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Home / Special Reports / The 12 Stocks of Christmas

This report is not a personal recommendation and does not take into account your personal circumstances or appetite for risk.

25 November 2018

The 12 Stocks of Christmas

The end of the year is fast approaching and now is an excellent time for traders – both bullish and bearish - to consider what December and January may have in store for their financial portfolios.

Analysing historical data going back over three decades, we have noted that December often sees a stock market rally to cap the end of the trading year.

Our data shows that the UK Index has one of the best December hit rates over the past 34 years; it was up a whopping 27 years/79%, for an average 2.4% rise. With the blue-chip index -8.2% year-to-date, is there potential for yet another December catch-up?

Fuelling this trend is the phenomenon of window dressing, where fund managers get rid of underperformers and rush to buy the year’s outperformers to flatter the end-of-year statements sent to investors. This often creates a “Santa Rally”.

A similar school of thought, known as the “January Effect”, holds that the prior year’s laggards tend to do well in the first month of the year. Bargain-hunting fund managers, aiming to beat the market and outperform peers, seek out stocks at low prices. When other traders follow suit, these stocks can rally and the recovery gains momentum that pays off.

With these theories in mind, we have analysed the 12 worst performing stocks year-to-date on both the UK 100 and to assess which of them have the best potential for a 2019 recovery and might brighten your gift basket come Christmas.

Why have these stocks lost ground in 2018?

There are a host of reasons that have sent these prices of these shares lower. Markets are off their Spring highs on concerns that a Tech-led rally has peaked and lingering US-China trade worries. Brexit and geopolitical uncertainty have been an obvious hindrance. Whilst a weak GBP has benefited some shares, a reciprocally stronger USD has been a headwind for others, itself a result of rising bond yields as US interest rates rise and the end of cheap money creeps closer everywhere else.

The frequency of profits warnings has also risen, with companies finding it more difficult to hit targets. The advantage of this for investors is that companies may be less likely to aim too high next time, not wanting to disappoint again, meaning the next set of results could impress and help shares recover faster.

Are these stocks set to recover?

There are several reasons for some of the worst performing UK 100 and 250 stocks to see a share price recovery over the next two months. In the case of the UK 100 , many of the names languishing at the bottom of the performance tables are multi-billion-pound stalwarts of the UK blue-chip index and, in some cases, recognisable household names. After a year of underperformance, management will surely be focused on turning the tide of sentiment in favour of a share price rally.

Don’t forget many also have high dividend yields (in some cases very high after those share price falls) which should maintain interest in the shares, offering near-term support, and possibly even the recovery momentum those fund managers are looking for. Can these companies put a tough 2018 behind them, start the new year on the front foot? Could they even rally into year end?

Accendo Markets’ research team puts together daily publications on indices, commodities and blue-chip equities. To discover our award-winning offering, sign up to have it delivered directly to your inbox.

Page: 01

No guarantees, but statistics supportive

Source: CMC Markets, 21 November 2018

As the saying goes, “there’s no smoke without fire”, and this certainly applies to the Santa Rally phenomenon. The table below – showcasing yearly performance since 2007 and average performance since 1984 – shows that, over the past 34 years, the UK 100 has rallied 27 times in December. An impressive 79% hit rate. Moreover, a full 30% of these have seen a Santa Rally in excess of +4% (38% more than 3%, 56% more than 2%).

The best UK 100 Santa Rally performance (+8.5%) came in 1987 and, there have been 7 instances of rallies greater than 5% (1987, 1989, 1993, 1997, 1999, 2010 and 2016). Conversely, the worst 4-week performance came in 2002 (-5.5%), easily underperforming other negative years, with the UK 100 losing more than 2% on only one other occasion (2014).

But the phenomenon isn’t limited to the London stock market, with most other major indices enjoying the same seasonal rise, although the UK 100 tops the scoreboard for the number of positive years.

Christmas gifts for UK Index blue-chips


For the UK 100 to rise, individual blue-chip components must, therefore, also be prone to rally in the final 4 weeks of the year. The table below highlights the 20 companies whose share price has increased on most occasions since 1994 (note shorter dataset for shares than indices).

The most striking takeaway is that the rank outperformer, CRH, is the only UK 100 company to have rallied on 21 occasions out of 24 (88% hit rate). The company also sits confidently in the Top 5 for best average Santa Rally performance, with an average gain of more than 6% in December.

