21 Aug | Day 114 – Portfolio Value £8,680 Up £452 On The Day
Today’s boost to our bottom line can mainly be attributed to a 17.8% rally by Renesola – our Chinese manufacturer of solar energy wafers.
After peaking at a little over £2.40 in June of ’09, Renesola has trended broadly downward since. The reason for yesterday’s surge? Renesola have put pen to paper on a new deal worth $706 million:
The project, awarded by the Taiyangshan Development Zone near the city of Wuzhong, is subject to a feasibility study and government approval. The company expects to begin work on the $706 million, four-year, 150-megawatt solar power plant project in the Ningxia Hui Autonomous Region in 2010.
Goldman Sachs has upgraded Renesola to ‘buy’ – shrewd!
Though you should never sneeze at a fab piece of news concerning any share in your portfolio, Renesola has been a classic buy on the dip share for me over the past few years and before yesterday’s announcement it was coming back in contention for a major top up in the 140-150 pence zone. We’ll wait to see what happens on Friday and early next week before deciding our short-term strategy with SOLA.L.
Our love affair with all things Chinese continued on Thursday with West China Cement. WCC.L added a further 7.8% and with big board ambitions and an aggressive strategy going forward, the future looks bright.
I’m off for some Szechuan Chicken, thanks again for dropping by.