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DowJones – 23 Aug 2012
1628 GMT [Dow Jones] SIG (SHI.LN) shares end the session 9% higher at 103p, topping the gainers, after the release of 2Q earnings. Michael van Dulken of Accendo Markets says, “The company is continuing its hawkish focus on costs.” Says macro uncertainty and cold European weather have hindered the building trade in the period and a weaker euro has hit revenues once converted to sterling. But “the good news is that the outlook for the rest of the year is unchanged from July’s trading statement, given that economic growth remains depressed.”
This research is produced by Accendo Markets Limited. Research produced and disseminated by Accendo Markets is classified as non-independent research, and is therefore a marketing communication. This investment research has not been prepared in accordance with legal requirements designed to promote its independence and it is not subject to the prohibition on dealing ahead of the dissemination of investment research. This research does not constitute a personal recommendation or offer to enter into a transaction or an investment, and is produced and distributed for information purposes only.
Accendo Markets considers opinions and information contained within the research to be valid when published, and gives no warranty as to the investments referred to in this material. The income from the investments referred to may go down as well as up, and investors may realise losses on investments. The past performance of a particular investment is not necessarily a guide to its future performance. Prepared by Michael van Dulken, Head of Research