One share i really like the look of......ENO.
It has just broke up thro the psychological £1 barrier on low volume, which in itself is unusual, however it has consolidated over a considerable time. Not sure whether one would consider the chart pattern to be a long term C+H formation, however what really interests me is the degree of director and institutional buying:
The company, which does 70 pct of its business in the US, said pretax
profits before exceptionals and goodwill for the 53 weeks to Oct 2 2004 came in
at 41.2 mln stg, a 5.9 pct increase on the previous financial year. Group
turnover stood at 655.1 mln stg, down from 679.4 mln last time.
Enodis said the rise in profits was driven largely by a pick-up in demand
from North American fast food chains, which helped offset a "disappointing"
performance in Europe.
Enodis chief executive Dave McCulloch said the company was set for further
"steady progress" at the level of group operating profits in the current
financial year.
One negative aspect, is that barclays reduced their holding from approx 12% down to 6%, but maybe they simply felt overweight in this as other institutions have seemed quite interested.
Is my inexperience letting me down again, am i missing something obvious, or does it feel like too much director interest with a possible bid/takeover in the pipeline? The fundamentals are ok, but not enough to warrant this sort of director buying.....anyone know anything or at least put me right, if im way off base in my assumptions.
