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The Daily Telegraph Business - April 13, 2018

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Business
**
Friday 13 April 2018
telegraph.co.uk
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Tension
over Syria
We must
not ignore
the risks to
our oil
supply
Andy
Critchlow
Huel hits
heights
The British
‘food of the
future’ is
selling
£14m a year
Page 2
Page 5
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Page 7
Page 7
BA owner swoops on budget rival
IAG tells investors it wants
to bring transatlantic
Norwegian carrier into the
fold as it builds 4.6pc stake
By Alan Tovey
BRITISH AIRWAYS owner IAG is lining
up a takeover of low-cost airline Norwegian Air Shuttle, sparking concern
over its dominance of transatlantic
routes and landing slots at Gatwick.
IAG revealed it had built a 4.6pc
stake in Norwegian as a platform from
which to launch a full offer for the firm.
Shares in Norwegian, which was valued at around £630m before the manoeuvre by IAG chief Willie Walsh was
disclosed, took off to rise almost 40pc
before trading in the company was
halted on the Oslo stock exchange.
IAG told investors it “intended to
establish a position from which to initiate discussions with Norwegian,
including the possibility of a full offer”.
“No such discussions have taken
place to date, [and] no decision has
been taken to make an offer at this time
and there is no certainty that any such
decision will be made,” it added.
Including Norwegian’s £2bn debt
pile, analysts suggested IAG could pay
as much as £3bn for control of the
carrier, which has pioneered no-frills
long haul flights. A one-way ticket from
Gatwick to New York can cost as little
as £99.
Mr Walsh’s plan to bring the airline
into the IAG fold, which as well as BA
includes the Spanish flag carrier Iberia,
Aer Lingus and Vueling, is likely to
draw fire from rivals and regulators,
however. John Grant, of aviation data
business OAG, said he would expect to
see IAG have to make concessions to
win approval. IAG is the sixth-largest
Willie Walsh, the IAG
chief, is lining up a
takeover of low-cost
airline Norwegian
after it revealed it
had built 4.6pc stake
airline in the world and has almost 550
aircraft across its brands, which are
made up of both “legacy” full-service
airlines and budget carriers.
“Whether it is giving up slots at
airports such as Gatwick where Norwegian and BA are big, or inviting oth-
ers to get into some of their routes,
something would have to be offered,”
he said.
The two operators duplicate several
routes, which could be rationalised. “It
seems IAG’s strategy has been ‘follow
Norwegian’ when it comes to expansion out of Gatwick,” Mr Grant added.
However, at EU level regulators have
been generally supportive of airline
consolidation, according to Liberum
analyst Gerald Khoo, with larger airlines being more resilient than smaller
ones, which have suffered a wave of
recent high-profile failures including
Al Italia and Monarch. Last year IAG
had revenues of €22.9bn (£20.1bn) and
pre-tax profits of €2.4bn, generated
from the 105m passengers it carried.
Norwegian is much smaller, with a
fleet of about 150 jets, and only established itself as an international player
about 15 years ago, though has expanded rapidly since.
In 2012 it set up a Gatwick base on its
way to becoming the sixth-largest lowcost airline in the world with an extensive European network. A year later it
started long-haul flights, serving South
America, South Africa and Asia.
Last year it began its challenge to the
Continued on Page 3
FirstGroup suitor Apollo
‘must have pension plan’
By Bradley Gerrard
AFP/GETTY IMAGES
THE pensions watchdog has
warned a US private equity
firm that its planned takeover of the rail operator FirstGroup will face scrutiny
over the company’s £350m
retirement fund deficit.
FirstGroup revealed it had
rejected an “opportunistic”
approach at an undisclosed
price from Apollo Management on Wednesday night.
Yesterday the private equity
firm was already attracting
political and regulatory fire.
The Pensions Regulator
(TPR) said it would “expect
any business planning a
major corporate transaction,
such as a takeover, to iden-
In the driving seat: Herbert Diess joined VW Group from its German rival just months before ‘dieselgate’ broke in 2015, so is untainted by the emissions scandal
Ex-BMW man is new chief at Volkswagen
By Alan Tovey
VOLKSWAGEN GROUP has
announced Herbert Diess
will take the top job at the
German car giant as Matthias Mueller steps down
after leading the company
through the aftermath of the
emissions scandal.
The supervisory board of
the company – which also
owns the Audi, Bentley, Porsche, SEAT and Skoda
marques – pulled forward
today’s scheduled board
meeting to make the
change, which also involved reforms of the structure of the huge company.
Mr Diess, previously head of
Volkswagen cars division,
joined VW Group from
BMW just months before the
“dieselgate” scandal broke
in 2015.
He was widely seen as the
natural successor to Martin
Winterkorn, who resigned
from the top job five days
after the scale of VW’s deception over emissions became clear.
Mr Mueller – a veteran of
the German car company –
was promoted from his role
heading the Porsche division to take the job heading
the entire group. At the time
his appointment was criti-
cised by some who wanted a
complete outsider unconnected with the scandal that
sent VW into crisis.
A shake-up of the company was first flagged on
Tuesday when VW Group
issued an ambiguous statement referring to it “considering a further development
of the management structure of the group”.
This, it said, could include
“personnel changes in the
board of management … a
change to the chief executive could be involved”.
The company’s statement
concluded that Mr Mueller
had “showed his general
willingness to contribute to
the changes”. A change of
leadership will also pave the
way for streamlining the
VW Group’s unwieldy structure by grouping similar
marques together and ending duplication of functions
such as R&D and marketing
in each brand.
The company’s MAN and
Scania commercial vehicles
brands could face being
spun off.
Last year an attempt to sell
the Ducati motorbike arm
was blocked by unions, who
have a powerful say in how
the company is run.
Half of VW Group’s
20-member
supervisory
board is made up of union and employee representatives – in accordance with
German law – with the
other half consisting of
investors.
As a further part of the
changes announced yesterday, Gunnar Kilian, the secretary-general
of
the
Volkswagen Group Works
Council, has been appointed
the new member of the
group board of management
for human resources.
Oliver Blume, who heads
up the Porsche brand, will
join Volkswagen’s management board.
tify if there is potential material detriment to a pension
scheme and explain how
they will mitigate against
that detriment”.
FirstGroup’s pension deficit has been a financial millstone for the firm but any
attempt by Apollo to shirk
responsibility for its 50,000
defined benefit members
would spark political fury.
The regulatory clearance
process is voluntary but TPR
said it was important to
secure its approval because,
without it, the body could
turn to its anti-avoidance
powers to force Apollo to
close the deficit. TPR can
look back six years to identify actions taken by man-
agement that might have
been detrimental to its pension schemes. Shadow transport
secretary
Andy
McDonald said: “Labour will
be seeking urgent assurances from the Government
that this deal protects
employees and their pension
schemes. If such guarantees
cannot be provided, we will
be calling on the Government to block the deal.”
