I discovered a new deep purple share while doing research last night.
FXI:Fusionex International is a tech company specialising in big data analytics, but also provides a diverse range of IT services through a wide range of industries all over the world.
They lit up every category on my spreadsheet, but have recently hit a spot of bother after a misunderstanding from one of their trading statements, and their share price has dived from a stable position of around 330p to 155p.
Looking into this, it appears an institutional investor dumped 2 million shares to cause the collapse in price which happened over a 4 day period.
It sounds like their profits may reduce in the short term, but this is due to an active growth policy.
Their fundamentals are very strong, so as far as I can make out 155p is a bargain price and I wanted to get in before they recover.
I sold my JLG:John Laing Group shares for a small 4.8% profit of £42.48, as although I like this company it's a slow burner and I can get back into it at any time.
I was able to purchase 650 Fusionex shares at 155p for £1,019.45. This was 10p less than the published offer price, which was a relief as the spread would have been 12% but is actually 6%, which although still high is a lot more palitable.
It's looking like a mixed day for the rest of the portfolio. MMX:Minds + Machines has finally started to tick up, which will do a lot of good to the balance sheet. Lets's see what the week review brings, especially as it marks 6 months since I started.
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