THE TIPSTER | Vedanta hoping for a silver lining
Last year was not a good one for Vedanta shareholders, as their company’s share price dropped from an opening level of around £24 per share to a low of around £9 before recovering a little. PR worries, and a rather opaque corporate structure, meant that this company was nevertheless a poor performer.
The next update will hopefully provide more clarity on how the company is progressing with its stated desire to simplify its structure and reduce its debt burden, but the recent turn lower for the shares suggests that investors still remain sceptical. IG Index’s price on Vedanta is 1,178p-1,183p.
Shares in London-listed Mexican silver miner Fresnillo have fallen sharply since the beginning of March. The move closely follows the slump in the silver price, triggered by Fed chairman Ben Bernanke’s testimony before Congress when he failed to make any mention of additional stimulus measures. But while silver has fallen 15 per cent since then, Fresnillo has lost 22 per cent over the same period. The miner has suffered from fears of slowing industrial demand from China, while getting caught up in last week’s general equity market sell-off. The shares are close to support around 1,500p. GFT quotes its CFD for Fresnillo at 1,554p-1,556p.
The recruitment sector has had some pretty impressive earnings releases of late, with Michael Page posting strong figures in early March. So when its interim management statement hits the market on Tuesday, will the recruiter’s objective of focusing on emerging markets be paying off? Or will there be a need to re-jig the recruitment company’s set-up once again? Capital Spreads quotes a price of 462.7p-464.6p for Michael Page International.