John Ralfe, a pension consultant, said the recent bid
by Melrose for GKN had
shown how important pensions are in acquisitions.
Apollo is yet to comment
on its plans for FirstGroup.
Analysis: Page 4
2
Friday 13 April 2018 The Daily Telegraph
***
Business comment
Despite the geopolitical concerns,
the bulls have many reasons to be
cheerful over the next few months
in the wake of Trump’s tax cuts
L
ater today, Citibank, JP Morgan
Chase and Wells Fargo will kick off
one of the most important US
earnings seasons for quite some time.
Following a period of market
weakness, with negative geopolitical
news driving markets, corporate reports over the
next few weeks could keep investors optimistic.
If current expectations are met, bulls are likely to
breathe a sigh of relief.
Since the financial crisis, markets have largely
been driven by unconventional polices
implemented by central banks – but the
stabilisers are now being removed. This means
official-sector policies are becoming less helpful
for equity markets.
After the first quarter saw what the City refers
to as “negative returns” (that’s losses to you and
I), bulls have been desperate for some positive
news so they can get back in charge. Because
there has been a dearth of earnings news over
the last month, investors have been focusing on
geopolitical “big-picture” issues, such as the
Facebook data scandal, trade-war rhetoric and
the worsening situation in Syria. However, good
news may be ahead. Boosted by Donald Trump’s
tax cuts, analysts are now expecting US earnings
growth of more than 18pc year on year in the
second quarter.
The banks reporting later today will help to set
the earning-season tone. The most important
thing for this sector is the level and direction of
interest rates, as this directly impacts
profitability through rates charged on loans. The
recent increases in rates, coupled with a slight
uptick in US commercial loans, should help on
the earnings front. The banks also have a weak
quarter of comparison figures from the start of
last year, when there was relatively little market
volatility and this was reflected in investment
banking results. Investors will be hopeful this
volatility has helped boost the bottom line,
although it is likely to be lumpy.
Banks should also have benefited from the
recent uptick in volatility and fee-generating
merger, and acquisition (M&A) activity has been
rising too. Global M&A had
its strongest start to a year
ever in 2018, with firstquarter deals hitting
$1.2 trillion in value, as US
tax reform and faster
economic growth in Europe
unleashed a wave of deals.
In the UK we have seen this
unfold with firm bids or
potential offers for a range
of companies including
GKN, Sky, Hammerson,
UBM, Shire, FirstGroup and electronic trading
platform Nex. There is no reason that this
market-supportive trend of companies pursuing
transformative mergers cannot continue.
It’s hard to see equity markets continuing to
underperform as earnings growth increases and
global growth synchronises and accelerates. Two
quarters of back-to-back negative returns when
earnings are positive is usually an indicator that a
recession is imminent, but this does not appear
to be on the cards in the near term. Inflation in
developed markets remains low and there are no
signs of overheating in the real economy or in
financial markets. New Federal Reserve
chairman Jerome Powell appears unlikely to
want to upset the applecart in his first year in the
hot seat, so he is likely to err on the cautious side
of tightening policy. This is especially the case as
president Trump has a lot of his political capital
invested in markets, as he has claimed
responsibility for the recent bull run in equities
on numerous occasions. We have also seen some
better data, with global growth moving in synch
and accelerating out of the range of the last few
years. The US jobs market remains robust and
consumer confidence across the Atlantic hit a
17-year high in March. House price growth is
also strong.
Of course there are threats, with bears
pointing to many of the issues that have been at
the forefront of investors’ minds over the last few
weeks in the absence of any earnings data.
Potential military action in Syria has spooked
some – sending oil prices to a three-year high.
But any action is likely to be swift and targeted. It
is likely that the action won’t impact markets for
long – and it is not in the interests of Vladimir
Putin or Trump to escalate significantly.
The potential trade war between the US and
China is also a major threat – but these fears are
potentially overcooked as well. Earlier this week,
Chinese premier Xi Jinping said he will increase
market access for foreign investors, something
that has been a point of contention for the
current administration. Indeed, plans for a link
between stock exchanges in Shanghai and
London were announced on Wednesday, which
was a positive sign that Beijing is opening its
doors to more foreign investment. It is likely that
concessions will be made over the next few
months so that both sides can claim a victory.
Republicans are also likely to be wary of any
market upsetting moves ahead of the midterm
elections in November.
As the focus turns from geopolitical concerns
to earnings, it’s now time for corporate America
to start delivering. It is true that expectations
remain quite high, and tax cuts are likely to be
responsible for around a third of the earnings
uplift – but this is likely to be the best US
quarterly earnings season in seven years. This
means there are definitely reasons to be
optimistic ahead of the blizzard of numbers – and
this will hopefully be reflected in equity markets.
‘Global M&A
had its
strongest
start to a
year ever,
with $1.2
trillion deals’
Garry White is chief investment commentator at
wealth manager Charles Stanley
RYAN
BOURNE
T
he US is walking
headstrong into a public
debt crisis. There’s no
other way to sugarcoat
the awful near and
long-term outlook spelt
out by the Congressional Budget Office
(CBO) this week.
Yes, the usual caveats about
forecasts and how they might be too
pessimistic about growth and debt
interest costs apply. But whereas the
UK’s public borrowing is just over 2pc
of GDP and projected to fall in the
coming years, the US’s is now expected
to blow up to more than 5pc of GDP in
the near future. That means $1 trillionplus annual borrowing as far as the eye
can see, and debt rising to 96pc of
GDP in the next decade alone. Truly an
unprecedented outcome after such a
prolonged period of growth without
mass mobilisation wars.
All Western countries face a
long-term debt time-bomb associated
with an ageing population, which
needs to be defused. But for the US the
long term is now. Spending on what
are known there as “entitlements”
– the equivalent of which here would
be, broadly, the state pension and NHS
– are set to rise by 1.8pc of GDP over
the next decade. After 30 years, this
spending will be about 4pc of GDP per
year higher than today, absent
cost-saving reforms. You can double
that if one considers debt interest
costs, giving all the added borrowing.
It’s not inconceivable then that public
debt would rise to somewhere close to
200pc of GDP over that period –
taking the States into Japan territory.
Whereas in most European
countries austerity efforts are
expected to get debt-to-GDP back on a
downward path through to the late
2020s or early 2030s before rising
again, the US’s current debt path is
exponential. Supply-siders will argue
the forecasters are too pessimistic
Business
Insight
Man Group
M
an Group rode
out a tough start
to 2018 by
attracting almost $5bn in
new money over the
three months to March,
writes Lucy Burton.
