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Risk Warning
15/08/2011
Prime Markets thinks that shares in Michael Page International have been oversold, and labels the stock as a "high potential recovery play".
The recruitment firm announced that revenue in the first half of 2011 rose 27.6% while pre-tax profit after non-recurring items fell 26%.
Shares were trading at 351.20p by 11.40am on Monday, 12.29% below Friday's closing price of 400.4p.
"It has been said on many occasions that Michael Page results provide arguably the most telling glimpse into the state of the global economy at any one time. Today's half-yearly results statement is no exception, with slow progress expected from challenging trading conditions in the UK, to strong growth from and further investment into emerging markets," said the head of dealing at Prime Markets, Richard Curr.
"Now with the relative strength index looking well oversold below 20, we are looking for a recovery to current lower charting resistance at 360p in the first instance, followed by the 400p level from a week ago," Curr said.
A buy rating is maintained.
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.