THE TIPSTER May 31, 2010 STERLING-US dollar has been well-supported of late on fears that Prudential’s planned purchase of AIA could collapse. A large currency hedge shorting cable was put in place some months ago when the deal was first agreed and if it falls over, the hedge will come off, sending sterling-US dollar higher. While highly speculative, traders should [...]
Luminar sales dip further May 13, 2010 Nightclub operator Luminar has suffered pre-tax losses of £110.2m for the year to February. The group, which runs the Oceana and Liquid chains, said it would extend its live music offering and look for more custom from students. The company said chief finance officer Robert McDonald would stand down. Philip Bowcock, currently group financial controller [...]
BEST OF THE BROKERS May 13, 2010 COMPASS Credit Suisse has increased its target price for Compass to 634p and retained its “outperform” rating. Credit Suisse says that the food group’s growth outlook together with a further targeted margin improvement and acquisition potential justify a premium rating. Increases its 2010 earnings per share forecast to reflect stronger growth. INM Royal Bank of [...]
CITY MOVES | WHO’S SWITCHING JOBS May 13, 2010 State Street Global Advisors The investment manager has appointed Lynn Blake as head of index equity. Blake, 45, is a long-standing veteran of the firm, having first joined 23 years ago. She has held positions as a portfolio manager and head of non-US markets in the global structured products group. She succeeds Paul Brakke, 53, [...]
Barratt profit on target as house sales rise May 12, 2010 HOUSEBUILDER Barratt Developments said it will deliver a profit in the second half as it reported improved sales rates since February. The UK’s third largest housebuilder by market value, said its average selling price is expected to rise by 15 per cent by June 30, thanks to a shift in the type of houses being [...]
Property gets a boost from duty changes March 24, 2010 THE government yesterday handed first-time home buyers a boost by scrapping stamp duty for houses costing less than £250,000 for two years in a measure that will be paid for by those at the higher end of the property ladder. Chancellor Alistair Darling has increased stamp duty on houses worth £1m or more from four [...]
Liberty unveils demerger as profits tumble March 9, 2010 LIBERTY International will split its retail and commercial property businesses in a bid to “achieve greater value for shareholders.” The shopping centres arm of the business will become a real estate investment trust (REIT) called Capital Shopping Centres (CSC) with a market cap of around £2bn. And its London based portfolio will become Capital & [...]
Persimmon is back in black as sales rise March 2, 2010 HOUSEBUILDER Persimmon swung back into profit last year after writing up the value of its landbank by almost £75m. Pre-tax profits came in at £77.8m compared to a £780m loss in 2008 when lower property valuations took their toll as the sector was ravaged by the recession. The UK’s largest housebuilder completed 8,976 homes last [...]
Persimmon back in profit March 2, 2010 HOUSEBUILDER Persimmon swung back into profit last year after writing up the value of its landbank by almost £75m. Pre-tax profits came in at £77.8m compared to a £780m loss in 2008 when lower property valuations took their toll as the sector was ravaged by the recession. The UK’s largest housebuilder completed 8976 homes last [...]
Housing sales boost bottom line at Barratt February 24, 2010 HOUSEBUILDER Barratt Developments saw its losses narrow in the second half of the year as the housing market showed further signs of finding its feet. Pre-tax losses came in at £178.4m compared to a loss of £594.5m a year earlier. However, it took a £129.9m hit from finance costs following its £720m placing and rights [...]