Good morning!

Today there will be one report. I'm (Paul) writing most of it, but Graham is likely to add a couple more sections later this afternoon. We often add more sections in the afternoon & evenings, so it's worth checking the previous day's report to see if there's anything that you've missed. The quickest way to do that is to bookmark the SCVR landing page, then glance down at the tickers, in the blue boxes, to see if any are of interest.

There's been more fun & games with forex over the weekend. I see that sterling briefly dipped below $1.20 first thing. Now that the uncertainty is out of the way over hard Brexit, it wouldn't surprise me to see sterling rally somewhat. Once people have certainty, they can plan accordingly. It's uncertainty that markets dislike the most.

Anyway, we're used to the drill by now. Weak sterling is good for the FTSE100, good for exporters & UK companies with overseas earnings. It's bad for importers. So as long as our portfolios reflect this, then we should be doing well. Also of course all the UK indices are at or near new highs, so everyone should be doing well. How long that will carry on for, who knows? It does all feel a bit toppy to me, but as long as companies are reporting positive trading updates, then I'm happy to run with them.



WANdisco (LON:WAND)

Share price: 269p (up 20% today)
No. shares: 35.1m
Market cap: £94.4m

(at the time of writing, I hold a long position in this share)

Trading update - this former glamour tech stock has had a rough couple of years. That's because top line growth stalled, and heavy losses made it look as if the writing was on the wall. However, perhaps surprisingly, investors continued to pour money into it, in several fundraisings. Overheads were cut considerably last year.

So, as I mentioned in my last report (Oct 2016), the key to survival is to start generating some decent top line growth. Today's update delivers strong growth. It's the first genuinely positive statement I can remember from this company. Hence why I've dipped my toe in, with a smallish very speculative purchase this morning. If the facts change, I change my mind. Mind you, I can never really be sure with this company what…

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