The British hedge fund
giant, which in 2017 saw
its assets surpass the
$100bn (£70bn) mark for
the first time in its
235-year history, said
yesterday that the $4.8bn
worth of net inflows
boosted its funds under
management by 3.3pc to
$112.7bn despite the
challenging period.
Chief executive Luke
Ellis, who had warned
investors earlier this
year that the violent
stock market volatility
seen in February had
rattled the firm’s
REUTERS
US earnings
season should
kick the bears
into touch
America faces a debt abyss but the
politicians just sit on their hands
about the impact of recent tax cuts and
president Trump’s deregulatory
efforts. But, if anything, there is a
bigger risk that the outcomes will be
worse than expected.
The CBO is legally obliged to model
only laws and not second guess what
politicians will do next. They assume
then expiration of most of the recent
income tax cuts in 2025, and for the
huge spending increases Congress
recently passed to fall out (for an ideal
of scale, these saw annual military
spending alone increase by 1.5 times
the UK’s total annual defence budget).
If, instead, the CBO had assumed, not
unrealistically, that tax cuts will be
maintained by future Congresses and
new spending totals become the
baseline, they find the US deficit
would balloon to 7.1pc of GDP by 2028,
with debt spiralling to 105pc of GDP.
Former UK chancellor George
Osborne talked about politicians
needing to “fix the roof while the sun
was shining”. Well, the US economy
compared with the UK’s has been in
pretty rude health, but their politicians
seem in denial about the need for
action at all. Sure, they tip their hat to
the task. Republicans are even
considering a symbolic vote in the
coming weeks on a “balanced budget
amendment” to the US constitution,
safe in the knowledge that it has
absolutely no prospect of passing. The
reality, though, is that Republican
demands for tax cuts and higher
defence spending coupled with
Democrat demands for more spending
on everything else has created a
political equilibrium with a huge bias
for deficits, while both sides insist the
other is to blame.
In truth, the buck stops with both
parties. It’s easy for Democrats to
blame the recent tax-cutting bill. But
the data clearly show that, as a
proportion of GDP, revenues will be
almost exactly the same in five years’
time as before the tax cuts. In fact, the
tax-cut effects on the deficit are
peanuts compared to the long-term
fiscal gap.
The primary problem is spending.
Yet neither side has been willing to
countenance reforms to the
entitlements, which, as a first
approximation, entirely account for
the trajectory. The recent spending
bill, which busted all the caps
Congress had imposed on itself, was
likewise passed with cross-party
support, and signed by the president
before he then realised he didn’t like
it. Few seriously think that Democrat
victories later this year are going to
lead to a more fiscally conservative
investment performance,
said the first quarter of
2018 was “a weaker
environment for equity
markets”.
He added that while he
expects to see continuing
interest from clients in the
future “the institutional
nature of our business
means that flows are likely
‘Republicans
demand tax
cuts and
more defence
spending,
while
Democrats
call for more
spending on
everything
else’
Today
189.50p
High Jan 2018
Ryan Bourne holds the R Evan Scharf
chair for the public understanding of
economics at the Cato Institute
220
p
200
180
217.7p
Low Apr 2017
144.4p
Luke Ellis
Chief executive
to be uneven on a quarterto-quarter basis”.
However shares in the
FTSE 250 group jumped
8pc on the announcement
after the figures
surpassed the City’s
expectations, with
analysts hailing the
“exceptionally” strong
flow of new money. It
also said it was keeping
an eye on potential
acquisitions.
President Trump
and vice president
Mike Pence with the
huge $1.3 trillion
spending bill
stacked beside
them. Analysts say
the bill will increase
the US’s deficit
Congress. If anything, the party has
been moving in another direction,
advocating European-style social
programmes with no indication of a
willingness to consider Europeanlevel taxes.
Some US commentators dismiss all
these concerns about high and rising
debt, declaring “we had debt levels
like this post-Second World War and
then grew quickly”. But after the war
the US slashed unnecessary military
spending, balanced budgets, benefited
from the one-time change in female
labour force participation and inflated
away much accumulated debt. Most of
the debt drivers these days, in
contrast, are real health demands or
index-linked promises that cannot be
so easily overcome or cut.
Nobody knows for sure, of course,
what the consequences of continual
inaction will be. Economists at the
Hoover Institution worry about the
possibility of a sudden debt
earthquake, whereby a sudden
realisation hits short-term
bondholders of the unsustainability of
the US public finances and the
unwillingness of politicians to
confront it. In that scenario, rising
borrowing costs would blow up the
budget deficit further and necessitate
sharp austerity.
But another plausible outcome is
that a high-debt trajectory simply
undermines potential growth,
leading the US into a high-debt,
low-growth trap, with vast resources
used simply servicing the debt. A
recent paper by the Dallas Fed found
that growth across countries slowed
substantially when debt levels were
already high and the trajectory was
ever upwards – conditions that the
US fulfils.
To avoid that fate, US politicians
need to take action soon. Any
adjustment will only become more
difficult, the bigger the existing debt
interest payments. Instead, though,
they are exacerbating the problem in
benign conditions – the height of
irresponsibility.
Share price
ALAMY
Garry
White
Man Group’s London headquarters: its shares rose 8pc yesterday
160
140
2017
2018
Strengths
Threats
 Assets recently
surpassed $100bn mark
 Strong inflows, beating
City expectations despite
tough market conditions
 Has unveiled additional
$100m share buyback
 Money could be moved
towards passive investors
 Regulatory scrutiny
 Consolidation in
the sector could
change competitive
landscape
Weaknesses
Opportunities
 Investment losses for
first quarter hit $1.8bn
 Lack of diversity.
Women’s mean bonus pay
67pc lower than men’s
 Operates in uncertain
market, hit by February
volatility
 Further acquisitions
 Increased investment
in technology
 An increase in
investment in China
after launching
hedge fund there in
December
World cannot afford to ignore energy security risks
ANDY
W
CRITCHLOW
O
il prices have hit three-and-ahalf-year highs following the
growing threat of British and US
military strikes against the Kremlinbacked regime of Bashar al-Assad in
Syria. The war-torn heart of the Levant
alone is enough cause for concern but
the risk of a broader confrontation with
Russia, or likely escalation of regional
proxy conflicts in Yemen, are
reminders the world has ignored
energy security risks for far too long.
Even before fears of a military
confrontation between major powers
over Syria briefly pushed crude above
$72 per barrel, warning signs were
flashing red in a region where about a
fifth of the world’s oil is pumped.
A failed attack on a Saudi oil tanker
entering the Red Sea last Tuesday
showed how vulnerable energy supplies
from the Middle East are to attack. The
Saudi-flagged Abqaiq was loaded with 2
million barrels of crude when it came
under fire as it made its way through a
key chokepoint. The attackers were
allegedly Houthi militants from Yemen,
according to the Saudi authorities.
