Good morning!

Quite a few bits to look at today:



Uncertainty prevails

I wrote an article last night about how the fortunes of currency specialist Record (LON:REC) (in which I hold a long position) appear to have picked up in the last few quarters.

Indeed, in its most recent quarterly update, published last week, Record said:

Economic, political and market uncertainty continues to prevail.  The client engagement opportunities which this creates, in conjunction with our ongoing focus on enhancement and innovation, have contributed to the inflows we have seen during the period.

If you are selling forex services to corporates, I imagine that it must be quite straightforward to get a conversation going about the challenges posed by the present situation.

This got me thinking about other possible winners of recent volatility and economic/political disruption.

Anecdotally, I've noticed an increase in the number of friends who ask me what I think about the prospects for the pound sterling, the euro, etc.

The CMC Markets (LON:CMCX) share price has rallied, and IG Group (LON:IGG) (in which I hold a long position) and Plus500 (LON:PLUS) are looking firm, too. Spread betting/CFD companies should thrive in this environment. Because if the general public are talking about exchange rates, that means they are probably tempted to bet on these rates, too.

Other winners from recent macro trends

I'd have a strong preference for importers over exporters, given the direction that Sterling is headed in.

The next wave of insolvencies (or "creative destruction" as I like to call it) will throw up plenty of opportunities for those who clean up after other firms go bust, e.g. Begbies Traynor (LON:BEG) and Volvere (LON:VLE) (in which I have a long position).

Legacy retailers with a heavy physical presence are the most vulnerable sector, as value shifts to…

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