WHERE DO YOU STAND AFTER L&G’S HALF-YEAR RESULTS? August 4, 2009 BARRIE CORNES PANMURE GORDON“The dividend cut was anticipated. Key takeaways for us are capital strength, increased new business margins and bond default provisioning, good cash flow and Legal & General Investment Management remains core to the business. We maintain our “buy” stance.” TONY SILVERMAN S&P EQUITY RESEARCH“L&G will trade at a discount until reporting uncertainty [...]
L&G cash call fears mounting August 2, 2009 A SLEW of major insurers are gearing up to issue half-year numbers this week, with fears of a possible rights issue at Legal & General (L&G) continuing to mount. L&G, which has tripled its share price from a 23p March low, is expected to cut its interim dividend amid a continued struggle to boost its [...]
Banks gear up to report on the first half of a tough year August 2, 2009 The market’s attention is likely to be dominated this week by the banks, which will be reporting their first-half results during the five days. But there will be plenty more for investors to sink their teeth into, with insurers, bookmakers and industrials all on the radar too. Barclays and HSBC kick the week off this [...]
FTSE 100 hangs in there as investors regain confidence July 29, 2009 THE FTSE 100 rose yesterday as gains from financial stocks, boosted by strong numbers from the UK arm of Spain’s Banco Santander, and positive broker comment, outweighed a weak mining sector. The index closed 18.69 points, or 0.4 per cent, higher at 4,547.53, after ending 1.3 per cent lower on Tuesday when it failed to [...]
Insurers to support plans to hand them welfare state role July 26, 2009 THE INSURANCE industry will today throw its full backing behind a key government report set to pave the way for the industry to take on a £17bn chunk of the Treasury’s welfare state obligations. Stephen Haddrill, director-general of insurance body the ABI, said the report should help the industry boost its strength significantly over the [...]
Pharmaceuticals inject more life into the FTSE 100’s rise July 22, 2009 THE FTSE 100 added 0.3 per cent yesterday, extending its winning streak to eight sessions thanks to modest gains on Wall Street and solid second-quarter results from drugs giant GlaxoSmithKline. At the close, the index was 12.56 points higher at 4,493.73, up 8.2 per cent over the past eight sessions. Drug maker Shire was the [...]
FTSE gains on broad-based rally led by banks and miners July 20, 2009 A BROAD-BASED rally in the stock market saw Britain’s top share index recording gains for a sixth straight day, with banks leading the surge and commodity shares jumping on stronger crude oil and metal prices. The FTSE 100 index ended 54.87 points, or 1.3 per cent, higher at 4,443.62 — the highest close since 11 [...]
Huge change in the City’s roll of power July 19, 2009 A YEAR of financial turmoil has wiped all but a quarter of last year’s 100 most influential people in European financial markets off the current roll of power. This year’s Financial News FN100 listing, which has the highest rate of turnover in its five-year history, reflects the huge overhaul of top talent the credit crunch [...]
Aviva reassures on capital July 15, 2009 Insurer Aviva’s regulatory capital cushion is getting stronger, and the group is not planning any further disposals, its chief executive, Andrew Moss, said yesterday. In an interview, Moss said Aviva, the UK’s second-biggest insurer, had called time on disposals after offloading Aviva Australia to National Australia Bank in June, adding £400m to its capital cushion. [...]
Miners, banks and oil groups emerge as stars of the index July 14, 2009 LONDON’S top share index closed up 0.9 per cent yesterday, led by miners, banks and oil producers as impressive corporate data from the United States outweighed mixed economic figures. The FTSE ended 35.55 points higher at 4,237.68, extending Monday’s 1.8 per cent gains. The index has risen more than 23 per cent since hitting a [...]