FYI | Jul 06 2011
This story features MONADELPHOUS GROUP LIMITED, and other companies. For more info SHARE ANALYSIS: MND
Daily update on share prices and consensus price targets.
By Rudi Filapek-Vandyck
An interesting observation was made by market analysts at RBS: the weight of short positions for Monadelphous ((MND)) has dropped noticeably in recent updates published by ASIC. This would indicate investors have become less convinced there's more downside to the shares post recent weakness. Such a conclusion falls in line with the fact that Monadelphous shares were trading above consensus target not that long ago. They have been rejected and sold over the weeks past and are now trading more than 3.5% below target, even after the recent bounce.
Another services provider to the mining industry, Nomad Building Solutions ((NOD)) is trying to rally back to target, but it would appear a firm rejection is pushing down the share price today. A similar event is taking place for Seven Group Holdings ((SVW)). Both stocks had joined the list of stocks trading close to target after yesterday's price action. Online holiday accommodation portal Wotif.com ((WTF)) is not facing similar rejection today (as yet?).
With three names disappearing off the list yesterday, the number of stocks in the vicinity of target remains at 13. Three that disappeared after yesterday's price action are Spark Infra ((SKI)), Charter Hall Retail Reit ((CQR)) and ING Office Fund ((IOF)). The latter seems to have provided what looks like a classic case of Iracus (see chart below).
It has been a steady climb higher for IOF since March this year, but ultimately it became a case of flying too high, too close to the sun and so we had a pull back in the second half of June. Is it timing? Is it value? I'd say it's the latter.
The list of stocks trading above target recorded no newcomers and no names disappeared, so the number remains at 22.
The Bottom 50 saw the addition of ROC Oil ((ROC)).
Investors should consider the information and data are provided for research purposes only.
Stocks <3% Below Consensus
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Stocks Above Consensus
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Top 50 Stocks Furthest from Consensus
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To see the full Icarus Signal, please go to this link
Technical limitations
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CHARTS
For more info SHARE ANALYSIS: CQR - CHARTER HALL RETAIL REIT
For more info SHARE ANALYSIS: MND - MONADELPHOUS GROUP LIMITED
For more info SHARE ANALYSIS: ROC - ROCKETBOOTS LIMITED
For more info SHARE ANALYSIS: SVW - SEVEN GROUP HOLDINGS LIMITED