Other companies of note include media giant WPP (20 up years), the only one up for the past 12 years, with a similarly strong 6% average gain. Housebuilder Taylor Wimpey (19 up years) may have risen fewer years but has just as impressive an average gain: 6.0%. In fact, property/building makes up half of the top 12, with average up years of 19 and an average gain of 4.8%.

Not every stock will enjoy a Santa Rally every year and there is no guarantee that we will see a UK Index bounce this December, with global equities in a corrective phase since late October. And yet, this isn’t the first bear market seen this year, with many stocks either fallen and bounced back several times. Starting in January, the UK Index fell 950 points (13.8%) over a 2-month period, but then rallied back over 15%, reaching record high levels in May.

It is worth noting, therefore, that some of the best historical performers have had a torrid 2018. WPP cut its profit targets in March and reported a slow start to 2018 while long-term CEO Sorrell was ousted in April. Its shares are -42.5% from 2018 highs, just 3.5% off 2018 lows, -36% year-to-date. Will it be rescued by its 83% positive hit rate? Or will it finish the year with a lump of coal in its stocking?

Another struggler is Taylor Wimpey (-30% from 2018 highs, +1.6% from lows, -27% year-to-date), with Brexit uncertainty weighing heavily on the UK housing market. Will its 79% hit rate help it build a Santa Rally?

Christmas gifts for UK Index blue-chips


For the UK 100 to rise, individual blue-chip components must, therefore, also be prone to rally in the final 4 weeks of the year. The table below highlights the 20 companies whose share price has increased on most occasions since 1994 (note shorter dataset for shares than indices).

The most striking takeaway is that the rank outperformer, CRH, is the only UK 100 company to have rallied on 21 occasions out of 24 (88% hit rate). The company also sits confidently in the Top 5 for best average Santa Rally performance, with an average gain of more than 6% in December.

Other companies of note include media giant WPP (20 up years), the only one up for the past 12 years, with a similarly strong 6% average gain. Housebuilder Taylor Wimpey (19 up years) may have risen fewer years but has just as impressive an average gain: 6.0%. In fact, property/building makes up half of the top 12, with average up years of 19 and an average gain of 4.8%.

Not every stock will enjoy a Santa Rally every year and there is no guarantee that we will see a UK Index bounce this December, with global equities in a corrective phase since late October. And yet, this isn’t the first bear market seen this year, with many stocks either fallen and bounced back several times. Starting in January, the UK Index fell 950 points (13.8%) over a 2-month period, but then rallied back over 15%, reaching record high levels in May.

It is worth noting, therefore, that some of the best historical performers have had a torrid 2018. WPP cut its profit targets in March and reported a slow start to 2018 while long-term CEO Sorrell was ousted in April. Its shares are -42.5% from 2018 highs, just 3.5% off 2018 lows, -36% year-to-date. Will it be rescued by its 83% positive hit rate? Or will it finish the year with a lump of coal in its stocking?

Another struggler is Taylor Wimpey (-30% from 2018 highs, +1.6% from lows, -27% year-to-date), with Brexit uncertainty weighing heavily on the UK housing market. Will its 79% hit rate help it build a Santa Rally?

Lumps of coal, but with a shine

Examining December laggards also offers some interesting nuggets of insight. Surprisingly, less than 10% of current UK 100 members have a negative average December performance since 1994, only one of them being for anything worse than -1%. Strong statistics.


What immediately jumps out from this list is that, despite weak performance, less than half of the list (9 out of 20 names) have been, on average, negative into year-end with bottling company Coca-Cola HBC, a relative newcomer, the big stand-out (average -3.3%), weighed down by a poor 2014 and 2015.


Many of the other laggards have, on average, still traded pretty much flat to +1%. Hardly a disaster. Many even have hit rates that could compete with some of the winners, up 10-16 of the past 24 years. Look at engine manufacturer Rolls-Royce (+1% average; 62% hit rate) and retailer Next (+0.2% average, 58% hit rate).

A brief sector analysis shows Banks and Pharmaceuticals tending to be weak (though still technically positive) performers in December, while Construction and Mining have a history of outperformance.

Benefiting from the downturn

The Santa Rally phenomenon is just that. It’s based on historical data. No guarantees, but statistically significant and commonly accepted. To harness these statistics and transform them into better quality and tradable opportunities, investors might also want to consider current year-to date performance. Why?

