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Stock market 'flurry' as Connaught value falls 69%

Stock market 'flurry' as Connaught value falls 69%
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Stock market investors saw a scramble to buy up shares in Connaught yesterday (July 26th) as the social housing specialist's share values fell by 69 per cent.

Trader training may help individuals pick up on profitable trends in the investor market, as other weakly performing companies attracted speculator interest.

Among them was BP, racking up the second-most bought shares on Monday, with Barclays Wealth reporting seven per cent of all purchases were for assets in the much-maligned oil giant.

Unforeseen factors may change the perceived value of stock, as vice-president at the banking group Chris Stevenson observed: "The anticipation of Tony Hayward's departure, together with the long-awaited second-quarter results bolstered trading activity in the stock."

Connaught's crash was brought on by the announcement its debt will be "significantly in excess" of predictions and will breach its banking covenant.

It was thought the firm's financial obligations would be around £120 million, but now they are expected to be much higher by August 31st this year.

Posted by Greg SeckerADNFCR-1681-ID-19909271-ADNFCR