Broker snap: Tradenext highlights buying opportunities on recent sterling weakness

Tradenext has highlighted a list of attractive opportunities on the London stock market given the recent weakness of the sterling pound."A fall in the value of sterling will further support FTSE100 stocks and earnings, and make it easier for UK companies to sell their products overseas," said Ronnie Chopra, Head of Strategy at Tradenext.He said that dollar earnings such as BP, Shell, Barclays, Vodafone and GlaxoSmithKline are "all the more attractive at current levels" due to sterling weakness, especially against the dollar.With BP trading on at just nine times earnings, Chopra labels the oil firm as "particularly attractive", as it continues to trade at a discount to its US peers."Added to this, the ever present possibility of an opportunistic bid highlights the attractiveness of the UK oil giant, regardless of the ongoing legal issues over the Gulf of Mexico oil spill," he said.Meanwhile, Barclays shares are down 15% since the release of its results in mid-February. Chopra thinks that weakness in the pound will benefit the bank and translate into higher profits. "The low single digit p/e ratio highlights Barclays as the one to watch and possibly purchase."BC