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18 July 2019

Redmayne Bentley's Top Trades

Below, we look at the most frequently traded shares through Redmayne Bentley over the last couple of weeks and consider why they have been so popular.
  
KCOM GROUP (KCOM)
Index: FTSE All-Share
Sector: Fixed Line Telecommunications
Market Capitalisation: £619.92m
 
KCOM has found itself in a bidding war as the battle to secure its takeover has taken a new twist. Speculation has intensified following a major profit warning last year, with a series of management changes helping to regain confidence in the interim. The Universities Superannuation Scheme originally offered £504m, or 97p per share, to shareholders in April in what was described as a “compelling opportunity” by the board. USSL have increased this offer to £566m in response to a £563m bid in June from Australian-based Macquarie. It remains to be seen whether Macquarie will raise its offer.
 
 
SIRIUS MINERALS (SXX)
Index: FTSE 250
Sector: Specialty Chemicals
Market Capitalisation: £1,125.45m
 
A recent wave of optimism around Sirius Minerals has been triggered by the announcement that the financing and construction of its North Yorkshire fertiliser mine is progressing as planned. In its second-quarter progress report, Sirius reinforced its expectation for Stage 2 financing to be completed by the end of September once a US$500m bond is completed, unlocking a US$2.5bn revolving credit facility from JP Morgan to largely eliminate financing risk. Shore Capital expect this event to access Sirius’s vast value potential, catalysing a major re-rating of the shares. Liberum share this optimism, setting a target price of 40p, a 167% upside from current levels.
 
 
NATIONAL GRID (NG.)
Index: FTSE 100
Sector: Multiutilities
Market Capitalisation: £28,319.47m
 
National Grid has seen a flurry of activity following the completion of its US$100m acquisition of Geronimo Energy, a US solar and wind energy developer. This comes with news that the firm has also entered into a joint venture agreement with the Washington State Investment Board, which acquired 379MW of solar and wind energy generation projects from Geronimo Renewable Infrastructure Partners. Ultimately, this highlights a desire for National Grid to expand into renewable energy, with president of National Grid Ventures Badar Khan saying the acquisition “underscores” the company’s commitment to a decarbonised energy system.
 
 
Top Trades is published every fortnight in Equity Insight, a newsletter written by our stockbrokers and investment managers. It provides market commentary, a focus on individual sectors, technical analysis, potential trading opportunities and share reviews.
 
Please note that investments and income arising from them can fall as well as rise in value and you may lose some or all the amount you have invested. Past performance and forecasts are not a reliable indicator of future results or performance. Please note that this communication is for information only and does not constitute a recommendation to buy or sell the shares of the companies mentioned.
 
Redmayne Bentley's Top Trades
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