The implosion of industrial stocks continues apace with Rolls Royce once again posting sharp losses in early trade. Sentiment around the UK-based engineering firm is clearly skittish in light of the potential impact of US tariffs on disrupting the wider global economy. The company is in the midst of a share buy-back and announced this morning that on Friday they had bought around four million shares across multiple markets at an average price of 680p. The Rolls Royce share price is currently trading down a further 10% at 590p just minutes after the open.
The market’s collapse is leaving no stone unturned with Ocado’s share price plummeting in Monday’s trade. The company had global ambition and has been successfully selling its technology and IP to customers across the globe and whilst it does have some US exposure, it’s limited to an extent. Whether that warranted the company’s stock being one of the worst performers on the FTSE-250 early in the session is perhaps open for debate but the Ocado share price had managed to recover some of those opening losses to sit down less than 5% at 8.30am, perhaps suggesting value opportunities are there if you look? After all, the company has just launched at partnership in South Korea and also saw bumper UK grocery sales in the first 12 weeks of the year.
The cabling group Volex issued a full year trading update this morning which again may provide a glimmer of hope for the market insofar as all is not lost. Following a strong Q4, full year revenues are expected to exceed $1bn, reflecting a year on year increase of 16%, with improved margins also being eyed. The note highlights the company’s geographic spread and deep customer integrations, providing further confidence at this time of market uncertainty. The Volex share price was trading almost 2% higher in early trade.
Most read news on Investegate this morning
Full Year Trading Update - - Volex (VLX)
Trading Update - - EnSilica (ENSI)
Sale of Authentication: sale & purchase agreement - - De La Rue (DLAR)