As much as the theory has it that a Santa Rally can be fuelled by more buying of stocks that have done well (the “window dressing” we mentioned earlier), some of the most attractive tradable opportunities could also lie among those stocks which have a strong record of year-end gains but have performed poorly this year. Catch up trades, if you like. Below are the 12 worst UK 100 and performers of 2018 so far.

 

As in previous years, a number of these stocks hail from similar sectors. Health care equipment manufacturers Spire Healthcare and Mediclinic suffered after profits warnings. Regulation and tax changes in Gambling have hurt Playtech and William Hill. IT stocks have also been hurt, with both Micro Focus, Sophos and Sage Group warning of weaker outlooks and lower profits.

Advertising agency WPP also cut its profits targets in March and reported a slow start to 2018. Vodafone is struggling to overcome investor doubts about its re-growth strategy and big debt pile, especially after its long-term CEO left in the Spring.

British American Tobacco is struggling to adapt to a changing financial environment. Tobacco manufacturers benefited from low bond yields, investors rushing to tobacco as proxies for stable income. As bond yields began to rise again, the rotation back to bonds has understandably seen Tobacco shares stubbed out.

We thus have several big household names which have underperformed so far this year, easily recognisable to both financial investors and the man-on-the-street alike. And many of them tend to do well in December.

Overleaf, we have identified a handful of attractive trading opportunities for December. Not just because their share price is depressed, but because the statistics would imply that they have a better than average chance of delivering a bounce back into the year-end.

On the following pages, we delve into our 12 favourite stock picks for this year’s Santa Rally, highlighting charts, broker projections and technical analysis for each. Will we see a rally in these stocks come Christmas?

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William Hill (WMH)


Source: CMC Markets, 20 November 2018

  • William Hill’s shares are in a downtrend since May.
  • Increasing regulatory pressure and proposed tax law changes depressed gambling shares in 2018.
  • Shares -49% from 2018 highs; now trading at 2018 lows; -46% year-to-date.
  • Historically, William Hill shares tend to go up during the December’s Santa Rally.
  • The bookmaker has an impressive 94% December hit rate (+5.7% on average, up in 15 out of 16 years).
  • Brokers are positively biased, with 94% of analysts saying “Buy” or “Hold”.
  • All 12 of the latest analyst/broker updates suggest upside for William Hill shares
  • The average broker target price is 287.3p, a level last traded in late October.

Will William Hill return to recent 225p high (+30.1%) or fall to Nov 2010 low of 154p (-11.2%)?

 

Broker Consensus: 53% Buy, 41% Hold, 6% Sell
Bullish: Investec, Buy, Target 353p, +104% (31 Oct 18)

Average Target: 287.31p, +66.1% (20 Nov 18)

Bearish: Numis, Hold, Target 210p, +21.4% (8 Oct 18)

 

Pricing data sourced from Bloomberg on 20 November 2018. Please contact us for a full, up to date rundown.

WPP (WPP)


Source: CMC Markets, 20 November 2018

  • WPP shares are trading lower in 2018 after the media agency cut is earnings targets in March.
  • Shares are now -42% from 2018 highs; +4.7% from 2018 lows; -36% year-to-date.
  • WPP shares have rallied in 20 out of the past 24 Santa Rallies (83% success rate).
  • Ad agency’s shares have been positive in every single Santa Rally since 2005.
  • Average December performance: +4.5%.
  • Despite the recent downtrend, only 5 brokers out of 29 are saying “Sell”.
  • A significant 88% of analysts are projecting a higher share price for WPP in the medium term.
  • Average broker target price of 1083p, shares last traded there in the middle of October.

Will WPP bounce to Oct highs of 1157p (+36.1%) or continue to June 2012 low of 732p (-13.9%)?

 

Broker Consensus: 34.5% Buy, 48% Hold, 17% Sell
Bullish: Société Générale, Buy, Target 1750p, +106.6% (13 Nov 18)

Average Target: 1083.48p, +27.8% (20 Nov 18)

Bearish: Day by Day, Sell, Target 621.43p, -26.6% (12 Nov 18)

 

Pricing data sourced from Bloomberg on 20 November 2018. Please contact us for a full, up to date rundown.

