Steinhoff increases holding in Poundland as Brexit casts doubts over takeover bid June 28, 2016 South African retail conglomerate Steinhoff has upped its holding in UK discount retailer Poundland. The increase, from 23.26 to 23.52 per cent, comes despite Bensons for Beds owner Steinhoff saying last week the UK vote to quit the European Union had caused it to rethink its recent offer for the company. Steinhoff, a furniture and household goods company with operations across Europe, Africa and Australasia, earlier [...]
Before the bell: What you need to know before the US market open June 28, 2016 The Brexit rollercoaster is still going full tilt, unbalancing global markets, currencies and politics. Here's what you need to know before the US open at 2:30pm London time. Major US markets are pointing up ahead of the open, with the S&P up by 0.97 per cent in the pre-market. The tech-heavy Nasdaq is up by 0.99 per [...]
Old Mutual becomes the latest company to say it should be able to carry on as planned despite Brexit vote ahead of its AGM June 28, 2016 Old Mutual today became the latest in a string of companies to come forward and say the Brexit vote shouldn't affect its plans. Referring to plans announced earlier this year to split the company into four different businesses, Old Mutual chief executive Bruce Hemphill said: "Increased market volatility following the referendum decision to leave the EU does [...]
At the close: Markets take a clobbering as sterling slides and uncertainty reigns June 27, 2016 Traders and investors were left bloodied by a volatile session on the markets today. The FTSE has closed down 2.55 per cent at 5,982.20, with a fifth of FTSE 100 companies racking up double digit price falls. The internationally focused blue-chip index outperformed mid-caps however as the FTSE 250 – mostly made up of companies that trade in the [...]
Brexit is not proving an asset to these fund managers’ share prices June 27, 2016 London-listed asset managers have been among the companies worst hit by Brexit on the stock market. Schroders’ share price was down by around nine per cent to 2,164p on Monday. This followed a 12 per cent fall from 2,711p on Friday after the results of the vote emerged. [custom id="161"] Elsewhere, Legal and General Group’s [...]
Week ahead: Markets set to feel the Brexit burn as uncertainty reigns June 27, 2016 The spotlight will this week continue to be firmly on the implications of the UK’s shock decision to quit the European Union. Markets are expected to be on post-Brexit watch, with twitchy traders nervous over potential volatility. After the vote on Thursday the FTSE 100 dived more than eight per cent at the open on Friday [...]
Wealth management and investment bodies to fight for “continued success and stability” after Brexit June 26, 2016 Wealth management bodies are setting out to ensure “continued success and stability” in the industry after last week’s vote for Brexit. The Wealth Management Association (WMA) believes the vote will now lead to a “prolonged period of uncertainty”. The organisation said in a statement: “It is important that there is a focus on long term [...]
Before the bell: What you need to know before the US market open June 24, 2016 The UK's vote to quit the European Union in a so-called Brexit has thrown markets around the world into meltdown and the US looks like it's heading the same way. Here's what you need to know before the US market open at 2:30pm. In the pre-market, US stocks are pointing straight down. The S&P is off by [...]
The systems of some of the UK’s biggest brokers are straining under post-Brexit demand June 24, 2016 Some of the UK's biggest brokers are struggling to keep up with demand as investors rush to sell following the vote for the UK to leave the European Union. Hargreaves Lansdown, AJ Bell and TD Direct Investing have all said they've had difficulties getting prices from market makers following the market open at 8am. Some of [...]
What Brexit means for investors: Neil Woodford looks beyond short-term uncertainty June 24, 2016 Fund manager Neil Woodford has played down the longer term significance of Brexit on the economy, urging investors to “look through this period of uncertainty”. “Markets are clearly shocked by the decision but, in our view, it is not as negative a development as the market’s initial reaction appears to imply,” he said on Friday [...]