But oil prices barely moved. Instead
of factoring in a higher risk of attacks
on one of the world’s busiest sea lanes,
traders appeared to close their eyes to
the danger. However, the possible
escalation of hostilities in Syria sucking
in the US and Britain has dramatically
changed sentiment.
“Any escalation in Syria may also
instigate unrest elsewhere in the
region, either against the US or its
allies, raising the threat to the delivery
of energy supplies,” warned Barclays.
Just as worrying for energy markets
is a direct confrontation between Saudi
Arabia and Iran, which is a key
supporter of Assad. So far, their
squabble has been limited to a proxy
war in the arid mountains of Yemen,
where Tehran is backing Houthi rebels.
A clash between these two
heavyweights would have wider
consequences for regional energy
supplies and the security of the narrow
sea lanes that act as the region’s vital
trade links to the outside world.
Combined, they pump around
14 million barrels a day of crude.
About a fifth of the world’s crude is
shipped daily through the Strait of
Hormuz, which separates the Arabian
Peninsula from the Islamic republic.
Although heavily guarded by the
powerful US Fifth Fleet and an arsenal
of sophisticated weaponry and
surveillance equipment, the 34-milewide waterway is potentially the
Achilles’ heel of global energy supply.
Defence experts have repeatedly
warned that shipping passing through
the strait could be particularly
vulnerable to low-tech attacks
launched from fast-moving small boats,
which are harder to intercept. Such
craft are a common sight in the waters
surrounding the mountainous
Musandam peninsula, which acts as a
gateway to a region controlling around
half the world’s proven oil reserves and
the largest offshore natural gas field.
The fear is a repeat of the oil tanker
war, which raged in the Gulf during the
Iran-Iraq conflict in the Eighties.
Tehran blocked supplies of Iraqi crude
in an attempt to wage economic war on
Baghdad in their bitter struggle. Iraq
countered by attacking Iranian tankers
and the crucial oil terminal at Kharg
island in the middle of the Gulf.
Although it had limited impact on
prices, the episode encouraged
consumer nations to diversify and
develop their own resources. Producers
in the North Sea were some of the
winners from the conflict.
To reduce its reliance on Hormuz,
authorities in the United Arab Emirates
have invested billions building a
pipeline capable of carrying almost half
its production of crude to the port of
Fujairah. The enclave – which is the
world’s second-largest ship refuelling
terminal – is located on the east coast of
the emirates and offers some shelter
from many of the risks in the Gulf. The
problem is that Fujairah is one of only a
few routes open for Gulf producers to
ship crude outside the gaze of Iran.
On the other side of the Middle
Eastern map, the potential risks for
energy supplies are now even greater
after the Abqaiq incident. Almost
5 million b/d of oil and petroleum
products are shipped through the Bab
el-Mandeb channel, which separates
the notoriously treacherous Horn of
Africa from Arabia. Much of this crude
eventually ends up in Europe after it’s
piped across Egypt. Although patrolled
by an overstretched European naval
‘Any
escalation in
Syria may
also instigate
unrest
elsewhere in
the region,
either
against the
US or its
allies’
task force and heavily monitored, the
Houthi strike on the Abqaiq has
highlighted its vulnerability.
And it is not just at sea where the
region’s energy supplies are exposed to
an escalation of the current conflict in
Yemen. Hours after the Abqaiq was
forced to weigh anchor, Saudi
authorities intercepted a Houthi missile
aimed at Jizan where a gigantic
400,000 b/d oil refinery complex is
soon to be opened. Protecting its
reputation as a reliable and secure
source of energy for international
markets is a core policy for Saudi
Arabia. To be fair, the kingdom has
protected its resources from attack
over the years and the majority of its
production comes from its eastern
region, 600 miles away from Yemen.
The world is also better prepared for
major supply disruptions in the region.
America currently holds more than
660 million barrels in its strategic
petroleum reserve. European Union
members are also required to maintain
emergency stocks equal to around
61 days of consumption. China, the
world’s largest importer of crude from
the Middle East, has also amassed its
own strategic stockpile in the region of
275 million barrels.
Although the US shale revolution
also means the world’s largest economy
is less dependent on Middle East crude,
the risk of escalation in hostilities in the
region’s hotspots means it is essential
these inventories are maintained. They
may be needed in the near future.
Andy Critchlow is head of energy news,
EMEA at S&P Global Platts
The Daily Telegraph Friday 13 April 2018
***
3
Business
Carpetright
closures deal
new blow to UK
high streets
By Rhiannon Curry
WILF WALSH, the Carpetright boss,
blamed weak consumer spending and
too many large stores in bad locations
for its decision to close 81 more shops
and tap investors for £60m.
Mr Walsh likened the group’s trading problems to the strain in the casual
dining sector as he dealt the latest blow
to high streets after a string of dire financial reports. “It appears as if consumers have tightened their belts in
terms of spending disposable income,”
he said. “In that way we’re suffering
like some of the restaurant chains.”
Carpetright, which issued two profit
warnings in as many months at the
start of the year, said yesterday that it
would axe around 300 jobs as part of
the latest wave of store closures.
Overall 92 sites of the flooring retailer
have been earmarked for closure, although 11 have already stopped trading.
Rent on another 113 is set to be slashed
under company voluntary arrangement
(CVA) proposals being put to landlords.
The process heaps more pressure on
property owners who have been asked
to sign off on a number of CVAs in recent months. They are not obliged to
sign off on the terms, and could yet
block Carpetright’s proposals. Carpetright will seek approval for the CVA
on April 26, and Mr Walsh said he was
confident that he would have landlords’ backing, insisting that they had
been “pleased with the approach [Carpetright] is taking”.
Carpetright has 416 shops in the UK
and 136 in Europe. It hopes to relocate
affected staff where possible.
Mr Walsh said: “The problem is we
have a number of stores which were
opened in the Nineties that are on not
very good retail parks in poor loca-
WH Smith puts
focus on foreign
growth as high
street dwindles
By Ayesha Javed
WH SMITH is pinning its hopes on
rapid international expansion to offset
an ongoing decline in profits on the
high street.
The FTSE 250 retailer plans to open
26 sites outside the UK this year, including eight at Madrid Airport and seven in
Rio de Janeiro Galeão Airport – its first
ever shops in South America.
The retailer is also opening more sites
in Australia, India, Malaysia and Alicante. It already has a presence in 48 airports and 27 countries outside the UK.
The company’s travel division,
which includes its shops in train stations and airports, continues to outstrip its high street division.
For the six months to Feb 28, profits
rose 5pc in its travel arm to £41m, compared to a 6pc slide on the high street
to £50m. Overall pre-tax profits
tions.” He added that where the company has invested in a new look for
stores, overhauling the logo and layout,
shops had been performing better.
