BEST OF THE BROKERS August 25, 2010 AMLIN The insurer’s underlying performance remained solid despite results at the bottom end of consensus estimates, according to Jefferies. The broker added that Amlin should see the benefits of pruning its portfolio in 2011. Jeffries kept its EPS forecasts for 2011 unchanged at 6.3 times after high acquisition costs, but kept its “buy” rating. PERSIMMON [...]
Crucial time wasted after rig explosion August 25, 2010 DEEPWATER Horizon-owner Transocean changed a locking mechanism on the blow out preventer, resulting in a severe delay in responding after the Gulf Oil rig exploded, according to a BP vice president. Harry Thierens, executive vice president for drilling and completions at the oil major, told a panel of federal investigators that crucial hours after the [...]
Derwent posts higher profit on bargain hunters August 25, 2010 OFFICE landlord Derwent London reported sustained growth in the value of its portfolio to £2.2bn yesterday, easing fears of a new real estate slump as Britain’s economic prospects wilt. Chief executive John Burns said Derwent’s signature strategy of providing affordable offices in the capital’s nascent business hubs would hold up as firms budgeted for slower [...]
Be prepared for the turbulent autumn ahead August 25, 2010 INVESTORS fed up with volatile, range-bound markets that apparently have little sense of clear direction will be cheering the end of the summer and the dust being swept off the City trading floors. But those hoping for an immediate return to normality and a bullish rebound are likely to be sorely disappointed. The FTSE 100 [...]
Getting a grip on listed products August 25, 2010 TOO much choice can be a problem for investors these days. Online consumer champion Which? singled out structured products as being some of the most confusing instruments on offer and was particularly unhappy about their lack of transparency, particularly when it comes to counterparty risk. The UK Structured Products Association hit back at the research [...]
LISTED PRODUCT NEWS August 25, 2010 ETP TURNOVER 10PC OF EQUITY ACTIVITY The latest figures from BlackRock’s exchange-traded fund (ETF) division show that exchange-traded product turnover was 10.45 per cent of equivalent equity market activity but was down 8.8 per cent on the previous week at €10bn. Country-related products saw the greatest turnover at €2.1bn, an increase of 1.8 per cent [...]
THE TIPSTER August 25, 2010 DESPITE the yawning deficit in Britain’s public finances, 10-year gilts have been finding favour thanks to the ongoing theme of risk aversion. The flight from equities has seen yields dropping dramatically in recent days. Although attention is now focusing on a break-out, this could struggle to find support unless bargain hunters move back into equities. [...]
FTSE hits seven-week closing low as fears over recovery’s strength intensify August 25, 2010 BRITAIN’S top share index fell to a seven-week closing low yesterday on growing unease that the global economy may slip back into another recession following further weak economic data from the United States. New orders for long-lasting US made goods rose far less than expected in July and, excluding transportation equipment, posted their largest decline [...]
Wall St stages comeback as bargain hunters move in August 25, 2010 US stocks staged a comeback yesterday, breaking a four-day losing streak by major indexes, as key technical support triggered bargain hunting that offset weak economic data. The S&P 500 index sagged as much as one per cent after data showed new single-family home sales slumped to a record slow pace in July. But positive momentum [...]
HEDGE FUND MAN GOES LONG ON BANGERS August 25, 2010 CELEBRITY endorsement works, at least if the celebrity involved is a glamorous sportsman like Usain Bolt, who yesterday announced the biggest deal ever, to help Puma flog its pumps and T-shirts. But can you really imagine Crispin Odey, the permanently pin-striped hedge fund guru, as a brand ambassador? Well, he is. The new branch of [...]
