Portfolio review of the week April 24th 2010

 

The U.S. stock market climbed to a 17 month high on Friday after strong new-home sales and good earnings from American Express, marking the Dow's 8th straight week of gains. New home sales posted their largest year-over-year increase in nearly five years. The Dow Jones Industrial average rose 70 points to 11204, its highest close since Sept. 19, 2008. For the week, it climbed 1.7%. The Dow has now had its longest weekly winning streak since a run that ended in January 2004, more than 6 years ago.

 

The Nasdaq Composite rose 11 to 2530, its highest close since June 2008 led by rises in energy stocks. It rose 2% on the week, like the Dow showing its eighth-straight weekly gain. The S&P 500 climbed 9, to 1,217, its highest close since Sept. 19, 2008.

The FTSE 100 finished up 58, at 5,724 despite the disappointing GDP data as a stabilisation of the Greek debt situation was anticipated. The index was down 0.3% for the week.

GW Pharma (GWP) - No news from GW pharma this week as further information on the Sativex European licence is anticipated in May. It finished flat at 110p. Patience with this one.

Ithaca Energy (IAE) - Ithaca moved up 17p, 10% yesterday to finish the week at 189p on new that it had secured a $140 million funding facility to exploit the Stella North Sea field and acquire other assets in the area. The future looks very bright for this company. The stock moved 17% higher on the week with momentum continuing to look very positive.

Rockhopper (RKH) - Position initiated in the Falkland Islands driller as the stock slipped to 45p this week after last week's spudding of the Sea Lion prospect.