The group – which employs nearly
2,700 staff overall – also confirmed an
investor cash-call to raise around
£60m through a rights issue to put it
on a firmer financial footing. The
money will be used to fund the group’s
strategy and reduce its debt, as well as
cover the cost of the CVA.
The company still expects to report a
loss for the year to the end of April. Carpetright shares tumbled 17pc in morning
trade, to 35p, before ending down 8.1pc.
The stock has fallen 80pc this year.
Meanwhile, the administrators for
Toys R Us confirmed that the brand’s re-
Stephen Clarke,
CEO, said the group’s
strategy of 15 years
is continuing to pay
off in the current
trading environment
‘It appears as if consumers
have tightened their belts in
terms of spending
disposable income’
maining 75 stores would close by April
24, with the loss of 2,054 jobs.
Simon Thomas, joint administrator
and partner at Moorfields, said: “We
are working closely with the 2,000 employees affected by the closures to ensure they receive the support they
need for redundancy and other compensatory payments.”
Despite a number of high-profile retail
casualties this year, Ed Cooke, head of industry body Revo, said: “A closer look at
the retailers facing difficulties will clearly
indicate that the recent headlines wrongfully lead many to believe the whole sector is faced with the same fate, when in
fact most of those retailers have either
failed to evolve or are struggling due to
business specific factors.”
In the pink Fashion chain Quiz, led by chief executive Tarak Ramzan, defied retail gloom
to report double-digit growth in its first full year since going public. Sales were up 30pc to
£116.4m in the 12 months to March, lifted by a 12pc rise on the high street and 158pc online.
slipped 1pc to £82m, while revenue
was flat at £643m. The retailer raised
its interim dividend by 10pc to 16p per
share.
Stephen Clarke, the chief executive,
said: “Given what’s going on in the UK
high street, for that to be our third best
profit number in 15 years, I think is a
good demonstration that the strategy
that we’ve had in place for the last
15 years, which we haven’t changed, is
especially fit for purpose for today’s
trading environment.”
WH Smith has kept profits healthy by
cutting costs where possible. In the last
two years its high street stores have also
been lifted by sales of parody books and
the adult colouring trend.
While revenue declined 5pc in the
retailer’s 610 high street stores, Mr
Clarke said he did not see any need to
close outlets. Shares in the company
closed up 2pc at £20.18.
Mothercare hopes of rescue rise as online growth slows decline
By Ayesha Javed
STRUGGLING retailer Mothercare has
said it is in “constructive dialogue”
with its lenders in its effort to stave off
a cash crunch, as it reported a return to
growth in its online business.
The mother and baby retailer is looking to reduce costs by entering into a
company voluntary arrangement (CVA)
– a form of insolvency aimed at protecting a business from going bust by reducing its rents and closing stores. This
could lead to Mothercare shutting up
to a third of its UK stores. Online sales
gave the company some reprieve in the
12 weeks to March 24, rising 2.1pc,
compared with a 6.9pc decline in the
previous quarter.
However total sales in the UK slid
5.6pc, compared with the same period
the previous year. International instore sales fell 11pc, including currency
fluctuations.
The company sacked Mark NewtonJones, who had been running the company since 2014, earlier this month,
replacing him with former Kmart and
Former Kmart and
Tesco executive
David Wood has
been brought in to
run Mothercare
Tesco executive David Wood. While
the company did not mention the CVA
in its trading update, Mr Wood said:
“We continue to make good progress
in reducing the size of our UK store
estate in response to changing consumer preferences and in reducing our
central cost base.”
Over the quarter, Mothercare’s UK
retail space fell by 11pc, with the closure of one Early Learning Centre and
five Mothercare stores, leaving 137
branches.
Mr Wood said: “My immediate priority is to ensure Mothercare is put back
on a sound financial footing and to improve its financial performance.”
He described the British retail
environment as “muted” during the
By Lucy Burton
GOLDMAN Sachs’ boss has admitted to
overestimating the immediate impact
Brexit would have on the UK, adding
that he was surprised there hasn’t
“been a more dramatic effect”.
Lloyd Blankfein, who has suggested
the City could lose out to rival financial
centres in the wake of the vote, told the
Goldman Sachs’
Lloyd Blankfein says
he was surprised
Brexit hasn’t had a
more dramatic effect
for the UK economy
website Politico: “I’m at least wrong in
the fact I thought there would have
been a worse outcome by now.”
Mr Blankfein has been a vocal critic
of Brexit, taking a series of potshots at
the process on Twitter.
In a post to his 90,000 followers last
November, he suggested a second referendum should be held on Brexit, citing the “tough and risky road ahead”.
In a separate tweet, he said London
could lose out on business to Frankfurt, saying: “Just left Frankfurt. Great
meetings, great weather, really enjoyed
it. Good, because I’ll be spending a lot
more time there. #Brexit” The bank recently signed a new
lease in the German city that gives it
capacity to house up to 1,000 staff
there. Its new, larger London office is
due to open next year. Speaking to Politico, he said that the
Wall Street banking giant might not
have chosen to build the £1bn EU hub
in London had it known about Brexit. Mr Blankfein said while its EU headquarters would remain in London “we
might have made a different decision a
few years ago” had they known the UK
was going to leave.
He warned that just because the US
bank is still building the 6,000-person
office as planned before the vote does
not mean the fallout will not be felt in
the City later down the line. “There are decisions that are going
to be made today that will be different,”
he said. “People who might be building
buildings four years from now
won’t be.”
on its “customer-facing online formats,
including apps and mobile and tablet
optimisation, to drive sales online” and
mitigate the decline in store sales.
Mothercare is locked in rescue talks
with creditors to refinance its debt before it breaches its financial covenants.
A host of other high street chains, including retailers New Look and Select,
as well as restaurant chain Prezzo, have
attempted to use CVAs to avoid collapse this year. Carpetright became the
latest to do so, announcing a similar
deal yesterday.
Competition fears as IAG
lines up Norwegian takeover
ROSDIANA CIARAVOLO/GETTY
I overestimated the effect of
Brexit, says Goldman’s chief
quarter, “with a continuing trend of
lower footfall in stores”. In response
Mothercare has been using promotions
to lure in customers.
Mr Wood added: “We remain in
constructive dialogue with our financing partners with respect to our financing needs for [this financial year] and
beyond, and we continue to explore additional sources of financing to support
and maintain the momentum of our
transformation programme.”
Zoe Mills, of GlobalData, said the
company needed to put “greater focus”
Cut above France’s L’Oréal beat analyst expectations in
the first quarter as rising Asian demand for its high-end
beauty products drove sales 8pc on a like-for-like basis.
Continued from Page 1
lucrative UK-US transatlantic market,
offering bargain flights on routes dominated by traditional airlines such as BA.
In 2017, Norwegian had revenues of
31bn Norwegian krone (£2.8bn) and
made a 298m krone loss on the 33m
passengers it flew.
