The stock market meltdown will come to an end today, according to one expert who made his prediction two months ago.
Analyst Robert Griffiths has predicted that the stock market will begin to bounce back at precisely 15:30 BST today. The portfolio manager at brokerage firm Cazenove Capital Management said this afternoon would be a good time to enter the market.
He made his predictions in August, claiming that after a tumultuous period, share prices would once again begin to climb from Tuesday October 14th onwards. He studied charts depicting movements in equity values to arrive at his conclusion.
"The main indices will go lower, probably by between 25 percent and 30 percent. This move will become frantic and possibly contain some panic in September and October, which will set up a great buying opportunity," he said at the time.
And he said investors should put today's date in their diary as the beginning of a turnaround for the stock market, citing 15:30 BST as a time to note. According to the Evening Standard Mr Griffiths is sticking to his forecast.
The FTSE 100 rose 4.21 percent after opening this morning, with just half a dozen stocks in the red by 08:37 BST. Mining, energy, utilities and banking stocks were among the best performers. New York's Dow Jones index and Japan's Nikkei also saw healthy increases.
