An optimistic outlook for global markets February 3, 2021 | Sponsored Alex Crooke, Fund Manager for The Bankers Investment Trust, discusses recent performance of the Trust and highlights which stocks in particular are driving this performance. Alex also looks at the year ahead and explains why he is largely optimistic on the outlook for global markets and highlights which regions and sectors he and his team [...]
When will the fun and GameStop? February 3, 2021 | City Talk Retail and day traders dealing in shares and other assets that Wall Street funds bet against may not be new; Wallstreetbets, the Reddit group at the centre of the story, itself has been in existence since 2012. However, with retail investors buying in such numbers as recently, the group has captured worldwide attention. Perhaps the [...]
GameStop dubbed ‘greater fool speculative bubble’ as stock price tumbles February 3, 2021 The share price of US video game retailer GameStop slid 60 per cent yesterday to $90, down from a high of $347 at the height of a Reddit-instigated short-squeeze on the stock. GameStop shares rocketed in January after a community led by Reddit forum r/wallstreetbets banded together and piled hundreds of thousands of dollars into [...]
Film financier Great Point set for London IPO February 3, 2021 Great Point Entertainment Income Trust (GPEIT) today announced its intention to float on the main market of the London Stock Exchange. The London-based group will offer a target issue of 200m shares at 1 penny each at an initial issue price of £1 per ordinary share. GPEIT is a newly established investment company which will [...]
Swiss stocks given all clear to resume trading in London February 3, 2021 Shares in Swiss companies will once again be traded on UK exchanges after Switzerland’s financial regulator gave the move the all-clear this morning. Since June 2019, a spat between the EU and Switzerland has meant that the bloc’s exchanges have been banned from Swiss shares. But with the UK no longer a member of the [...]
Gamestops? Shares plunge more than 50 per cent as Reddit rally retreats February 2, 2021 Reddit day traders’ hold on the market seemed to be running out of steam on Tuesday as the price of silver stalled and Gamestop shares plunged more than 50 per cent on the open. Gamestop has dominated the headlines in the past week after r/wallstreetbets took the fight to Wall Street’s hedge funds. The bricks-and-mortar [...]
Oil prices hit highest levels in a year as producers cut output February 2, 2021 Oil prices rose more than 2.5 per cent today to reach its highest since last February after major producers showed they were reining in output roughly in line with their commitments. Brent crude was up 2.5 per cent at $57.77 a barrel for its third straight day of gains and the highest levels in 12 [...]
FTSE opens up higher again in February rebound February 2, 2021 London’s main market opened up some 0.40 per cent higher this morning, continuing a positive start to the month after a volatile January. The FTSE 250, the second larger UK index, was up a similar 0.40 per cent, at 20,479. The rebound follows turbulence last week surrounding Gamestop and other companies targeted by both short-sellers [...]
The truthiness of ESG criticism February 2, 2021 | City Talk There are two often-repeated critiques of Environmental, Social, and Governance (ESG) investing that I really can’t stand. They have the quality of truthiness about them and are what academics sometimes call “as if” arguments. For my younger readers, the term truthiness is defined by Wikipedia as follows: “Truthiness is the belief or assertion that a particular statement [...]
Robinhood raises $2.4bn in second cash injection as Reddit investors overwhelm app February 1, 2021 Robinhood has raised another $2.4bn from its shareholders after a turbulent week amid a surge of new investors piling into Gamestop. The online trading app today confirmed it had raised $3.4bn to invest in “record customer growth” including a $1bn injection on 29 January. Last week Reddit day traders flocked to Gamestop lifting its share [...]