Resilient - The Real Apparent target of Viceroy
It is very difficult to know what to be believe when it comes to rumours in the stock market. The whole market thought Aspen was the supposed target of Viceroy, but this has now shifted to Resilient and its connected companies. Many analysts feel these companies, and the sector as a whole, is overvalued and the concerns seem to be regarding the high levels of debt used by them.
Fortress B (FFB), Nepi Rockastle (NRP), Resilient (RES) and Greenbay (GRP) were the shares most affected. The rumours started to circulate throughout the market on Wednesday already and carried on to Thursday, although all 4 recovered to a certain extent yesterday afternoon.
Movements for the last 2 days below:
Fortress B, Nepi Rockastle and Resilient all three published voluntary trading updates on SENS yesterday confirming previously communicated positive expectations for their respective results that are due.
Head of Trading and Portfolio Analyst
Stephan heads up Sharenet’s trading desk and is a full-time trader and portfolio analyst, also responsible for equity research across industries. Stephan developed his passion for the markets while working in the Stockbroking division of Standard Bank and is especially passionate about CFD trading. Stephan studied at the University of Stellenbosch and completed a BComm Honours (Business Management) with a focus in Portfolio Management and Bonds. He has also passed the JSE Equity Trader’s Exam, RE5 (Representative) and RE1 (Key individual) Exams as well as the Registered Persons Exams (RPEs) in order to give advice on equities.