Shaun Murison, senior market analyst at IG Markets, on what the smart money is doing.
The share price of Old Mutual has discounted heavily over the past two years, with earnings dipping from the start of the pandemic thanks to increased payouts and disrupted business sales. However, the company’s recent interim results have started to show the beginnings of a post-pandemic turnaround. Headline earnings per share have soared by more than 60% against the prior year’s comparable period, albeit off a relatively low base.
Peloton, a market darling during the pandemic, saw demand for its interactive gym equipment and internet workout subscription services push the price up more than 700% into January 2021. Since then, the share price has fallen more than 90%. Demand for its products and services has waned as people return to more conventional fitness routines outdoors and in gyms. The company trades deep in loss-making territory, impairing and selling some of its assets, as well as downsizing its staff contingent.
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