not overbought.

This email was originally sent on Friday 26 April 2013

The Friday email is delivered to over 20,000 subscriber’s every week, and remains a widely read run-down of recent events and what investors can expect in the week ahead written by our chief analyst Mark Riding.

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