Spreadex Market Update
Michael Page slides 10% after profits below consensus
Following a sharp decline to indices at the close of US equities last night, prices have once again stabilised for the time being. The extent to which global growth concerns are being played out in prices currently shows just how vulnerable the market is to the idea of equities being overvalued. But this could be a relatively normal stage in this bull-run, where investors seek to rebalance based on anxiety. This in itself could help to promote the longevity of performance for equities by removing some of the so-called froth.
Here on the London market, the biggest winners are AO World and Centamin, both up by more than 5 per cent. Centamin is benefitting from improving corporate news flow and recent support to gold prices. Topping the losers’ board today is Burberry and Michael Page International. Michael Page International is down around 10 per cent after it told the market that full year profit is to be below consensus.
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