Leading shares disprove sell in May adage - just - despite late Friday sell-offSell in May and go away? Leading shares fell back on Friday, the last trading day of May, after a late sell-off, but over the month they have just about proved that old City adage wrong.The FTSE 100 finished down 56.49 points on the day at 6984.43, but during May it edged up 23 points or 0.34%. Just about enough to keep investors in positive territory.We upgrade 2016 and 2017 earnings per share by 9% and 8% driven by an improving outlook for Weir oil and gas. 2015 now represents the trough for group earnings.We are surprised by the FTC’s stance; perhaps further details could be forthcoming once the formal FTC announcement is published. In the absence of a deal, we believe that Synergy’s fundamental value is 1,500-1,600p a share. Continue reading...
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