International Power leading the way for defensive stocks August 11, 2009 THE LARGE cap index shed 1.1 per cent yesterday, knocked by weakness in heavyweight banks, miners, and oils, but defensive stocks were back in favour once again. The FTSE 100 was 50.86 points lower at 4,671.34 by the close of the session, weakening for a second day after hitting a 10-month closing high of 4,731.56 [...]
Funds buy up UK property August 10, 2009 PROPERTY fund managers are storming back into the UK market, believing the correction has now ended and bricks and mortar assets are looking cheap. Managers believe the collapse of the property bubble has created a wealth of investment opportunities, with Henderson’s Herald fund and F&C’s Commercial Property Trust both diving back in to the UK [...]
Bank inflation report due as City heads for holiday season August 9, 2009 With the streets of the City emptying as weary workers head for sunnier climes, the torrent of company results slows to a trickle this week, but the markets will be scrutinising the Bank of England’s quarterly inflation report. The Bank, which releases its report on Wednesday, is expected to predict that inflation will stay low [...]
Aviva plans Dutch listing of Delta Lloyd August 6, 2009 INSURER Aviva saw its shares rocket yesterday after it said profits recovered strongly in the first half as it unveiled plans to offer 25 to 30 per cent of its Dutch unit Delta Lloyd to markets in a move that could raise €1bn (£855m). Shares of the firm surged by 9.7 per cent after the [...]
Bank decision boosts market as the bankwagon rolls on August 6, 2009 THE LARGE-CAP index closed higher yesterday, driven by strength from banks after the Bank of England (BoE) surprised markets by expanding its quantitive easing plan to £175bn. The FTSE 100 closed 43.40 points higher, or 0.9 per cent, at 4,690.53, after hitting a fresh 2009 intraday high of 4,729.58 following the BoE announcement. The BoE [...]
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 [...]