IAG’s move on Norwegian shows
that the larger company is all too aware
of the challenge it poses in the increasingly cut-throat and low-margin air
travel industry, which has suffered a
rash of collapses recently as costs continue to rise.
“This shows IAG’s growing recognition that Norwegian is becoming a vast
airline with a vast route network,” said
independent aviation analyst Alex
Macheras, adding that IAG launched its
own budget airline Level to take on
Norwegian directly.
“However, just because Norwegian
has a lot of flights does not mean it is
profitable – its financial results are not
the best,” Mr Macheras added.
IAG may have chosen to swoop now
precisely because of the financial strain
Norwegian is under, having launched a
1.3bn krone cash call last month. The
target airline is also buying new aircraft at a high rate, with more than 200
on order.
Michael O’Leary, chief executive of
budget carrier Ryanair, Europe’s largest airline, has been a harsh critic of
Norwegian, predicting it will fail.
Speaking in the autumn, the outspoken Ryanair boss said Norwegian
had “huge aircraft orders it doesn’t
33m
The number of passengers the low-cost
transatlantic airline Norwegian flew in
2017, with revenues of £2.8bn
have the cash to pay for” and said it was
an “open secret” in the industry it was
in trouble.
At the time Norwegian dismissed the
claims as “nonsense” saying it had been
profitable for a decade.
The carrier called IAG’s stakebuilding a “demonstration of the sustainability and potential of our business model
and global growth”.
4
Friday 13 April 2018 The Daily Telegraph
***
Business
US bid drives coach and horses through UK rail
A private equity
firm’s approach for
the bus and train
operator FirstGroup
may create a political
head of steam, finds
Bradley Gerrard
GETTY IMAGES; PA ARCHIVE
T
he surprise bid for one of
Britain’s largest bus and
rail companies by an
American private equity
firm looks set to intensify
the debate about
ownership of the railways and UK plc
more generally.
New York-based Apollo
Management has been rebuffed by the
Aberdeen-based transport group but
the private equity firm now has until
May 9 to make a formal offer.
A formal bid threatens to raise the
already high temperature in the rail
industry. Apollo has no prior
experience of running a franchise and
brings with it all the political baggage
of a major buyout firm.
FirstGroup, which was founded in
1986 as Grampian Regional Transport,
floated on the London Stock Exchange
in 1994 with a £57m valuation on the
back of a raft of bus acquisitions.
It is now a £1.2bn FTSE 250
company with control of Britain’s
third and fourth largest rail franchises
by ticket revenue. It runs South
Western Railway from London
Waterloo and the Great Western
Railway via Paddington.
Apollo’s approach means yet
another operator would end up in the
hands of a foreign owner. Already, just
six out of 18 firms eligible to bid for
control of UK rail franchises are
British companies.
Gerald Khoo, transport analyst at
Liberum, said: “The acquisition of a
large UK employer providing
essential services to the public by a
foreign private equity fund seems
unlikely to be welcomed in the current
political environment.
“Even before that private equity
ownership of rail franchises seems
unlikely to be acceptable.”
The Government has always
sought out operators that can
demonstrate both operational
expertise in rail and a long-term
commitment to the industry. Ministers
are likely to want a say in any change
of control of any rail franchise.
Apollo, founded in 1990, was
launched from the ashes of the
investment bank Drexel Burnham
Lambert, which collapsed after a junk
bonds scandal. Leon Black, the former
head of Drexel’s mergers and
Passengers stand
on the roadside
during a Greyhound
bus layover in
Wyoming. Buyout
firm Apollo’s bid for
the transport group
may see it target
the US division,
while hiving off its
UK operations
acquisitions department, launched the
firm with various former Drexel
colleagues, and invests money on
behalf of some of the world’s largest
pension funds.
Some of its recent big purchases
include Harrah’s Entertainment, a
leading US gaming and casino
company; Norwegian Cruise Line,
the cruise line operator; and one that
is perhaps more familiar with British
consumers, Claire’s, the retailer of
costume jewellery.
Transport has not been an
investment focus, however.
Luke Pollard, Labour MP for
Firstgroup Share price
160
p
150
140
130
120
110
100
90
80
70
2016
2017
2018
Plymouth, said its approach for
FirstGroup raised “serious political
questions”.
He said: “Private equity firms are
famous for asset stripping and profit
maximisation and I don’t know if that’s
the type of business we want running
our railway.
“The takeovers of British businesses
in the past few months is a concern
because they are being lost and it
seems to me we don’t have a
government that is standing up for
such companies.”
Yet FirstGroup is in some ways easy
prey. Amid a malaise of several years,
it has been under particular pressure
in recent months. Its shares fell nearly
two-fifths to 82p at the end of March
after it cut its earnings expectations.
The company runs roughly a fifth of
the nation’s buses but has found
conditions across the UK extremely
tough. It has been forced to relinquish
swathes of business to rival Go-Ahead.
It has also been hit by poor weather
‘The
acquisition
of a large UK
employer
providing
essential
services to
the public by
a foreign
private
equity fund
seems
unlikely to be
welcomed in
the current
political
climate’
in the US, which has hit its Student Bus
division, and the rise of low-cost
airlines in the US has put pressure on
its coach business Greyhound.
There’s also the issue of the
transport firm’s gaping pensions black
hole. FirstGroup was named as the
company most under pressure due to
its pension liabilities in a 2017 study by
JLT Employee Benefits because of the
£4.9bn liability compared to its stock
market value, then £1.3bn.
The company sponsors 12 funded
final salary schemes across its non-rail
operations, covering approximately
50,000 former and current employees.
Apollo’s plans for the deficit will
attract close scrutiny.
The pensions lifeboat the Pension
Protection Fund has already been
forced to rescue the schemes of BHS
and British Steel, which could make
ministers wary of a US private equity
firm owning a company with so many
workers’ retirements at stake.
John Ralfe, an independent
pensions expert, said FirstGroup
clearly had a “very large underlying
pension liability given the size of the
company”.
He said that the importance of
pensions in a bid process were
recently highlighted by Melrose’s
hostile takeover bid for engineer GKN. “FirstGroup’s pensions are huge in
relation to its market cap of £1.3bn,
with a £350m deficit at March
2017. How Apollo will handle
pensions is a major issue, especially if
the bid is debt financed, but so far it
has said nothing.”
Little is known of Apollo’s plans to
turn FirstGroup around. A break up is
possible. The buyout firm could be
simply seeking to secure First Group’s
US businesses and then sell off the UK
ones, thus avoiding the political strife
that a potential purchase would bring.
