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Risk Warning
17/08/2011
Shares in Balfour Beatty lose 4.6 percent as Britain's largest infrastructure contractor accompanies in-line first-half results with a slightly cautious outlook statement, leading Prime Markets to repeat its "sell" stance on the stock.
Balfour Beatty reports a pretax profit from continuing operations of 138 million pounds in the six months to end July, up from 133 million a year earlier albeit lifted by a 14 million pound gain from ongoing infrastructure investment disposals.
"Looking ahead, we will continue to manage the business on the basis that market conditions will remain tough," Balfour Beatty's Chief Executive, Ian Tyler says in a statement.
"As a group with global exposure, 'buoyant' operations in Australia and the Middle East will no doubt offset these concerns to some degree, but Prime Markets believe the overall uncertainty will result in a continued steady sell-off in the shares for now," said Richard Curr, head of dealing at the CFD specialists.
"We sell the stock down to 220 pence, although a close stop-loss should be employed as the shares could bounce back sharply on any signs of improvement in the UK and U.S. economies," Curr adds.
Securities and Derivatives markets may be subject to rapid and unexpected price movements and past performance is not necessarily a guide to future performance. Trading in these markets is generally considered to be suitable only for the more experienced investor as it carries a high degree of risk. An investor may not receive back the amount of their original investment and in certain circumstances may be liable for a sum that is greater than their original investment. If in any doubt, please seek independent financial advice.