Life after Brexit

Life after Brexit By Victor Hill About 20 years ago, I was descending a Monro (mountain) in Scotland – Beinn Bheigeir on Islay, to be precise – leading two beautiful young people back to the sea. (My niece and nephew: the girl is now an academic in Switzerland and the boy is in private equity.) And, as it can do there, the sky folded in suddenly, and the visibility reduced to, literally, the length of one's elbow. We could just about make each other out by voice and touch. I could sense that my charges were still smiling. I said: Don't move. I was aware that we were within fifty hundred metres of some precipitous crags – and that the map would be useless, because (this before the age of GPS) we didn't know where we were anyway. In the event, I couldn't even see the map… I knew that we might be in big trouble, but they were still at the chatting and laughing stage. But as we waited longer in the murk, they fell silent. After about fifteen minutes, fear took hold. But, just about then, maybe 500 metres ahead, the clouds parted: and I could see, for no more than fifteen seconds, the direction of the path, leading to a col that I knew would take us back to Port Ellen. Roped together, we continued down the path – and soon emerged into a sunlit glade from where we could see the white-horsed sea… and Port Ellen beyond. I felt like Moses leading his people to the Promised Land... Click Here To Read The Full Story The Master Investor Market Report The FTSE 100 closed the day at 6,504.33, an increase of 144.27 points. The FTSE 250 rose 242.21 points to finish at 16,245.11. The FTSE All Share climbed 61.65 points to finish at 3,503.27. The FTSE AIM All Share finished at 706.79, up by 9.23 points. Shares in hydrocarbon producer Tullow Oil (TLW) climbed 7.20p to 262.20p despite the company warning that first-half revenues will be significantly below those in the prior year due to reduced production. The firm's new guidance is that total revenues for the six months will be around $0.5 billion, a drop of 37.5% from 2015, and that gross profits will be $0.2 billion. The company also said it will step up its exploration efforts with a new programme in Kenya and a fresh licence in Zambia.  Download our June issue today! Click HERE to read. Oil engineering services provider Wood Group (WG.) retained its existing financial guidance for the year, with EBITDA expected to drop by 20% relative to the prior 12 months. Conditions in the first half of the year have remained tough, but there has been some encouraging action upstream and in brownfield maintenance and US onshore. There are also signs that customers are beginning to look at future projects and management believe that the company is well positioned for these deals. Shares in the firm rose by 17.50p to 688p. Africa focused oil and gas explorer Lekoil (LEK) has converted a significant portion of its 'probable' reserves to 'proven' and received approval from the Nigerian authorities to begin the farm in at one of its fields. The firm's loss before tax widened to $18.7 million (£13.9 million), but management are confident that their strategy of focusing on low-cost areas will allow them to turn a profit once production commences. The shares rose significantly during the day but closed flat at 17.25p. Tomorrow's news today Pennon Group (PNN) will hold its AGM. Quote of the day "The more I see of the representatives of the people, the more I admire my dogs." - Alphonse de Lamartine Latest Stories Chart of the Day: RBS By Zak Mir At the time of the Global Financial Crisis all those years ago, my view was that RBS should be allowed to go to the wall. That is still my opinion. Indeed, to paraphrase the outgoing Prime Minister's comments with regard to Jeremy Corbyn, "for Heaven's sake" will someone close the bank down?… Click Here To Read The Full Story Wolseley: An Appealing Post-Brexit Play? By Robert Sutherland Smith Wolseley looks an appealing post Brexit play. Institutions looking for UK stocks in that sector with interests outside the UK will probably increase weightings. The cash and dividend position of the company improved greatly last year. These shares look good value and the technical position appears attractive... Click Here To Read The Full Story Where next for Sterling? By Samuel Rae On June 23, the UK voted to leave the EU. After years of campaigning and debates that transcended party politics, the UK is setting out alone. What this means for all involved remains to be seen… Click Here To Read The Full Story Chart of the Day: Cairn Energy By Zak Mir To coin a term I picked up before the EU Referendum, I am suffering from a degree of Brexhaustion, and therefore it seems wise not to pour oil on troubled waters. Rather, I'll take a look at the oil & gas sector and a possible opportunity there… Click Here To Read The Full Story All Aboard the Brexit Big Dipper! By Victor Hill At 04:39 on Friday, 24 June David Dimbleby announced that the BBC forecast was that REMAIN could not now win. Cut to a beaming Nigel Farage at a party somewhere talking about the British people getting their country back… Click Here To Read The Full Story Join the movement on social media: Copyright 2016 Master Investor Ltd, All rights reserved. You are receiving this email because you opted in at our website. If a Daily Bulletin is too frequent, why not opt in to our once weekly mailing list for a round up of the week's news straight to your inbox. Once Weekly Round-Up Our mailing address is: Suite 88, 22 Notting Hill Gate, London W11 3JE Master Investor is a trading name of Master Investor Limited. Material contained within Master Investor Magazine and its website is for general information purposes only and is not intended to be relied upon by individual readers in making (or refraining from making) any specific investment decisions. Master Investor Ltd does not accept any liability for any losses suffered by any user as a result of any such decision.

