P206 CEEFAX 2 206 Mon 20 Jan 03:55/57 1/6 The Stock Market Panel assembles professional expertise in an effort to illustrate the pros and cons of investment in UK stocks and shares. While this form of investment can bring rewards, there are risks too. It should only bj considered if you are ready to lose the sum invested. Selections made and opinions given are those of the panellists and are not necessarily shared bz the BBC. * Investors are recommended always to seek professional advice. Unit Trust Panel 207 Mortgages 250 TV Listings 600 Front page 100 UT Panel Annuities TaxIndex Main MenuP206 CEEFAX 2 206 Mon 20 Jan 03:55/41 Graemj Shelley 2/6 Adams & Nivili Asset Management Ovjrvjiw With the FUSE breaking the 4200 level, many commentators are suggesting that the market has "topped" in the short term. Inflation figures last week, which were marginally better than expected, showed the economy is in good shape. But as the election approaches, the market may drift on political concerns. Downgrades among the US$ earning stocks was behind weakness in British Steel and Lucas Varity — the latter is starting to look good value at 215p. January 18/1: UT Panel Annuities TaxIndex Main MenuP206 CEEFAX 2 206 Mon 20 Jan 03:15/21 Graemj Shelley 3/6 Adams & Nivili Asset Management Building materials group Caradon (265p) has started to recover after a bleak two year period when profits suffered as the sector in general undjtpetformed The last set of results improved the City's perception of the company and, in particular, its emphasis on recovering costs. Improved trading conditions should ensure a sustained rally in the price. Estimates rate the stock on 16x 1996 earnings, falling to 13.3x for 1997 with a projected yield of 5.2%. Buy. January 18/19 UT Panel Annuities TaxIndex Main MenuP206 CEEFAX 2 206 Mon 20 Jan 00:16/48 Barry Friislandjt 4/6 Fairmount Group/Bolton FUSE (4197.5): this week's decision to leave interest rates unchanged at 6% - be it for political or economic motives - boosted the market into new all time closing and intta-day highs. Volume has been high reflecting both short covering and speculative buying which only goes to highlight market volatiliy and njrvousnjss. As pointed out last time, a decisive move above 4100 was required to trigger mz minimum near-term target of 4240 to 4250. At this time, we should expect support between 4050-4100. January 18/19 UT Panel Annuities TaxIndex Main MenuP206 CEEFAX 2 206 Mon 20 Jan 03:22/30 Barry Frieslandjt 5/6 Fairmount Group/Bolton Ladbrokj (244p): The last time I brought this share to your attention was in the early 1990s, around 200p, when I recommended sales looking for a target in the low 100p range. The share duly performed according to plan, notably undjtpjtforming the market in recent years. The share's recent decisive move above 210p-215p completed a large bullish chart pattern, giving a target of 300p- 310p in due course. Expect resistance around current levels with support emerging around 220p. January 18/19 UT Panel Annuities TaxIndex Main MenuP206 CEEFAX 2 206 Mon 20 Jan 00:55/42 Barry Friislandjt 6/6 Fairmount Group/Bolton PowerGen (629\p): Purchases recommended early last Novjmbjt in the low 500p range have not disappointed. Indeed, regular viewers of these pages may recall when I said at that time that the share had oscillated in the 450p- 600p range for some years and a decisive move above 600p would signal a market rerating and a target of 750p in dui course. Evidence suggests that the rerating is now undjtwaz. The share is now overbought. Look for a retest of the low 600p range before the uptrend resumes. January 18/19 UT Panel Annuities TaxIndex Main MenuP206 !EEC—, X60izn )0 JpWCXX:5 / W Graeme Shelley 3/6 Adams & Njvili Asset Management Building materials group Caradon (465p) has started to recover after a bleak two year period when profits suffered as the sector in genital undjtpjrformed The last set of results improved the City's perception of the company and, in particular, its emphasis on recovjtink cost;. Improv d t aden conditions shot d ensure a sustained rally in the price. Estimates rate the stock on 16x 1996 earnings, falling to 13.3x for 1997 with a projected yield of 5.9%. B:=. January 18/19 UT Panel Annuities TaxIndd| M0t& ern4