Leading shares record worst weekly performance since mid-AprilLeading shares recorded their worst weekly fall since the middle of April, down 1.23% as last week’s election fuelled rally ran out of steam.The FTSE 100 finished 12.55 points lower on the day at 6960.49, losing its early gains as disappointing US industrial production and consumer confidence figures took the shine off shares, despite the weak data likely to delay any US rate rise. Initially investors were buoyed by a recovery in European bonds after European Central Bank boss Mario Draghi said on Thursday its QE programme would not end early. But Greece remained a concern as time runs out for a deal to be done with its creditors to release much needed bailout funds.We believe that Mears would be willing to add selectively to its Domiciliary Care business. However, there are lots of assets for sales including Saga, and potentially Mitie (bad acquisition at Mitie and lack of focus at Saga, now written down to zero). Competitors seem to be struggling due to operational issues, notably staff retention.We believe that Mears’s operational strength will allow it to consolidate this sector organically or through acquisition. Continue reading...
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