The FTSE 100 moved into negative territory late on in the day finishing down 16 at 5,974 as Wall Street reversed into the red. Worries that the unrest in Libya could spread to other oil producing states worried investors. If one of the Middle Eastern producers had an interruption in supply we could see oil at over $200 a barrel, with a huge negative impact on global economic growth similar to the oil shock of the 1970's following the Arab-Israeli war.
The Contrarian Investor Uk portfolio had a good day with some good timing of trades. I ditched some Rockhopper positions early on whilst still up (finished down 5%) to increase my holding in Weatherly and Solomon Gold. Both were down in the morning but SOLG finished up 7.5% and WTI finished flat. At 12p Weatherly was a great top up opportunity despite the drop in the copper price today. Good to see Xcite staying in the blue, though off its best for the day.
On another note, Sareum Holdings finished down 13% after the 30%+ rise first thing (see my post earlier in the day). MeDaVinci changed its name to Orogen gold today and fell 8% to 0.87p as the new shares were issued to complete the purchase of its Serbian gold prospect.
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