Good morning, it’s Paul here, with the SCVR for Tuesday. Jack's busy with other work today, and I reckon I can handle the relatively modest newsflow on my own today.

Today’s Agenda

Smiths News (LON:SNWS) - left over from yesterday, refinancing (Paul, done)

Wey Education (LON:WEY) - Final results (Paul, done)

Capita (LON:CPI) - Trading update (Paul, done)

Mccarthy & Stone (LON:MCS) - Irrevocable undertakings, re takeover bid (Paul, done)

Zoo Digital (LON:ZOO) - Interim results - see tomorrow's report

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Timing - update at 12:55 - I'm taking a break for lunch now, and will finish off the last 2 sections later this afternoon. Should be done by 4-5pm. Today's report is now finished.

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Market gyrations (written by Paul)

What can I say about yesterday? FTSE-100 up c.276 points, to 6,186. What a remarkable day - large, seemingly knee-jerk market moves up (and down) happened on a colossal scale, once the seemingly positive news from Pfizer came out about its vaccine, subject to all the usual caveats about peer review, further testing, and regulatory approvals.

I hope readers did OK overall. When such large market moves up or down happen in such a short space of time, I’ve noticed that things seem to fan out afterwards - some instant gainers continue rising, whilst others gradually give back the gains as people bank profits. Hence it should be an interesting process of price discovery in future, as the short term traders bank their profits or losses, and we get to see how much conviction investors have in their positions.

For me, it was a generally up day, I’m positioned for an overdue covid recovery rebound, but there were some losses too. Such is life. In the overall scheme of things, one day is nothing more than a blip on the chart. That said, it does feel like a turning point has possibly been reached, where we should be looking forwards, towards a gradual reduction in covid over the next 6 months, as mentioned here last week, with lucky timing.

That said, personally I’m not interested in chasing up stocks that have perhaps already priced-in a recovery. I want plenty of upside (100%+ ideally), because there’s an opportunity cost at times of great opportunity. If you back the wrong stocks in a recovery,…

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