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Diary of a Top Stocker: pouncing on battered Weir
I've sunk £1,000 into Weir (WEIR.L), a Citywire Top Stock, after a 20% slide in the valve maker's shares. Have I caught a falling knife?
Down but not out
As with my previous purchases of Glaxo, Vodafone, Shell and BP, I’ve allocated £1,000 to Weir. Using Barclays Stockbrokers this has come out at total cost of nearly £1,008, with £12.95 on commission and £4.95 in stamp duty, leaving nearly £990 to buy the Weir shares.
Barclays’ price improver says it has saved me 3p on the trade! I won’t spend it all at once.
Incidentally, I was slightly mocking about Barclays’ ‘available to invest’ facility last week. This tells me that I can invest up to £14,832 if I want to, even though I will have less than £5,000 once the Weir trade settles. Barclays tells me that this is a facility to help clients pounce on a good buying opportunity if they see one as long as they get cash into their account pronto. Pretty sensible idea really, but not one I will using unless I want to risk the wrath of my boss or the accounts department!
So far I’m 3.85% down on my investments, which is a slight improvement on last week.
What's on my mind
I’m a bit concerned that my portfolio is getting a bit oil and gas heavy. Nevertheless, I will be looking with interest at today’s results from Afren (AFRE.L), shares in which are up 4.4p to 135.5p. Meanwhile the news from Tullow Oil (TLW.L), up 6p to £15.77, continues to be good.
And I’ve still got my eye on Imagination Technologies (IMG.L), the highly valued chip designer, up 2p to 719p today. Thanks to the readers who gently corrected me on its business and its attractions. I'm feeling better about the company having read in M&G Recovery fund's last results that Top Stocks manager Tom Dobell is also a long-term holder of the stock. It's not a top 10 holding like Thomas but it is encouraging to see him take the same view as his peer.
More about this:
Look up the funds
Look up the shares
- Weir Group PLC (WEIR.L)
- Lonmin PLC (LMI.L)
- GlaxoSmithkline PLC (GSK.L)
- Vodafone Group PLC (VOD.L)
- Royal Dutch Shell PLC (RDSb.L)
- BP PLC (BP.L)
- Afren PLC (AFRE.L)
- Tullow Oil PLC (TLW.L)
- Galliford Try PLC (GFRD.L)
- Imagination Technologies Group PLC (IMG.L)
Look up the fund managers
More from us
- Pump it up for Weir Group
- What should I do with shares in Imagination Technologies?
- Diary of a Top Stocker: buying at the top of the market?
- Diary of a Top Stocker: 5 quality blue chips I've got my eye on
- Diary of a Top Stocker: Kenmare is a winner and I'm on the launch pad
- Citywire Top Stocks®
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by Chris Marshall on Dec 11, 2013 at 09:00