On the same day i sold Capita (wrong) I also bought Acacia Mining (very very wrong).
15/2 ACA.L 200 @ 524p
In my defence they were a profitable company and from the brief checks I made I don’t think it is intrinsically a dog but how was I to know the government of Tanzania was going to ban it from exporting gold and copper concentrates, just a few days after I bought it. Suffice to say, by the time I discovered the issue the share price had plummeted close to 20%. I held on for a few weeks hoping a few gold nuggets tossed the right direction might free up the ban but eventually gave up and sold the lot for 444.70p making a whopping loss of £175. Ouch!
If I had held tight the issue would probably have been resolved and the share price go up again but when I heard they were loosing something like £1m a day I decided to cut my losses and sold.
The day after selling all my JOG shares at the bottom of a dip I put my new found wealth into two more companies. By following my brilliant plan to buy the highest rising companies when at they’re dearest point I bought the following.
23/2 Mondi PLC 55 @1898p
23/2 Micro Focus 44 @2241p
I held onto Micro Focus for a couple of weeks and yes you’ve guessed it, sold in a dip just before they rose. I made a small profit of £12 or 1.2% but at the time of writing this blog they’ve risen by over 5%.
Mondi is bumbling along doing very little so I’ve set a limit order to sell at 1999p which would make a small profit but would release funds for something more interesting.
Next time more of the same, I buy three more dogs with fleas.