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I sold my Cineworld shares this week! Here are 2 UK shares I might buy with the proceeds

Royston Wild
·3-min read
Image of person checking their shares portfolio on mobile phone and computer
Image of person checking their shares portfolio on mobile phone and computer

Earlier this week I finally bit the bullet and sold my shares in embattled cinema chain Cineworld Group. This UK share had fallen around nine-tenths in value from the levels I bought in at a couple of years ago. I hung on in the hope that it could recover some of this ground. However, some chilling new over the weekend fanned my fears that the Cineworld share price could eventually be reduced to zero. So I got out.

It’s a sobering experience for investors to throw in the towel and book a big loss like this. Take it from me! Still, there’s no point crying over spilt milk, or sitting on your hands and hoping things get better. When you believe that the value of your investments are only going to carry on going south, you need to take it on the chin and salvage what you can, while you can.

2 top UK shares on my radar

In fact, UK share investors can take negatives like this and turn them into positives. I myself plan to use the little capital I pulled out of the Cineworld wreckage and use it to buy some exciting shares I’ve had my eye on. What’s more, by using it to buy shares after the recent stock market crash, I’m hoping to turbocharge my eventual returns by buying low and then watching the value of those UK shares rebound spectacularly in value as economic conditions improve.

A person holding onto a fan of twenty pound notes
A person holding onto a fan of twenty pound notes

Here are two top-quality and mega-cheap UK shares I’m considering buying for my Stocks and Shares ISA today:

  • Buying IT specialists in the realm of cloud computing looks to be an extremely good idea today. The tough global economy means that many tech specialists might suffer in the short to medium term. However, the rocketing growth of home-working means that UK shares like Iomart could prove highly lucrative. One survey from the Institute of Directors this week suggested that three-quarters of employers will maintain increased levels of home-working even after Covid-19 peters out.

  • I’d also buy shares in Keywords Studios for the post-coronavirus landscape. Video games usage has boomed in 2020 as citizens have either chosen or been forced to stay indoors. The boffins at Statista reckon the number of gamers will continue to climb, too (by 14% between now and 2023). I’d buy Keywords, a provider of a wide range of services to games developers, to get rich off the back of this trend.

Helping you to get rich!

These UK shares are just a couple of the top stocks I’m thinking of buying after selling out of Cineworld. There’s a world of opportunity for eagle-eyed investors to grab a bargain or two after the stock market crash. And The Motley Fool’s vast library of special reports can help you to find even more. So do some research and get investing today.

The post I sold my Cineworld shares this week! Here are 2 UK shares I might buy with the proceeds appeared first on The Motley Fool UK.

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Royston Wild has no position in any of the shares mentioned. The Motley Fool UK has recommended Iomart Group and Keywords Studios. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors.

Motley Fool UK 2020