By Kalpana Fitzpatrick
If you’ve been keeping a close eye on share tips 2024, then don’t miss this weekly round up of the top stocks to consider for your portfolio each week.
The MoneyWeek share tips 2024 guide pulls together some of the best UK stocks from some of the top share tipsters around.
As well as the UK financial pages, we look at publications across the pond for investors who want to diversify their holdings internationally.
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From investing in UK equities, European stocks, to finding the best performing stocks in the S&P 500 – here are our top share tips of the week.
This list is updated weekly on a Friday.
Share tips 2024: top picks of the week
Five to buy
1. Teck Resources (NYSE: TECK)
The Telegraph
Teck Resources has sold off its oil and coal arms in order to focus on low-carbon metals such as copper and zinc. It received $7.3 billion from the coal sale, allowing it to pay down debt, return capital to shareholders, and invest in copper and zinc assets. Prospective buyers should be mindful of likely currency conversion charges on any share purchases, as the group is listed in Canada and the US. But Teck is poised for growth thanks to a focus on metals used in the global energy transition. $43
- Currys (LON: CURY)
The Times
Currys has over 700 stores, mostly in the UK. The electrical retailer recently rejected two takeover offers because the board believed they undervalued the company. Sales have grown in the UK and Ireland, although the Nordic market continues to pose problems. Currys has been reducing its debt. Bulls are hoping that Currys will profit from the next upgrade cycle for smartphones and personal computers. With the shares trading at a significant discount to their peers, there may be further takeover interest. 80p - Knights Group (LON: KGH)
This is Money
Aim-listed Knights Group was one of the first law firms to go public. Unlike traditional practices, it separates business management from legal work, a strategy that has underpinned rapid expansion. Knights has been through tough times, but the firm is back on track. With almost 1,100 lawyers, the firm is benefiting from a recent uptick in corporate dealmaking and aims to double sales to £300m in five years. “Shares should move higher, and dividends are rising too.” 125p - Foresight Solar Fund (LON: FSFL)
Shares
Foresight Solar Fund invests in solar and battery storage assets in the UK and overseas. With a target dividend of 8p for 2024, Foresight Solar Fund offers an 8.6% yield and has launched a £50m share buyback programme. Foresight argues that its UK sites consistently outperform peers in the conversion of solar irradiation into electricity. Despite challenges related to bolstering production overseas, Foresight’s second-quarter net asset value (NAV) increased, and cash flow proved resilient. Plans for asset sales, debt reduction, and a focus on total returns enhance Foresight’s prospects. 94p - Freeport-McMoRan (NYSE: FCX)
Investors’ Chronicle
Freeport-McMoRan’s Grasberg mine in Indonesia is one of the world’s largest copper and gold mines. Despite past tensions with the Indonesian government, Grasberg makes up most of Freeport’s operating profits. Long-term projections for copper suggest a potential supply deficit by 2040, leading to possible price increases. The US firm is focusing on innovative mining techniques and negotiating with the Indonesian government to extend mining permits. “This is a good time to get in.” $40
One to sell
I3 Energy (LON: I3E)
The Telegraph
Gran Tierra Energy’s bid for Canadian UK-listed oil and gas firm I3 Energy is an opportunity to book a “modest” profit. Gran Tierra offered one of its shares for every 207 shares owned in I3, 10.43p per share in cash, and a 0.2565p dividend. This adds up to 13.6p a share and may result in I3 shareholders having a 16.5% stake in Gran Tierra. I3’s shares trading at a discount to the offer price suggests that some investors doubt the bid will be successful, even though I3’s board recommends it. Sell. 12p
The rest…
easyJet (LON: EZJ)
The Times
EasyJet recently narrowly avoided relegation from the FTSE 100 thanks to a lastminute surge in the stock. Despite recovering sales, profits, and dividends after Covid, the budget carrier’s shares are still trading below 2019 levels. EasyJet aims to generate over £1 billion in pre-tax profit in the next three to five years, with a focus on the holiday business. This division ensured that third-quarter pre-tax profits rose by 16%. The shares are volatile, but reasonably priced. Hold (482p).
Golden Prospect Precious Metals (LON: GPM)
This is Money
Golden Prospect Precious Metals owns stakes in over 40 companies, “many of which would be hard to access for individual investors”. Most of its capital is focused on ten companies, led by Australian Emerald Resources, whose shares have soared tenfold since 2020. The firm’s long-term performance has been healthy, yet the stock trades at just 35.3p even though assets are valued at 45.5p. The discount should narrow as the portfolio “continues to deliver”, making Golden an “attractive buy” (35.3p).
Rightmove (LON: RMV)
Shares
Shares in Britain’s biggest property portal Rightmove surged on takeover interest from Australian property listing firm REA, which is controlled by media tycoon Rupert Murdoch’s NewsCorp. REA has until 30 September to make a formal bid or walk away. Investors should “hold on for now” as REA’s move looks “opportunistic”. For a bid to be successful, it would have to be at a premium to the share price. Analysts at Panmure Liberum suggest a 60% premium, while Berenberg has estimated a take-out price of 830p (654p)
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