ECONOMIST VIEWS: IS THIS A BEAR MARKET RALLY OR A PROPER BULL MARKET RUN? June 1, 2009 MAX KING INVESTEC ASSET MANAGEMENTIt has all the hallmarks of a bull market. We bought into the rally back in March and at the time our view was: “It’s going up so who cares whether it’s a bear rally or bull market?” Those people who are betting on a bear market rally may end up [...]
Hardcore of fund bosses bank on falls June 1, 2009 A DWINDLING number of hardcore high-profile fund managers continue to hoard cash and shelter in defensive equities, in the belief that recent gains on the FTSE 100 are part of a bear market rally – not a recovery. As the FTSE 100 yesterday broke through the 4,500-point barrier, compared to lows around 3,500 just three [...]
‘POLO IN THE PARK’ FOUNDER PUTS HIS CITY BROKERAGE ON THE BLOCK May 28, 2009 EXCITEMENT is hotting up around next week’s Polo in the Park extravaganza at Hurlington Park – the brainchild of Daniel Fox-Davies, founder of the City broking firm of the same name. Fox-Davies – or Foxy, as some cheeky colleagues like to call him – recently set up the World Polo Association with the intention of [...]
BEST OF THE BROKERS May 28, 2009 QINETIQCazenove was disappointed by the subdued reaction to QinetiQ’s full year results, which were ahead of market expectations both in terms of earnings and balance sheet. But the broker retains its “outperform” rating on the stock, feeling comfortable that the company will continue to deliver strong organic growth in core divisions. SYNERGY HEALTHSynergy will report [...]
BEST OF THE BROKERS May 27, 2009 MARSTON’SKBC Peel Hunt highlights Marston’s as the only pub company that has maintained its dividend, but also not chosen to raises new equity. The analysts argue that management has demonstrated its commitment to moving cash in the right direction, and argue the shares current level offers a buying opportunity. Ups target price to 200p. AVEVAInvestec [...]
CITY MOVES WHO’S SWITCHING JOBS May 27, 2009 Blue Oar SecuritiesThe stockbroker has appointed Shamim Mansoor as a mining analyst from HSBC, where she was vice president of global metals and mining. Prior to that, she spent five years as a mining analyst at Investec. “The mining sector is experiencing an unprecedented period of change. As a global industry, its impact on the [...]
BEST OF THE BROKERS May 26, 2009 PREMIER FOODSInvestec upgrades Premier Foods to “buy”, in spite of only recently downgrading it to “hold”. It says the drop in the share price following its recent trading update, together with likely better news on bread, makes it a more attractive proposition once again. Maintains 40p target price. “The foundations are in place for better [...]
The worst may be over, but the UK’s return to growth could be painful May 25, 2009 THE WORST is now over for the UK economy, but the path back to growth will be slow and painful, according to an increasing number of economists. While last week’s GDP figures confirmed the UK economy shrank 1.9 per cent in the first quarter of this year compared with the previous quarter – its sharpest [...]
ANALYST VIEWS: DO YOU EXPECT THE UK ECONOMY TO STEADILY IMPROVE FROM HERE? May 25, 2009 AMIT KARA UBSWe expect economic activity in the UK to expand by 1.1 per cent in 2010 instead of our earlier above-consensus forecast of 0.6 per cent. The UK will see an export-led recovery, which should benefit sectors such as pharmaceuticals, chemicals, aircraft manufacture and financial services. PHILIP SHAW INVESTECWe have revised up our GDP [...]
Investec hopeful despite slump in full-year profits May 21, 2009 SOUTH African specialist bank Investec saw 2009 full-year net profit fall by a quarter to £292m, it said yesterday, but added that it expects impairment to level out. The group, led by chief executive Stephen Koseff, saw impairment losses jump from £114m to £256m in 2009, but managing director Bernard Kantor said he expected bad [...]