Bravely backing companies that have taken a tumble can prove to be a winning strategy for players in our share picking game – and that was the case for our latest £500 weekly winner.
Player Nasir Sarwar dived into Network International Holdings at 187.1p on the morning of Monday 21 September, after its share price had sunk the week before.
That paid off over the course of last week, as Network International’s share price leapt back up and he made a gain of 54.99 per cent.
That put the player, from Bedford, ahead of others who had picked the same company but got in slightly later in the day at a higher price.
The weekly prize is for the best performing pick of the week and resets every week, so you could still pick as share to play for this week’s £500 prize.
With trading now closed for the week, the weekly prize has been reset and you can pick shares now for the market’s open on Monday to compete for next week’s prize. Log-in or sign up to the game here to pick shares.
Online payments specialist Network International, which is listed in London but has a business focussed on the Middle East, found itself at the centre of a stock market mystery after its shares sunk for no apparent reason – and it put out an official statement to that end.
The share price fell from 398.2p on Monday 14 September to close at 265.2p on Friday September 18 – opening prices were lower again on Monday but the share price then climbed back up after an RNS statement.
It said: ‘Network International Holdings Plc, the leading enabler of digital commerce across the Middle East and Africa, notes the move in its share price.
‘The Company is not aware of any reason to justify the move and is pleased to report that the trend of improving volumes in directly acquired domestic TPV, reported for July with our interim results, has continued in August and early September.’
Directors buying shares over the week also buoyed investors.
Our weekly winner Nasir chose the company due to its price trend and the shift to online payments due to the coronavirus pandemic.
He said: ‘Since Covid-19, I have looked at trading the market and its potential to make some money if investing in the right companies.’
Echoing a situation that occurred often in last year’s share picking game, the poorest performing weekly pick was Greatland Gold – the previous week’s winner.