Cash Converters in record profit August 23, 2011 Payday loans and pawn broking specialist Cash Converters yesterday unveiled a record net profit of $27.6m (£16.7m) for the year to the end of June – 27.5 per cent up on last year. Revenues rose by 47.6 per cent to $186.1m and earnings before interest, tax, depreciation and amortisation increased by 28.6 per cent to [...]
Shard steel firm slashes dividend August 23, 2011 Structural steel company Severfield-Rowen reported a lower first-half pre-tax profit yesterday, hurt by a weak construction market in the UK, but said it would meet its full-year expectations. The company, which is supplying steel for the Shard London Bridge, cut its interim dividend by 70 per cent to 1.5p a share. For the six months [...]
CITY MOVES | WHO’S SWITCHING JOBS August 23, 2011 Sciens Management Holdings The provider of fund of funds and managed account services has hired two senior executives to its London team. Stavros Siokos (pictured) has joined as president and Michael Hart joins as senior marketing director. Siokos was formerly head of investment management at Piraeus Bank in Greece and an MD in the equities [...]
BEST OF THE BROKERS August 23, 2011 TUI TRAVEL RBS rates the tour operator as a “buy” with a target price of 300p, and says market misconceptions about the sector and general market volatility have creating a buying opportunity. The brokers believe package holidays will survive the competitive threat of DIY holidays, and says Thomas Cook’s struggles have had a unwarranted drag [...]
FTSE 100 rallies on hope of new stimulus from the Fed August 23, 2011 Britain’s top shares rose yesterday on hopes the US Federal Reserve is close to announcing new stimulus measures, and China and euro zone purchasing data were not as bad as feared. Strong results and an upbeat outlook statement propelled security services firm G4S up 8.5 per cent to top the FTSE 100 list in volume more [...]
Banking and tech stocks lead surge August 23, 2011 US stocks shot three per cent higher yesterday on speculation Federal Reserve chairman Ben Bernanke this week would signal new help for the economy, giving investors hope a four-week rout was nearing an end. Weak data in housing and regional factory activity triggered the latest round of bets that Bernanke will act, even though the [...]
What Bernanke might dig up at Jackson Hole August 23, 2011 WHEN Ben Bernanke makes his speech at the Jackson Hole symposium on Friday, the markets will be hanging on his every word. Helicopter Bernanke picked up his nickname after referring to a Milton Friedman statement about using a helicopter drop of money to fight deflation, and market watchers will be listening for any sign that [...]
STRONG YEN COULD INVITE INTERVENTION August 23, 2011 PITY the poor Japanese policymakers. As global economic growth slows, the yen continues to appreciate against all reason, hurting the export driven economy that’s already been battered by natural disaster and chronic deflation. At the end of last week dollar-yen hit a fresh record low of ¥75.95 as the trend intensified. The strength in the [...]
THE TIPSTER August 23, 2011 STERLING rose sharply against the dollar yesterday as traders sought alternative currencies amid the continued concern over US and European debt levels. Spread betters were targeting a potential test of highs of $1.6618, touched last week. However, analysts are voicing caution over a possible fall in the strength of the pound on Friday should GDP [...]
FOREX ANALYST PICKS August 23, 2011 FOREX STRATEGIST JOHN KICKLIGHTER My pick: Long dollar-yen and euro-dollar. Short euro-Swiss franc Expertise: Fundamental analysis with risk management Average time frame of trades: 1 day to 1 week We are facing huge fundamental themes that could dramatically alter the course of the markets, depending upon developments in the coming weeks. The setups I’m looking [...]
