RETAILERS took a tumble yesterday on the back of disappointing news from Next. With concerns that the UK economy may be stagnating, it could be a tough fight for the sector as we run towards the year’s end. Assuming credit remains catatonic, then there's a good chance that we'll see a limited seasonal uplift too. IG Index offers a spread on Next of 2,155p-2,162p
Royal Bank of Scotland is due to release third quarter figures on Friday. The chart pattern over the last six months has formed a strong reducing wedge pattern, and we are likely to see the share price break out in the next week. These figures could well be the trigger. WorldSpreads offers a rolling spread of 45.3p–45.4p.
Gold plummeted yesterday. Spread betters were not deterred, however – instead they used the low as a chance to go long. Spreadex has a spread on gold of $1,330.0-$1,330.7.
Medical equipment group Smith and Nephew rallied recently on positive results from two US peers. Investec reiterated a buy recommendation on their shares. The rally was halted abruptly by the 90 day moving average around 580p though and the shares currently are currently sat strong at around 550p. With an earnings update on Friday, traders should look to buy at around 550p with a target of 580p. Spread Co offers a spread on Smith and Nephew of 551.1p–552.4p.
Though there is some excessive hype, oil and gas firm Bowleven may pleasantly surprise the market with their update on 9 November. A strong drilling update coupled with recent takeover speculation could result in significant demand for this tiddler. ETX Capital is quoting 184.87p–186.38p.