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Risk Warning
17/09/2010
Shares in Domino Printing Sciences gain 4 percent after the firm posts a 20 percent rise in revenue so far in the second half, and says it is ahead of its expectations for fiscal 2010 in an Interim Management Statement.
However, the company, whose printers are used for stamping barcodes and best-before dates on food, drinks and other products, says it remained cautious on its outlook for Western Europe and North America.
"The interim statement blows all previous metrics out of the water, and while the recent spike in the share price factors in a lot of the impressive growth story, there is little to stand in the way of the group's continued expansion and consequential growth in value," says Richard Curr, head of dealing at Prime Markets.
Curr says the technical picture for Domino Printing also supports the fundamentals, with the shares having been in an almost unbroken rising trend channel since September 2009, breaking higher out of this range since the start of September and spiking to 520 pence.
"While the shares continue to trade above the 20-day moving average at 460 pence, the shares are expected to consolidate above this level, touching 550 pence or higher in the next few weeks," Curr adds.
Prime Markets rates Domino Printing shares a firm "buy" on any weakness above the 20-day moving average.
Reuters
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