Market Commentary October 2013
Since our last market commentary, in which we moved to overweight on equities, the FTSE 100 has risen 253 points (3.9%). As expected, the debt ceiling can was kicked down the road and the markets took off in response.
Our Buy recommendation on Shire Plc (See trading note of 16th May 2013) at 2051p has gone up even further to 2762p, a total return of 35%. Again, we are recommending investors to hold on for further gains ahead with J.P.Morgan Cazenove and Goldman Sachs raising their price targets to 3200p and 3600p respectively.
Our recommendations last month performed well with Diageo rising 2.8%, Tesco up 1.9%, Unilever up 2.1% and GlaxoSmithKline outperforming the wider market rising 4.1%.