Best of the Brokers for 14 October 2014 October 13, 2014 To appear in Best of the Brokers, email your research to notes@cityam.com TESCO Cantor Fitzgerald has puts its target price under review and has no rating on the retailer after it said there could be “a lot more issues” for Tesco in the wake of an internal audit review of its commercial practices. WH SMITH [...]
Tesco woes mount as two more senior executives head for exit October 13, 2014 TESCO is set for further upheaval after the supermarket giant confirmed the resignation of company secretary Jonathan Lloyd yesterday. Lloyd – who advises the board on legal and governance issues – resigned last month before the discovery of the £250m overstatement in profits that stunned investors and has cost billions of pounds in market value. [...]
Tesco board to lose two members as chief exec Dave Lewis continues to rebuild October 12, 2014 Tesco is said to be losing two of its most senior executives, as the beleaguered supermarket looks to rebuild from the shock revelation of a £250m profit overstatement last month. Company secretary Jonathan Lloyd is reported to have resigned, while the chairman of the audit committee Ken Hanna is said to be stepping down [...]
Tesco share price dips again after supermarket pulls out of Margate superstore October 10, 2014 Tesco's share price dipped again today after it emerged the troubled supermarket had ditched its controversial plans to build a megastore in Margate. Tesco had fought for years to be given approval for the seafront, with many in the coastal town arguing that the plans were “an eyesore” and would have made the regeneration [...]
Dragons Den star Peter Jones opens Jessops inside Sainsbury’s supermarkets October 8, 2014 Jessops, the camera chain brought out of administration by Dragons Den star Peter Jones last year, has opened its first store inside a Sainsbury’s supermarket. The retailer yesterday launched in Sainsbury’s superstore in Newport, South Wales, and plans to open a further two stores in Waterlooville, Hampshire, and Maidenhead, Berkshire, within months. “This is a [...]
Best of the Brokers for 9 October 2014 October 8, 2014 To appear in Best of the Brokers, email your research to notes@cityam.com EUROMONEY INSTITUTIONAL INVESTOR Westhouse securities has reiterated its “neutral” rating. It reduced its target price from 1,090p to 1,063p. It added that Euromoney’s pre-close update contained no real surprises, but confirmed that challenging trading conditions in banking and foreign exchange continued to constrain [...]
Travel firms take hit as Ebola fear fails to recede – London Report October 8, 2014 BRITAIN’S main equity index fell yesterday as worries about Ebola reaching Europe hurt travel firms and telecoms tester Spirent Communications became the latest UK company to warn on profits. The blue-chip FTSE 100 index closed 13.34 points lower, or 0.2 per cent, at 6,482.24 points, taking its fall from a 14-and-a-half–year high hit last month [...]
Mike Ashley moves to oust Rangers chief Graham Wallace after taking £4.3m stake October 8, 2014 Retail tycoon Mike Ashley has bought five per cent of Scottish football club Glasgow Rangers as part of a move to oust the chief executive and a director from the board. Ashley, who owns Newcastle United and has made a series of investments in recent weeks including buying shares in Tesco and Debenhams, took the [...]
Tesco suspends Kevin Grace: Fifth executive leaves over £250m profit miss October 7, 2014 Tesco has suspended a fifth director over a shock discovery last month of an error in its accounts which meant first half profits were overstated by £250m. Kevin Grace, Tesco’s group commercial director, was asked on Monday to step aside as Deloitte and Freshfields carry out their investigation into what went wrong in Tesco’s accounts. [...]
Fears over Ebola contagion puts airlines in a spin – London Report October 7, 2014 BRITAIN’S top share index fell back yesterday, with travel and leisure companies hit by concerns that the spread of Ebola outside Africa could hurt air travel and the tourism business. Sentiment was also hit by a set of poor data, including an unexpected four per cent month-on-month drop in German industrial production in August. Analysts had [...]