National Grid (NG.)
30/05/2008
TARGET 790p
STOP 710p National Grid own, operate and build electricity and gas networks in the U.K. and Northern Ireland, as well as owning the Niagara Mohawk generator in America. The utility sector is starting to recover with attractive dividend yields and potential bid situations tempting investors. National Grid's recent figures were strong, buoyed with the first contribution from Keyspan. Pre-tax profits were up 24% and management gave a confident outlook for 2008/09. Peer Scottish and Southern Energy also recently posted solid figures adding a positive mood to the sector. National Grid goes ex-dividend on 4th June giving investors the opportunity to buy in and collect the dividend. Throughout April and May, National Grid has found support around 690p level, but moving into May has started to form a neat uptrend. Good volumes and solid figures should add momentum to the share price, we can see a continuation of the trend from here. John Woolfitt senior trader Galvan 
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