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There were more buyers than sellers on the day of the drop. Would this not give hope that the shares have been oversold? the company has said that it still expects to grow but not as much as hoped.
Outlook There has been evidence of some weakness in the secondary housing market since our trading update on 29 June. Whilst website enquiries have increased, and we have continued to take new reservations, these have been at a lower level than we saw in the first nine months of the financial year and cancellations have been at higher levels. Whilst it is too early to judge what medium term impact we will see from the EU Referendum result and the Bank of England's subsequent changes to monetary policy, prolonged housing market weakness, particularly in the secondary market, could affect our ability to deliver our targeted 15% volume growth previously indicated for the financial year ending 31 August 2017. There has been some improvement in customer sentiment during the month of August, however, it is too early to predict at this stage whether these improving conditions will persist into the new financial year. The above gives the main reason for todays fall; the uncertainty in the outlook. It should be stessed perhaps that this is a trading UPDATE, ahead of the full year results for year ending 31 August, to be issued on 15 November. Hopefully by then, there will be an improvement in the market and the sentiment. I was a little surprised by the degree of todays fall and had hoped it may finish around 190p. I have to say that there is much in what Velo says, whether we like it or not. No prediction as to where this may fall to (or not); but if I was looking to invest here, I would personally wait until there was some definite proof of a sustained recovery, even if that means I miss any bottom. For any doubt, I do have a holding here. Good luck all Regards CM
This has been in a watchlist of mine but held back for no other reason than I already have a full presence in property/building shares. Still, I was /am interested in MCS and may succumb at some point :) So before I say another word - bear in mind, I have no skin in this particular share. But - But really taken aback at the ferocity of the one day decline in the SP x11% really?!? For a £1billion cap co.? In my experience ( repeat: in my experience only - not a prediction ) I've found one day falls of double digit % magnitude drops, in this case 11%+ rarely end there, then it's all over and business as usual - No not on falls this big.. Personally I won't be surprised if it falls further come next week - with the low 170p's being the next support level if it does so. (Might not fall that far. Might not even fall at all) - but as said that's not been my experience of big one day falls - outside of AIM stocks. Comment and ruffled feathers in the media starting to spread in couple of other builders/property stocks citing the reasons given by MCS for reporting poor response in the secondary market. M.Fool has kicked off already tonight with comment/ questions about how safe are other builders now. Whatever, better to expect the worst next week (temporarily) than get upset if if it does. Think of the relief if it falls no further, but I'm expecting worse before getting better.
Thanks Appleby. Got it.
its in the text below the 3 month graph bottom line , its not mega accurate but shows the general way things are going, some large trades are not listed until after the close.
Hi Appleby. Where do you get the total volume figures from? I've looked around but cannot find them. I bought into these shares for the first time, today, after the drop. (Seems to me there will still be a big demand for housing in UK).
2m shares sold , 3 million bought and shareprice is down .
This is a good entry point and have taken the opportunity to grab a few. Friend of mine sold up and moved to south coast. He is a bit older than me but says for him and his wife it is superb. Like joining a swingers club for the over 60's. Every time he chats on skype he is surrounded by ladies... Selling little blue pills helps him pay the service charges..
Cheers, i too believe oversold, will bounce back i am sure. Either way thanks and have a good weekend!!
Give it a week or two and you will be in profit I think, drop looks over done to me , this company has a ton of cash and acres of land in key areas with planning in place. Don't worry be happy.
Lucky you, I bought in at near as damn it £2.00. Really thought would hit £2.20 this week. Anyway good luck!!!!
bought in heavy at 182p average , looking for a quick recovery to 200 level.
Good set of results, think extremely good was priced in. Reckon this is a good price to buy in/top up as things still look great
Hmm. First reaction to traading update is not due to comments in the outlook. Lets hope this is just early morning blues and things will settle down during the day. Still a longer term hold perhaps. Regards CM
The U.K. Has an ageing population and MCS has 70% share of property being built for the elderly. The order book is up 26% to £306m this year, planning consents In place for all FY17 sales and land in place for all FY18 targets. Earnings per share forecast to increase 60% over next two years. Is looking very strong indeed. Looking forwards to reading the update on Sep 5th.
Further trading update due on Monday 5 September. Hmm, that's the day I fly out to Geneva - wonder if it will help to pay for the flight?. Nice thought. Not sure if Brexit has been brushed under the carpet for the time being or if it will come back to give us another kick in the pants (or wherever).t Nice to see this above 200p again.
Quite correct, Brexit has afforded us a great opportunity of getting in much much lower, wish I'd used the opportunity in may other places as well, you just never have the money available when you need it !!!
Looking good here. Brexit has been a wonderful opportunity.
making steady headway back to where they belong.
ssshh indeed!. Only pennies at present. CM
Looks like somebody might be in profit, sssshh, don't tell anyone !!!
Sorry folks, it's all my fault for the share price fall. You can blame me for buying in. Since doing so the share price has only gone way. On another matter - I've returned from planet Zog, to find Leicester City have won the premiership, Britain has voted to leave the EU, Boris Johnson is foreign minister, Donald (Duck) Trump is the nominated Republican candidate for the President of the U.S, lol. You will be telling me next Stan Allardyce is the next England manager!, lol, lol, come on!, lol, lol, oh wonderful.............it's the way you tell them!. Regards CM Here's to another period of England being on the sidelines for the next 4 years and more!. Kick and hope all over again, back to the 70's.
Well, it appears I am back in. Forgot I had set a buy order yesterday which was active up to the end of today. Bought in at 165p. The Naked Trader had bought in further at 158p, so not being that much lower I hope I haven't jumped in at the wrong time, lol. Oh well, stops me hovering over the buy button I guess. Good luck all CM
Nobody said trading is easy Chequemate !!!!, I usually set a buy price of what I think is fair price, if it gets hit great, sometimes it take weeks or months, if it doesn't I've missed it and look for another share, there's always plenty on our wish lists to be looking at.
Good to hear from you PP. Hope all is well. I have dillied and dallied today over MCS. i could have bought in at sub 147p early on, around 150p around midday but held off, believing I could get a slightly better price. Well, it didn't work out that way did it!. Only myself to blame. So now I find myself looking to pay more. Due to work I can't keep an eye on shares all day. Seems like some of the uncertainty in the market has been reduced now that the leadership contest for the Tory party and therefore the PM has been brought to a sudden end and this has had a knock on effect on the market. Sometimes I do too much thinking and miss the best opportunities. However, tomorrow is another day so I will see what that brings first thing. Regards and best wishes CM