BLANKET short selling restrictions have been brought in for shares listed in Greece, which could temporaily delay further falls in the local index especially against other euro nations. While this doesn’t prevent prices from falling, declines could be less marked. A short-term long position in Greek stocks is an interesting half of a pairs trade. IG Index is currently quoting the Athens 20 stock index at 833-838.
888 holdings, the online gaming company, plunged through significant support levels at 98p, 91p and 90p after it released a disappointing trading update yesterday. Consumer trading remains challenging and the outlook for the second quarter of the year is also disappointing. 888 Holding now looks vulnerable to a return to its 2009 lows of close to 79p. Spread Co offers a spread of 82.8p–83.7p
Insurance firm Admiral Group reported that its turnover rose by 28 per cent to £345m and it was on track to meet analysts’ earnings expectations by the end of the year. Admiral Group looks a good buy on the market dips towards the 1,270p level, which is a long-term support level. Spread Co offers a spread of 1,298p-1,301p.
By Kathleen Brooks