STOCKS NEWS EUROPE-ICAP up; technical view supports

Shares in ICAP IAP.L gain 2.6 percent, tracking a firmer trend for blue chip financials, with technical factors also lending the stock some support.

ICAP’s July trading update was certainly boosted by the April/May sovereign debt crisis, and even though some of the gloss disappeared in June, Andrew Gibson, head of research at Galvan maintains the view that the rise in revenues and profits coupled with the recent share price weakness is “as a good an opportunity as any to take a long position.”

Shares in ICAP have bounced just below the 200-day moving average at 398 pence, and while the stock remains above the 200 day line, Galvan expects a retest of the intraday highs of the past month at over 430 pence over the next 1-2 weeks.

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