Mothercare’s results this morning have given the stock a lift, rising 10%, after the company said it had been able to give itself more room on debt facilities. It also reported earnings ahead of expectations. Still, ongoing pressure for the company remains, and the bleak company outlook mentioned in its results suggests that today’s move higher is based more on a closing of short positions rather than the beginning of a sustained rally.
Vedanta Resources has rallied yet again, moving further above £10 a share. There is significant buying pressure at work here, and the share price seems close to breaking above its November high.