Vodafone (VOD)


Source: CMC Markets, 20 November 2018

  • Vodafone shares under pressure after concerns over revenue growth and a large accumulated debt.
  • Shares -35.9% from 2018 highs; bouncing +7.7% from 2018 lows, -33.6% year-to-date.
  • Recent half-year results have been viewed positively by the market: the mobile telecoms provider was able to preserve its dividend, which has been a major progress benchmark for analysts.
  • Since 1994, Vodafone shares averaged 2.2% gains in December, up 16 times out of 24 (67% success rate).
  • Company’s best December performance was in 1997, the shares gaining +10.9%.
  • Analysts are bullish on the shares, with 88% of brokers projecting an upside for the share price.

Will Vodafone rally to Sept highs of 171p (+11%) or fall to Oct low of 142p (-7.8%)?

 

Broker Consensus: 59% Buy, 27% Hold, 14% Sell
Bullish: ROE Equity Research, Buy, Target 300p, +94.8% (14 Nov 17)

Average Target: 198.86p, +29.1% (20 Nov 18)

Bearish: Macquarie, Underperform, Target 125p, -18.8% (13 Nov 18)

 

Pricing data sourced from Bloomberg on 20 November 2018. Please contact us for a full, up to date rundown.

Taylor Wimpey (TW)

Source: CMC Markets, 20 November 2018

  • Construction company Taylor Wimpey’s shares have been a victim on continuing Brexit uncertainty.
  • Shares now -30% from 2018 highs; trading just 1.4% away from 2018 lows; -30% year-to-date.
  • Outside of Brexit worries, fundamentals remained solid, with low interest rates, a wide range of mortgage options for buyers and the recent extension of the Help-to-Buy real estate scheme. (Source: FT)
  • Historically, Taylor Wimpey enjoyed a stand-out performance during Santa Rallies, adding an average 6% to its share price in December, its best performance (+32.3%) in 2010.
  • Taylor Wimpey shares have been positive during 19 out of the past 24 Santa Rallies, a 79% hit rate.
  • Its shares now down 30% in 2018, could Taylor Wimpey bounce back yet again in 2018?

Will Taylor Wimpey return to Sept highs of 174p (+20%) or go to Nov 2016 low of 137p (-6.2%)?

 

Broker Consensus: 67% Buy, 28% Hold, 5% Sell
Bullish: Goodbody, Buy, Target 245p, +69% (13 Nov 18)

Average Target: 205.54p, +41.8% (20 Nov 18)

Bearish: Cenkos, Hold, Target 160p, -10.3% (13 Nov 18)

 

Pricing data sourced from Bloomberg on 20 November 2018. Please contact us for a full, up to date rundown.

Kingfisher (KGF)

Source: CMC Markets, 20 November 2018

  • DIY retail chain Kingfisher has struggled in 2018, with trading especially weak in France.
  • While Screwfix outperformed in the first half with 10.4% sales growth, B&Q sales declined 2.3%.
  • French first half sales fell by 2.1% after continued weakness in Kingfisher’s Castorama chain.
  • Shares -33% from 2018 highs; +3.7% 2018 lows; -29% year-to-date.
  • Despite trading difficulties, most brokers still remain Bullish, with analysts at Morgan Stanley pointing to Kingfisher’s diversified business model, low debt, £5bn in assets and a surplus in its pension scheme as major positives. (Source: FT)
  • Brokers at Morgan Stanley see the shares go as high as 390p in the medium term (+59.2% upside).
  • The DIY chain has had a solid performance during the previous Santa Rallies, shares positive in 16 out of 24 years (66% hit rate) and an average December share price gain of +3.1%

Will Kingfisher rally to Oct highs of 267p (+8.1%) or turn back toward Nov low of 238p (-3.6%)?

 

Broker Consensus: 57.9% Buy, 26.3% Hold, 15.8% Sell
Bullish: Morgan Stanley, Overweight, Target 390p, +59.2% (19 Sept 18)

Average Target: 308.82p, +26% (20 Nov 18)

Bearish: Investec, Sell, Target 235p, -4.1% (8 Oct 18)

 

Pricing data sourced from Bloomberg on 20 November 2018. Please contact us for a full, up to date rundown.

CRH (CRH)


Source: CMC Markets, 26 November 2018

  • Irish infrastructure company reported positive Q3 results in Nov, forecasting higher 2018 earnings.
  • Brokers at Davy say that CRH's depressed share price doesn't reflect either the company's outlook nor its efforts to improve business (Source: DowJones, 20 Nov).
  • Other brokers also share an overwhelmingly bullish outlook, with no brokers saying “Sell” and only 1 analyst projecting a lower target price in the medium term (95% are projecting a share upside).
  • Shares -25.1% from 2018 highs; +4.7% 2018 lows; -17.9% year-to-date.
  • The best Santa Rally performer on the UK 100 , shares positive in 21 out of 24 years (88% hit rate)
  • Strong average December share price gain of +6.1%

Will CRH rally to 2018 highs of 2893p (+32.4%) or turn back toward Jun ’16 low of 1899p (-13.2%)?

