RBS today closed their "Trading Sell" on VBA that had been...

RBS today closed their "Trading Sell" on VBA that had been opened since 3rd June. Share price since June has been range bound $0.295-$0.325.

Looks like it had been a good call for RBS, as VBA underperformed QAN and the broader market during the call period (although the majority of this underperformance looks like it was in the past fortnight).

They like the move to push up the yield curve as a long term value driver, but see short-term pressure in the liesure market. Moving back to a Hold rec with limited downside risk.

All IMO.