FirstGroup’s Student Bus group,
corporate-focused transit division and
Greyhound account for roughly 60pc
of revenues at the group, which stood
at £2.77bn at its most recent half-year
results. This only included four weeks
of the South Western franchise it took
over from Stagecoach last year, so a
more equal balance between the UK
and US might be achieved in the
coming years.
One of FirstGroup’s biggest
investors, who did not want to be
identified, acknowledged the company
was “undervalued” and said it will
hold on to its shares while monitoring
Apollo’s next move.
Analysts expect full-year pre-tax
profits of £200m for the year to
end-March, slightly below the £207m
achieved in the prior year. This
could mean FirstGroup needs to
surprise on the upside to fight off the
transatlantic approach. That could be
extremely challenging given the harsh
weather conditions across the UK
this winter.
Demand for mortgages drops as
buyers put brakes on house sales
By Tim Wallace
BRITAIN’S housing market has got off
to the worst start to a year since 2015 as
buyers have slammed on the brakes,
sending demand for mortgages
through the floor and stunting prices.
In February 63,900 mortgages were
given to home buyers, the Bank of England said, down steeply from 68,700 a
year earlier.
Demand for loans fell at the steepest
pace since the aftermath of the Brexit
vote, with landlords and owner-occupiers cutting back.
The Bank’s index of demand fell to
minus 29.3pc from a positive score of
8.3pc in the final three months of 2017,
indicating the proportion of lenders
that reported falling demand sharply
outweighed those reporting an increase.
Banks said that they were increasing
the availability of loans to borrowers,
particularly those with small deposits.
Interest rates on two-year fixed loans
for homebuyers with deposits of 10pc
of the property value have fallen by 12
basis points since August despite the
November rate rise and the expectation of another in May, though costs for
borrowers with larger deposits have
increased.
However, the survey showed that the
number of mortgage applications that
were turned down had increased to the
63,900
The number of home loans in February,
compared to 68,700 a year previously,
according to the Bank of England
highest proportion since 2012, with a
net balance of 18.5pc.
Hansen Lu at Capital Economics said
that lenders expect mortgage demand
to bounce back in the second quarter,
“with a hefty 23pc balance expecting a
rise in the coming quarter”, adding that
a small balance of lenders expect the
GSK sells suite of therapies
for rare diseases to Orchard
By Iain Withers
BRITAIN’S biggest drugmaker GSK
has sold a portfolio of therapies for rare
diseases to fast-growing biotech
Orchard Therapeutics.
The sale, for an undisclosed sum, is
part of a push by GSK chief Emma
Walmsley to sharpen up the company’s
R&D in a smaller number of commerEmma Walmsley,
chief executive, is
leading a push to
focus GSK’s efforts
on cancer, HIV and
respiratory sectors
cially attractive areas, including cancer, HIV and respiratory.
The deal includes a range of gene
therapy programmes for rare conditions including inherited disorders of
the immune and nervous systems.
These include Strimvelis, a therapy for children with ADA severe
combined immunodeficiency – better
known as “bubble baby” disease.
The pioneering treatment costs more
than £500,000 a time, but has only
been used by a handful of patients
so far.
GSK said it would continue to invest
in gene therapies in its target areas.
As part of the deal GSK has taken a
19.9pc stake in Orchard and a seat on
the board. It also expects to earn royalties and other milestone payments
from the sold assets.
Orchard, which is London-based and
also has operations in the US, has raised
more than $140m (£122m) for its gene
therapy development to date.
John Lepore, of GSK, said: “Our goal
has been to identify the right owner
who can build on what we’ve already
achieved, and can advance these
important medicines for patients,
allowing GSK to focus on building its
broader cell and gene therapy platform
capabilities.
“Orchard are committed to patient
access, and we’re confident that this
agreement combined with the ongoing
relationship between the two companies will support the progression of
these valuable programmes to enable
them to benefit patients.”
availability of credit to continue rising
in the next quarter.
“That expectation seems to stem
from market share objectives, as a balance of 26pc of lenders expect competitive forces to push up credit availability
in the second quarter – the highest
reading seen in five years. Taken together, that seems consistent with our
view that mortgage lending is unlikely
to deteriorate much further over the
remainder of the year.”
Meanwhile, banks are slashing access to consumer credit at the fastest
pace on record, tightening up criteria
for credit card applicants and cutting
back interest-free periods. The Bank of
England has warned lenders that surging consumer borrowing is an increasing risk to stability. Elizabeth Martins,
an HSBC economist, said: “Lenders are
getting more cautious, perhaps as a
consequence of the weaker consumer
environment and slower economy, but
perhaps also in response to the Financial Conduct Authority’s concerns
about credit card debt.”
Greene King defies
short sellers to hit
profit targets
By Hannah Boland
GREENE King has stuck to its profit
guidance, shrugging off any expectations of a downgrade, in what will
come as a blow to short-sellers who had
been circling the group.
Shares in Greene King rocketed 13.6pc on the trading update, adding almost £200m to its market value
over the course of the day. Some had expected Greene King to
follow peer Mitchells & Butlers and
announce plans to ditch its dividend,
given recent talk of difficult trading
conditions in the pub industry, including higher business rates and wages.
Data released earlier this week, from
Barclaycard, appeared to reinforce the
gloomy view of the industry, with yearon-year spending growth having come
in at one of its slowest rates ever.
However, instead, Greene King reiterated profit guidance for the year, saying it expected pre-tax profit to come in
between £240m and £245m, in line
with consensus. It said it continued to
expect to spend around £160m on its
estate over the full year, and noted that
its dividend was “sustainable”.
The Daily Telegraph Friday 13 April 2018
***
5
Technology Intelligence
Micro Focus shares jump 7pc as Elliott Advisors’ stake is revealed
By Tom Rees
ACTIVIST investor Elliott Advisors
has snapped up a stake in embattled
tech giant Micro Focus in the wake
of its botched mega merger with
HPE Software.
The Paul Singer-led hedge fund is
thought to have built up a stake in
Micro Focus following the FTSE 100
firm’s recent share price slump and
leadership shake-up. Micro Focus
boss Chris Hsu quit the firm last
month after struggling to integrate its
much-maligned acquisition of HPE’s
software business.
The company’s share price was
halved in March after admitting that
the $8.8bn (£6.3bn) tie-up had run
into trouble.
Elliott is considered one of the most
influential activist investors in the
world and has agitated for strategic or
management change at numerous London-listed companies.
The New York-based hedge fund has
instigated high-profile battles with
company boards at BHP Billiton, Smith
& Nephew and AkzoNobel.
Elliott also weighed in on the hostile
takeover at engineering giant GKN,
backing Melrose’s controversial £8.1bn
bid. News of the stake yesterday
afternoon sent Micro Focus shares
surging as much as 19pc before they
eventually finished 7.6pc higher. Both
companies declined to comment after
Bloomberg News was first to report
Elliott’s move.