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Where next for Sterling?

Where next for Sterling? By Samuel Rae On June 23, the UK voted to leave the EU. After years of campaigning and debates that transcended party politics, the UK is setting out alone. What this means for all involved remains to be seen. There are a few short-term implications, however, that we can bring in to play from an operational trading perspective. Those that have followed the Forensic Forex column here at Master Investor during the last few months will be well aware of how I use a combination of underlying fundamentals and naked price action to go at the markets. For those that aren't, however, here's a quick introduction. Essentially, I identify key levels on the daily charts in the major pairs – primarily the Aussie, cable and EUR/USD, but sometimes the USD/JPY and the GBP/JPY. As price approaches these levels, I look for a confirmatory signal (generally the closing of a candlestick above or below the levels in question, or even better, a pin bar in line with my directional bias. When these signals arrive, I enter towards a predetermined target (also dictated by key levels) and set my risk accordingly. I don't touch a trade once it has opened; I just let it play out to either a stop loss or a target hit... Click Here To Read The Full Story The Master Investor Market Report The FTSE 100 closed the day at 6,360.06, an increase of 219.67 points. The FTSE 250 rose 499.84 points to finish at 16,002.90. The FTSE All Share climbed 104.04 points to finish at 3,430.32. The FTSE AIM All Share finished at 697.86, up by 9.03 points. Consumer transit operator Stagecoach (SGC) saw revenues for the year ended 30th April grow from £3.2 billion to £3.87 billion despite the business dealing with more challenging conditions in certain markets. Earnings from UK buses continues to be sluggish and revenue growth in UK rail is likely to slow down in the future, leading to a renewed focus on cost control. The company also confirmed the sale of its mainland European Megabus operations. Stagecoach shares climbed 8.20p to 226.50p. Download our June issue today! Click HERE to read. Electronic retailer Dixons Carphone (DC.) reported a 17% rise in headline profit before tax to £447 million for the year ended 30th April. Group revenues climbed 3% to £9.7 billion as the merger between Dixons and Carphone Warehouse is largely complete and management are now looking to the next 12 months with new e-commerce schemes and new facilities in the US and Sweden. Dixons Carphone shares dropped by 6p to 335.40p. Alternative sweetener specialist PureCircle (PURE) saw its shares climb by 11.11% to 300p after the US authorities released the company's Stevia imports for sale after they were detained at the start of June. PureCircle said that it would work with the Customs and Border Protection department to fully resolve matters and reiterated that it was fully commited to and compliant with human rights around the world. Tomorrow's news today Tullow Oil (TLW) and Serco (SRP) will publish their final results. Quote of the day "For heaven's sake man, go!" -David Cameron (to Jeremy Corbyn) Latest Stories Chart of the Day: Cairn Energy By Zak Mir To coin a term I picked up before the EU Referendum, I am suffering from a degree of Brexhaustion, and therefore it seems wise not to pour oil on troubled waters. Rather, I'll take a look at the oil & gas sector and a possible opportunity there… Click Here To Read The Full Story All Aboard the Brexit Big Dipper! By Victor Hill At 04:39 on Friday, 24 June David Dimbleby announced that the BBC forecast was that REMAIN could not now win. Cut to a beaming Nigel Farage at a party somewhere talking about the British people getting their country back… Click Here To Read The Full Story Chart of the Day: FTSE 100 By Zak Mir The FTSE 100 is back in the black, and doing so in style. Cynics such as myself would put this down to the penny dropping there will either be no Brexit, or that it simply won't happen for a long time… Click Here To Read The Full Story Mellon on the Markets By Jim Mellon Brexhausted! I'm now back in Spain after being in the UK on the day of and the morning after the referendum.  Wow – what a result! I went to the area just outside Parliament where the TV and radio stations had set up and had been broadcasting all night till the morning of June 24th... Click Here To Read The Full Story Chart of the Day: Pound vs Euro By Zak Mir The Project Fear strategy may have been the reason that Remain failed, but so far it was spot on as far as Sterling collapsing is concerned. That said, the "Pound in our Pocket" tanking will only have positive effects on the economy and may even prevent a recession… Click Here To Read The Full Story Join the movement on social media: Copyright 2016 Master Investor Ltd, All rights reserved. You are receiving this email because you opted in at our website. If a Daily Bulletin is too frequent, why not opt in to our once weekly mailing list for a round up of the week's news straight to your inbox. Once Weekly Round-Up Our mailing address is: Suite 88, 22 Notting Hill Gate, London W11 3JE Master Investor is a trading name of Master Investor Limited. Material contained within Master Investor Magazine and its website is for general information purposes only and is not intended to be relied upon by individual readers in making (or refraining from making) any specific investment decisions. Master Investor Ltd does not accept any liability for any losses suffered by any user as a result of any such decision.

