So the recent price falls make these shares look more reasonable again. Has anything fundermentally changed to warrant the fall (apart from BREXIT of course) or are all the momentum investors just hitting stop losses and leaving? Any thoughts? Thanks.
It triggered my alert threshold today which I set some time ago at a price I felt I was willing to pay. Of course now I am reconsidering until after "the vote"!
Wouldn't a devaluation of the pound help this share, given that it is exporting? Or would the increase in raw material costs off set this?
An excellent Stock Rank but one of many hit by Brexit, often for no apparent reason.
I have moved to a 10% loss and will sell tomorrow, hopefully to buy back after the 'vote'.
I don't know but are not most of the raw materials local? Devaluation could help exports as make them cheaper in overseas markets. I speculate the share price has fallen because of recession fears if we vote to leave the EU, luxery goods always get hit in recessions, car dealers have also been hit like Cambria Automobiles (LON:CAMB). Must say as I missed out on this at around 950p because it did not look very exciting that it now looks tempting at these prices.
It has risen a lot in recent months and I suspect people have taken profits. I couldn't find any specific news when I searched the web earlier. It seems a very large fall and tomorrow if it continues, I will probably buy. What do you want for the ones you are getting shot of :)
The FD sold 300k worth yesterday, which may be negative if it's not that he needs the money for some personal reason.
Remember it issued a mild profit warning on 19/5/16. The sp fell some 10% on the day.
The market is currently brutal on any weak stocks.
I sold my shares a week before the AGM statement.
That's the sort of news that would clearly explain the movement - thanks for pointing this out.
Well, you timed that one very well! Not sure that I would describe this stock as 'weak' even with the mild profit warning but point taken :)
If I remember right Portmeirion (LON:PMP) 's largest markets are the UK and the US with some sales to South Korea. The South Korea sales were already weakening and presumably any softening of the UK market due to Brexit would end up with a profit warning.
Maybe the FD knows this and is selling in advance.
Maybe the makeup of sales for the recently acquired Wax Lyrical are also heavily UK focused? I haven't looked at the details of the acquisition but I do know that it wiped out PMP's cash pile so maybe they would have less wiggle room in a recession?
Having said that it is on my watchlist depending on Brexit poll, will have to do some more research.
In reply to Whiybyview, post 5:
The share has fallen heavily again today with something like 3,600 sold during the hour around 11am.
I'm reluctantly out now at 962p and showing a small loss.
I still like the share and if it continues to fall to around 850p, I shall be tempted to buy back in.
Hope this works out for you. Everything is so volatile at the moment it's almost a pure gamble if you buy or sell anything right now. I have sold under such circumstances in the past and it has had the effect of propelling the share upwards but I think that might just be an incarnation of Sod's Law. Good luck!
