Saga nudges past issue price on its first day May 29, 2014 Over-50s insurance-to-holiday provider Saga yesterday joined a small band of newly floated firms trading above their issuance stock price, as it began trading in London. The group, which was listed on the stock market at 185p, rose to 188p during the day but ended up barely above its initial price, closing at 185.25p. Saga, which [...]
B&Q owner Kingfisher’s shares are tumbling. Here’s why May 29, 2014 Kingfisher shares have shed 6.1 per cent, despite the home improvements retailer announcing a £100m special dividend this morning. Like-for-like sales at B&Q jumped 9.7 per cent to £1bn in the first quarter, with Screwfix seeing a 12 per cent increase, to £192m. But investors may not have been so filled with confidence over the [...]
What the other papers say this morning – 29 May 2014 May 28, 2014 FINANCIAL TIMES Performance comparison made easy Investors will find it easier to compare the performance of companies around the world following the culmination of a 12-year project to bring together US and international revenue reporting. Accounting regulators in the US and Europe on Wednesday published a joint standard on how companies report revenue from contracts [...]
City Moves for 28 May 2014 | Who’s switching jobs May 27, 2014 Alvarez & Marsal The professional services firm has appointed Jeremy Heales as a senior director in its UK regulatory advisory services practice. He joins from the FCA, where he was most recently head of retail banks. Heales has also held senior roles at the Bank of England and the FCA. BlueBay Asset Management Victoria Muir [...]
What the other papers say this morning – 27 May 2014 May 27, 2014 FINANCIAL TIMES Apple readies “smart home” platform Apple is readying a new software platform that would turn the iPhone into a remote control for lights, security systems and other household appliances, as part of a move into the “internet of things”. Apple plans to take on rivals Google and Samsung and make a “big play” [...]
UK shoppers run for cover over rainy Bank Holiday weekend May 27, 2014 RETAILERS were dealt a fresh blow over the Bank Holiday weekend as the wet weather put shoppers off visiting the high street. Footfall across Greater London high streets was down by 38 per cent at midday yesterday and fell by 16.5 per cent for the rest of the UK year-on-year, data from retail analysts Springboard [...]
Dash to market as firms follow Saga to list in London May 22, 2014 LONDON’S stock market stampede hit full speed yesterday as a clutch of Britain’s best known companies announced their intention to float, despite concerns over saturation in the new issues market. Property website Zoopla and high street store B&M Retail both unveiled blockbuster floats, while over-50s insurance and holiday provider Saga priced its initial public offering [...]
B&M Retail lines up £2.5bn stock market debut May 22, 2014 B&M RETAIL, the discount shopping chain, yesterday batted away fears of a slowdown in London’s new issues market as it unveiled plans for a £2.5bn main market float. The chain, founded in 1978 by a shopkeeper in Blackpool, said its £1.2bn turnover, ambitious expansion plans and overseas subsidiaries set the company apart from others trying [...]
Carillion awarded £300m Dubai hotels contract May 22, 2014 LONDON-LISTED construction services firm Carillion yesterday said that its joint venture business in the Middle East has signed contracts to build two new luxury hotels in Dubai, worth a total of £300m. As part of the agreement, Al Futtaim Carillion will construct a luxury 435-room hotel resort for Jumeirah Group, which will be located next [...]
City IPOs: One falls down, four rise to take its place May 22, 2014 Investors keen to be involved in the IPO of clothing chain Fat Face were disappointed last night by news that its float was to be pulled. A regulatory filing submitted this morning shows that "despite a strong level of interaction with and interest from institutional investors, the company and its majority shareholder have decided to [...]