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All Aboard the Brexit Big Dipper!

All Aboard the Brexit Big Dipper! By Victor Hill At 04:39 on Friday, 24 June David Dimbleby announced that the BBC forecast was that REMAIN could not now win. Cut to a beaming Nigel Farage at a party somewhere talking about the British people getting their country back. As the enormity of the news sunk in, a stunned nation (actually four stunned nations) began to emote. The degree of recrimination and acrimony first evident on Friday morning only got worse over the weekend. Facebook almost crashed at times, such was the volume of posts: many of them expressing hurt and apprehension; many giving vent to vile abuse. An old friend of mine spent the Saturday morning unfriending most of his Facebook network. The love-fest at Glastonbury went sombre (the knee-deep mud didn't help). Even London's Gay Pride march was downbeat – despite the salute from the Red Arrows. Mr Cameron resigned even before most City types had reached their work stations. Mark Carney went on a live international newsfeed "to calm" the markets with a promise of £250 billion of additional liquidity. But the markets had already gone haywire... Click Here To Read The Full Story The Master Investor Market Report The FTSE 100 closed the day at 6,140.39, an increase of 158.19 points. The FTSE 250 rose 535.20 points to finish at 15,503.06. The FTSE All Share climbed 88.74 points to finish at 3,326.28. The FTSE AIM All Share finished at 688.39, up by 11.43 points. FTSE-100 pharmaceutical outfit AstraZeneca (AZN) received approval from the European authorities for the marketing and sale of its combination antibiotic Zavicefta across the EU as well as in Norway, Iceland and Liechenstein The drug went through clinical trials that tested it against a range of complex infections and management said that it could be a new tool against antibiotic resistant bacteria. AstraZeneca shares climbed 3.6% to 4,273.50p.   Download our June issue today! Click HERE to read. Engine manufacturer Rolls-Royce (RR.) said its overall outlook for the year is unchanged and that trading during the first five months was broadly in line with expectations. Underlying profits for the first half of the financial year will be close to breakeven levels, with performance being heavily weighted towards the second half of the year. The company said that last week's vote has no impact on its immediate activities. However, in the longer run, the company may have to adjust its operations depending on the trade terms that are agreed. Rolls-Royce shares rose by 17.50p to 669.50p. AIM-listed vehicle hire specialist Northgate (NTG) earned profit before tax of £77.6 million during the year ended 30th April, slightly below last year's £83 million due to a weaker Euro and changes to depreciation. A much stronger performance in Spain masked weaker UK figures, with management also warning that Brexit could have a negative impact on future trading. The shares climbed 10p to 316.50p. Tomorrow's news today Dixons Carphone (DC.) and Stagecoach (SGC) will publish their final results. Quote of the day "Insults are the arguments employed by those who are in the wrong." - Jean-Jacques Rousseau Latest Stories Chart of the Day: FTSE 100 By Zak Mir The FTSE 100 is back in the black, and doing so in style. Cynics such as myself would put this down to the penny dropping there will either be no Brexit, or that it simply won't happen for a long time… Click Here To Read The Full Story Mellon on the Markets By Jim Mellon Brexhausted! I'm now back in Spain after being in the UK on the day of and the morning after the referendum.  Wow – what a result! I went to the area just outside Parliament where the TV and radio stations had set up and had been broadcasting all night till the morning of June 24th... Click Here To Read The Full Story Chart of the Day: Pound vs Euro By Zak Mir The Project Fear strategy may have been the reason that Remain failed, but so far it was spot on as far as Sterling collapsing is concerned. That said, the "Pound in our Pocket" tanking will only have positive effects on the economy and may even prevent a recession… Click Here To Read The Full Story Pick the Right Benchmark to Get the Best Performance By Nick Sudbury There was some interesting research published recently about the relative performance of shares and cash. Paul Lewis, the presenter of Radio 4's Moneybox programme, compared the returns from a FTSE 100 tracker fund with the interest you could get by investing in the 'best buy' one year savings bonds… Click Here To Read The Full Story The Evil Diaries: "Time to Wheel on the Tumbrels" By Evil Knievil Time to wheel on the tumbrels: We can stick the lead traitors such as Cameron and Carney in the back and cart them off to Tower Hill. But there is a long, long list of collaborators. Me? I'll be a tricoteuse… Click Here To Read The Full Story Join the movement on social media: Copyright 2016 Master Investor Ltd, All rights reserved. You are receiving this email because you opted in at our website. If a Daily Bulletin is too frequent, why not opt in to our once weekly mailing list for a round up of the week's news straight to your inbox. Once Weekly Round-Up Our mailing address is: Suite 88, 22 Notting Hill Gate, London W11 3JE Master Investor is a trading name of Master Investor Limited. Material contained within Master Investor Magazine and its website is for general information purposes only and is not intended to be relied upon by individual readers in making (or refraining from making) any specific investment decisions. Master Investor Ltd does not accept any liability for any losses suffered by any user as a result of any such decision.

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