Trades and observations from a British contrarian stock investor

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Thursday, January 27, 2011

Portfolio has good day on little news but plenty of rumours

The majority of the Contrarian Investor UK portfolio was well up today. The strongest performer was Xcite Energy with a 3.5% gain, but Rockhopper (+2.7%) and Bowleven (+2.8% after being as high as 5% up in the morning) all had a good day after the falls of earlier in the week. Speculation was the order of the day - Xcite takeover rumours surfaced again (seems unlikely until the field reserves have been confirmed by the Competent Persons Report), with Bowleven it was that the background seller was gone (JP Morgan) after an RNS confirmed a sale of shares by JPM over the last 6 weeks.

For Sirius Minerals it was good to see a recovery in the share price in the afternoon to move from down 5% to close up 5%. Seemed to be purely on sentiment changing that North Dakota was at its end game.

Xcite seemed exceptionally strong at the close and I have moved some funds from Bowleven to Xcite since this seems to be the most likely to move strongly upward in coming days. Interesting to note that there were two 41,000 share buys during the day, but only at a small premium to the prevailing price.

It should also be an interesting day tomorrow and Monday/Tuesday for Rockhopper given their latest well is close to reaching a potential hydrocarbon depth. It rose as much as +15p today before settling +9.5p. Again it was down first thing.

Nice investing day for a change. You would have thought the stock market ws doomed after the last week on many of the holdings!
Posted by Contrarian Investor UK at 8:23 PM
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1 comment:

  1. AnonymousJanuary 28, 2011 at 7:19 AM

    A few rumblings since Weds that RKH had struck but most feel it's too early to tell. Xcite finished nicely as did my old boys Matra and Scotgold. Matra was a nice surprise for me after it had toiled all week at around 3 pence.

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