London Report: Home lending up but rise in UK prices is slowing July 27, 2014 MORTGAGE approvals figures appear likely to show the housing market is moving again, after tough new MMR loan tests slowed lending figures. However, house price data due on Thursday suggests prices may not be soaring as much as earlier this year. They are expected to have risen 0.5 per cent month-on-month in July – the [...]
It’s official: UK GDP finally back above pre-crisis levels July 25, 2014 Preliminary data has confirmed what almost everyone expected: UK output is finally back above its pre-crisis levels. A consensus poll of analysts expected to see that GDP had risen by 0.8 per cent in the second quarter of 2014. Today's preliminary estimate, from the Office for National Statistics (ONS), sees the UK economy growing at [...]
Analyst Views: What did you make of Reed Elsevier’s interim financial results? July 24, 2014 IAN WHITTAKER | LIBERUM The market will like Reed saying it expects organic revenue growth to accelerate over time, given improvements in the quality of the business, and the potential to increase level of cash return, and given that Reed wants to maintain the leverage level it has seen over the past several years. GARETH [...]
Best of the Brokers for 24 July 2014 July 23, 2014 To appear in Best of the Brokers, email your research to notes@cityam.com B&M RETAIL Jefferies has initiated with a “buy” rating, with the target price at 350p. The broker believes the retailer has an excellent track record, with clear scope to grow stores, particularly in the south of England, and thinks that B&M is likely [...]
Analyst Views: What did you make of ARM holdings’ second quarter results? July 22, 2014 JULIAN YATES | INVESTEC The stock has been weak, but with a) no structural issues here (we see cyclical issues causing the royalty weakness), b) royalty growth is likely to pick up, plus c) licence strength suggesting strong medium-term royalties, we see current weakness as a buying opportunity. ADNAAN AHMAD | BERENBERG Our Buy thesis [...]
Peer lending and crowdfunding an “increasing source of finance” for UK firms July 18, 2014 Peer lending and crowdfunding are becoming an "increasing source of finance" for firms, as non-bank alternatives are giving a growing number of UK firms a helping hand, according to the Bank of England. In its quarterly report on trends in lending, the central bank reports that credit conditions for businesses are improving, with net lending [...]
City Moves for 15 July 2014 | Who’s switching jobs July 14, 2014 Quindell David Currie has been appointed non-executive director at the software, consultancy and technology-enabled outsourcing provider. He recently established Codex Capital Partners, and is a former head of Investec Bank’s investment banking division. PwC Mark Pugh has been appointed asset management leader in the UK at the professional services firm. He has been an assurance [...]
Best of the Brokers for 14 July 2014 July 14, 2014 To appear in Best of the Brokers, email your research to notes@cityam.com FAROE PETROLEUM PLC Cantor Fitzgerald has maintained its “buy” rating, while keeping the target price at 195p. The broker believes that the announcement of an oil discovery at its Bue well is another encouraging update from the company, providing another further addition to [...]
Bank of England holds rates as pressure to hike in 2014 builds July 10, 2014 THE BANK of England’s policymaking committee announced another month of inaction yesterday, despite the suggestion that a rate hike would now come as soon as this year. The monetary policy committee (MPC) voted once again to hold the Bank’s benchmark interest rate at 0.5 per cent, but the minutes of the latest meeting will not reveal whether [...]
Analyst Views: What did you make of SuperGroup’s full year results? July 10, 2014 KATE CALVERT | INVESTEC With 2014 having been a year of infrastructure investment, we expect the operational benefits to start being felt in 2015. We see material growth opportunities not only to maximise UK profitability but also driving the online business and rolling out in Europe. JOHN STEVENSON | PEEL HUNT With management time and [...]