 

Broker Consensus: 79.2% Buy, 20.8% Hold, 0% Sell
Bullish: Bryan Garnier & Co, Buy, Target 3378.3p, + 54.5%% (20 Nov 18)

Average Target: 2908.8p, +33% (26 Nov 18)

Bearish: Day by Day, Sell, Target 1699.85p, -22.2% (19 Nov 18)

 

Pricing data sourced from Bloomberg on 26 November 2018. Please contact us for a full, up to date rundown.

Persimmon (PSN)


Source: CMC Markets, 26 November 2018

  • In its latest trading statement, the housebuilder Persimmon said Q3 private sales rose 3% YoY.
  • Persimmon is completely sold up in 2018 and has around £987m of forward sales reserves after 2018.
  • Despite general Brexit uncertainty, house prices have held steady across regional markets.
  • Consumer confidence and support from mortgage lenders contributed to positive market conditions.
  • All analysts with recent updates say the shares should rise in the medium-term, average target of 2726p.
  • Shares -25.3% from 2018 highs; +6.3% 2018 lows; -21.3% year-to-date.
  • 75% December success rate, shares positive in 18 out of 24 years.
  • Solid average share price rise in December (+5.4%).

Will Persimmon rally to Oct highs of 2447p (+12.9%) or fall to 2018 low of 2045p (-5.7%)?

 

Broker Consensus: 79.2% Buy, 20.8% Hold, 0% Sell
Bullish: J.P. Morgan, Overweight, Target 3250p, + 50% (9 Nov 18)

Average Target: 2726.38p, +25.8% (26 Nov 18)

Bearish: Cenkos Securities, Hold, Target 2415p, +11.4% (9 Nov 18)

 

Pricing data sourced from Bloomberg on 26 November 2018. Please contact us for a full, up to date rundown.

Barratt Developments (BDEV)


Source: CMC Markets, 26 November 2018

  • Barratt Developments' Q1 update in October was solid, with a good sales rate and healthy order book.
  • The construction company also reiterated its key medium-term target of 3-5% volume growth.
  • Much like with its fellow housebuilder Persimmon, all recent broker updates see a share price upside for Barratt, with an average target price of 637p.
  • Shares -23% from 2018 highs; +7.1% 2018 lows; -21.8% year-to-date.
  • Bullish Santa Rally performance for the shares, with Barratt positive in 16 out of 24 years (67% hit rate)
  • Average December share price gain of +6.5% (second best on the UK 100 )

Will Barratt rise to Summer highs of 588p (+15.7%) or return to 2018 low of 475p (-6.5%)?

 

Broker Consensus: 68.4% Buy, 26.3% Hold, 5.3% Sell
Bullish: Credit Suisse, Outperform, Target 744p, +46.5% (17 Oct 18)

Average Target: 637.93p, +25.6% (26 Nov 18)

Bearish: Liberum, Hold, Target 525p, +3.3% (14 Nov 18)

 

Pricing data sourced from Bloomberg on 26 November 2018. Please contact us for a full, up to date rundown.

Fresnillo (FRES)


Source: CMC Markets, 26 November 2018

  • Shares of Mexican silver miner Fresnillo have been under recent pressure after introduction of a series of bills in the Mexican parliament that could restrict mining.
  • Shares are now trading just 1.1% away from 2018 lows (-48.9% from 2018 highs; -45.2% year-to-date).
  • Despite the downtrend, brokers are still bullish on the miner, with only 1 analyst saying “Sell”.
  • Part of the UK 100 in the past 10 years, with a 50% success rate during December Santa Rallies.
  • Shares up 5.2% on average in December.
  • Strong performance in December 2017 (+10.7%). Will it be repeated this year as well?

Will Fresnillo rise to October highs of 982p (+26.7%) or fall to 2018 low of 738p (-4.8%)?

 

Broker Consensus: 56.3% Buy, 37.5% Hold, 6.3% Sell
Bullish: Goldman Sachs, Buy/Neutral, Target 1475p, + 90.3% (26 Oct 18)

Average Target: 1129.73p, +45.8% (26 Nov 18)

Bearish: Morgan Stanley, Underweight/Attractive, Target 715p, -7.7% (21 Nov 18)

 

Pricing data sourced from Bloomberg on 26 November 2018. Please contact us for a full, up to date rundown.

