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Says TopSpreadBets.com
The Bet:
We recommend opening a buy bet in June Prudential (PRU) at £10 a penny when the quote is standing at 413p – 415p. The target is 550p and the stop loss is 354p for a risk of 610
pounds at our suggested wager.
The Fundamental View: Like many recent buy bets we are entering the Prudential spread as a proxy to a new leg up for the UK stock market, one the expectation that insurers like this company will be heavily geared to any upside for the FTSE 100.
On a more company specific note on June 19th Prudential said that it has completed the transfer of the assets and liabilities of its agency distribution business and its agency force in Taiwan to China Life Insurance Company, Ltd of Taiwan.
As a result of the transaction there will be a net increase in Prudential's Insurance Groups Directive (IGD) capital surplus of £800 million. The Group's IGD capital surplus as announced on May 14 was estimated at £2.0 billion.
Open a Buy bet in the Prudential rolling spread on the basis of Taiwan deal and improved capital surplus position.
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The Technical View:
We are looking for a rebound for the shares off the floor of a rising trend channel in place since March at 395p. Above this on an end of day close basis the upside is the three month resistance line projection at 550p. The stop loss is below the black 200 day moving average at 367p at 354p.
Conclusion: Open a Buy bet in Prudential in the wake of its recent Taiwan deal.
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*The value of investments can go down as well as up. Past
performance is no guarantee of future success. Investing in
equities can lose you part or all of your capital. The tips
given here are of necessity, general. They cannot relate to
the individual circumstances of investors. Anyone
considering following the recommendations contained here
should seek independent advice. Financial spread betting is
a higher risk activity the losses on which are theoretically
unlimited.
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