Glencore flogs Australian coal haulage business October 20, 2016 Glencore has agreed to sell its Glencore Rail (GRail) coal haulage business to Genesee & Wyoming Australia (GWA), for AU$1.14bn (£712m). The FTSE-listed miner said the sale was "another significant part of Glencore's debt reduction programme". "We established GRail in 2010 and have steadily grown it to become the third largest coal haulage business in the country," said Peter Freyberg, head [...]
Man Group announces $100m share buyback October 20, 2016 Man Group has this morning revealed details of a proposed $100m (£81.5m) share buyback. The hedge fund said it has entered an irrevocable, non-discretionary arrangement with Merrill Lynch International to repurchase ordinary shares in the company, up to a maximum consideration of $100m during the period from today up to and including 19 October 2017. "The purpose [...]
Before the bell: What you need to know before the US market open October 19, 2016 The global economic picture is looking rosier as the UK labour market holds up in the face of the shock vote to quit the European Union and the Chinese economy is showing signs of stabilising. Here's what you need to know before the US market open at 2:30pm London time. US futures are mixed ahead of the [...]
Used car supermarket’s share price skids down 20 per cent after Brexit warning October 19, 2016 Used car supermarket Motorpoint’s shares skidded 20 per cent this morning as the company warned it was being hit by Brexit uncertainty. The company, which floated on the London Stock Exchange in May, reported 11 per cent revenue growth in the six months to September in a trading update today. But, at the time of writing, [...]
Investors suddenly think that we’ve seen the worst of the oil price slump October 19, 2016 Oil speculators and a few major investment banks have suddenly turned bullish on crude prices, betting that the rally above $50 per barrel has more room to run. "Global oil inventories (industry and government) increased by 17 million barrels to 5.618 billion barrels in 3Q16. This is the smallest build since 4Q14, confirming that inventory [...]
The pound’s doing what the pound does best October 19, 2016 Of course it was too good to be true. Yesterday, the FTSE 100 rose and the pound was up by more than one per cent against the dollar and the euro. But those who said such a mighty jump to the giddy highs of $1.23 and €1.12 (compared to $1.48 and €1.30 back in June), [...]
Cocoa floats well: Hotel Chocolat reports rising revenue and profits after IPO October 19, 2016 Hotel Chocolat has reported growing revenue and profits in its preliminary results after listing on the London Stock Exchange this year. The figures Revenue for the period to 26 June came in at £91.1m, up 12 per cent from £81.1m in 2015. Pre-tax profit, meanwhile, was up from £2.9m to £8.2m, and earnings before interest, [...]
The Brexit rally is less fragile than it looks October 19, 2016 The performance of UK shares has generally confounded most strategists. Since the vote to leave the EU in June, UK savers have enjoyed returns of close to 15 per cent. While the weakness of sterling has eaten most of those returns for overseas investors, we are in a much better place than many were predicting in [...]
Lineker-backed insurer scores £1m in funding October 18, 2016 Internet of Things insurer Neos has hit the back of the net with £1m in initial seed funding, valuing the business at £8.4m. The company – a so-called insurtech startup – counts Match of the Day presenter Gary Lineker among its backers and the latest funding round adds insurtech fund Eos Venture Partners. Neos is [...]
Sterling and FTSE 100 jump as inflation hits two-year high October 18, 2016 Sterling recovered some poise today, soaring higher after inflation jumped to a two-year high. The FTSE 100 also jumped back above 7,000 in early morning trading, fading only slightly to end the day up 0.7 per cent at 6,994 as traders and investors digested the news that prices rose by one per cent in the year to [...]