Sage Group (SGE)


Source: CMC Markets, 26 November 2018

  • The IT and accounting company Sage last reported results in late November.
  • Pre-tax profit rose 16% and Sage increased its final dividend by 6.3% (to 10.85p/share).
  • Company appointed Steve Hare as its new Chief Executive Officer in early November.
  • Shares -30.1% from 2018 highs; +17.32% 2018 lows; -27.5% year-to-date.
  • Strong performance during the previous Santa Rallies, shares positive in 16 out of 24 years (66% hit rate)
  • Average December share price gain of +3.1%

Will Sage go to Summer highs of 699p (+20.7%) or fall back to 2018 low of 492p (-15%)?

 

Broker Consensus: 44.4% Buy, 38.9% Hold, 16.7% Sell
Bullish: Jefferies, Buy, Target 820p, +41.9% (23 Nov 18)

Average Target: 594p, +2.8% (26 Nov 18)

Bearish: Day by Day, Sell, Target 450.6p, -22% (19 Nov 18)

 

Pricing data sourced from Bloomberg on 26 November 2018. Please contact us for a full, up to date rundown.

Antofagasta (ANTO)


Source: CMC Markets, 26 November 2018

  • Copper miner Antofagasta had the planned expansion of its Los Pelambres mine approved in mid-Nov.
  • The expansion will add an average of 60,000 metric tons of copper in the first 15 years of operation.
  • Shares could see further benefit from the resolution of the US-China trade dispute, with analysts looking forward to the upcoming meeting between US and Chinese presidents in Argentina for progress on the issue that hurt mining stocks this year.
  • Shares -32.3% from 2018 highs; +11.2% 2018 lows; -20.5% year-to-date.
  • Strong performance during the past 24 Santa Rallies, shares positive in 17 out of 24 years (71% hit rate)
  • Shares rose an average of +5.8% in past Decembers.

Will Antofagasta bounce to 2018 highs of 1012p (+26.7%) or go to 2018 low of 712p (-10.9%)?

 

Broker Consensus: 52% Buy, 32% Hold, 16% Sell
Bullish: Jefferies, Buy, Target 1300p, +62.9% (8 Nov 18)

Average Target: 594p, +2.8% (26 Nov 18)

Bearish: Liberum, Sell, Target 525p, -33% (16 Nov 18)

 

Pricing data sourced from Bloomberg on 26 November 2018. Please contact us for a full, up to date rundown.

Paddy Power Betfair (PPB)


Source: CMC Markets, 26 November 2018

  • The bookmaker Paddy Power Betfair reported solid Q3 results in early November.
  • Revenues grew 8% YoY, while profits were up 6% after excluding one-offs and acquisitions.
  • Revenue in the critical US market grew 22% thanks to the takeover of sports betting website FanDuel.
  • Gambling company also raised its full-year profits guidance to £465-480m.
  • Shares -21.7% from 2018 highs; +19.8% 2018 lows; -19.7% year-to-date.
  • 75% hit rate during the past Santa Rallies, shares positive in 13 out of 17 years.
  • Impressive +6.2% average share price rally during the past Santa Rallies.
  • Bookmaker’s shares have been positive in every December since 2009.

Will Paddy Power rise to July highs of 8595p (+21.6%) or go to 2018 low of 6000p (-15.1%)?

 

Broker Consensus: 22.2% Buy, 44.4% Hold, 33.3% Sell
Bullish: Goodbody, Buy, Target 88600p, +25.3% (23 Nov 18)

Average Target: 6792.73p, -4% (26 Nov 18)

Bearish: Investec, Sell, Target 5640p, -20.3% (9 Nov 18)

 

Pricing data sourced from Bloomberg on 26 November 2018. Please contact us for a full, up to date rundown.

Page: 03

Want to take advantage of the above opportunities right now?

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Page: 04

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The journalists do not pay for it and neither do you, so why not give it a go? You have nothing to lose and perhaps a little more to gain…

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Prepared by Michael van Dulken, Head of Research
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 67% of retail investor accounts lose money when spread betting and/or trading CFDs with this provider. You should consider whether you understand how spread bets and CFDs work and whether you can afford to take the high risk of losing your money.
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