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Risk Warning
19/07/2011
Shares in Johnson Matthey gain 2.5 percent, outperforming a 0.7 percent rise by the FTSE 100 index, as the world's largest supplier of catalytic converters says its first-half performance should be significantly ahead, after posting a 19 percent rise in first-quarter profit.
CFD specialist Prime Markets thinks there is a short term momentum trading opportunity off the back of the latest trading statement to push Johnson Matthey shares up to the upper resistance levels of 2,100 pence over the next few days.
"Longer term, the solid trading performance reported today, the falling net debt position and investment into future technologies should ensure a solid performance to push back to year highs at 2,123 pence and beyond as the year progresses," Richard Curr, head of dealing at Prime Markets, says.
Curr says that Johnson Matthey shares are now at an attractive entry point as the shares bounce off the all important 200-day moving average line.
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.