Micro Focus, which has carved out a
niche of updating outmoded IT systems and software, was stripped of its
title as the UK’s highest valued tech
company following its dramatic share
price collapse last month. Investors
were spooked by Micro Focus admitting that its revenues would fall by
between 6pc and 9pc instead of the 2pc
to 4pc it had previously expected due
to complications from the deal.
The calamitous update came just
two months after missing revenue
estimates but Micro Focus insisted in
March that the hit to earnings was the
result of teething problems from the
Avast chief silent
over accounts
scandal as $4bn
float announced
THE chief executive of an antivirus
firm preparing one of the largest ever
technology floats has refused to address an accounting scandal in which
he was accused of fiddling the books.
Vincent Steckler, chief executive of
$4bn (£2.8bn) stock market hopeful
Avast, the maker of the world’s most
popular antivirus software, declined to
comment on a settlement reached with
the US Securities and Exchange Commission in 1999 while working at a
reseller business called Logicon.
Mr Steckler was in charge of placing
a $7m order with US-based software
$780m
Avast’s turnover in 2017, with earnings
before interest, tax, depreciation and
amortisation of $353m
company Legato Systems that was cancelled yet found its way on to the books,
sparking a six-year investigation from
the SEC. According to court documents, the SEC alleged that in 1999, Mr
Steckler placed the order along with an
undisclosed “side” agreement that
gave his employer the right to cancel
the order, leading Legato to overstate
its financial results.
Following the complaint, Mr Steckler settled for $35,000. He went on to
take up leadership roles at cyber security company Symantec before taking
the reins at Avast, which yesterday
announced a blockbuster flotation that
sources suggest could value the com-
pany at around the $4bn mark. Should
the float go ahead, Mr Steckler and fellow management and staff would look
to sell some of their $715m, 18pc stake
in Avast ahead of tax bills due in May.
The listing, which is being lined up
for early May, aims to raise around
$200m in primary proceeds from selling new shares. These would be used
to pay down debt and fund its growth
plans, the Prague-based company said.
It also hopes to raise $800m in secondary proceeds from selling existing
shares. It will ultimately have around
25pc of its stock freely floated.
The software firm offers free antivirus but makes its money by selling
around 4pc of its users paid-for products. It had a turnover of $780m in 2017
with earnings before interest, tax, depreciation and amortisation of $353m.
Aside from management’s stake,
46pc of the company is owned by
Avast’s two founders Eduard Kucera
and Pavel Baudis, 29pc by private
equity firm CBC, and 7pc by venture
capital fund Summit Partners.
Avast, which counts Norton, McAfee
and Kaspersky as its main rivals in the
market, said shareholders could expect
dividends in 2019.
It originally planned to float in New
York in 2012 but later pulled out citing
“overall bad market conditions”.
Sources close to Avast said it had opted
for London this time because it was
seen as better market for larger-scale,
profitable technology companies.
It is understood the company is
undaunted by floating in London ahead
of the UK’s withdrawal from the European Union, even though the majority
of its customers, and two thirds of its
staff, are based in Europe.
Network
check
Vodafone
executives
Jade
Knight and
Peter
Rodriquez
use a drone
to conduct
the UK’s
first test of
new 5G
spectrum
at Newbury
without
having to
turn the
service off.
The test
was carried
out just a
week after
the firm
secured the
largest slice
of 5G
spectrum
in Ofcom’s
auction.
MARKBASSETT.CO.UK
By Margi Murphy
Scene is set for a Sky takeover battle worthy of Hollywood
By Christopher Williams
CITY takeover umpires have helped
set the scene for a battle of the Hollywood titans over control of Sky, with a
ruling that Disney must make a bid.
The Takeover Panel said yesterday
that Disney must make its own offer for
Sky if 21st Century Fox’s heavily
delayed attempt to win full control is
blocked by the Government.
Disney has agreed to buy most of
Fox, including its stake in Sky, which
currently stands at 39pc. It had argued
that it should not be forced to make a
Vegan super-powder from Britain
that is shaking up the food world
Julian Hearn,
co-founder of
powdered food
maker Huel,
has seen turnover
jump to £14m as
Instagram and
word of mouth have
popularised the
‘human fuel’,
which has been
touted as the ‘food
of the future’
By Sophie Christie
O
ne in four British adults today is
obese, which Julian Hearn,
co-founder of powdered food
maker Huel, blames on our easy
access to unhealthy convenience food.
“Humans and their ancestors have,
for most of our history anyway, not
had a consistent source of food … but
today, instead of eating only what we
can find, we now eat what we want,
when we want, with the only limiting
factors time and money,” he says.
It’s around three years ago that the
46-year-old launched Huel, a brand
you may recognise from Instagram
posts featuring toned men and women
in gym gear carrying a bottle of the
powdered shake in one hand and a
sweaty towel in the other.
But Huel, a portmanteau of “human
fuel”, is touted as the “food of the
future”. Nutritionally complete,
convenient, affordable (it works out at
around £2 per meal), with minimum
impact on the environment and
animals. It’s 100pc vegan, sourced
sustainably and ethically, and – as
users only use the amount of powder
they need to consume, there is
minimal food waste.
It comes either unflavoured or
vanilla and is made up of oats, pea
protein, ground flaxseed, brown rice
protein, and various vitamins and
minerals. There seems to be a market
for it. After launching in 2015 last year
turnover reached £14m. Hearn
expects this figure to “double, or even
treble” this financial year.
Celebrity endorsements from the
likes of One Direction’s Niall Horan
and professional skateboarder
Matthew Pritchard, as well as from
online fans known as “Huelers”, have
helped push it into the spotlight.
While the “beige gloop”, as one taste
tester described it, has been criticised
for its lack of flavour, it is nonetheless
growing in popularity. In the US,
monthly sales surged by 140pc in the
three months between December and
February 2018, from $500,000
(£352,200) to $1.2m.
Serial entrepreneur Hearn
founded Huel with sports
nutritionist James Collier,
after he received a
windfall from the sale of
promotionalcodes.co.uk, his
discount codes website.
Their aim with the business
was to take the convenience
of protein shakes, which have
become exceptionally popular
over the past few years with gymgoers, and to make them more
nutritional. Making the product
environmentally friendly and vegan
was also a priority, Hearn says.
While he isn’t a vegan himself,
Hearn understands the impact of
intensive farming for meat production,
and acknowledges that it is “inefficient
and inhumane”.
Despite America eating more meat
than any other country in the world,
around 120kg of meat per person per
year, this has not had an impact on
Huel’s stateside popularity. America’s
obsession with convenience food
means Huel’s shakes, which take less
than a minute to make, fit the bill. The
US market is so big that it’s expected to
overtake the UK by June, Hearn says.
Britain-based Huel already has a US
rival, but this doesn’t seem to have
impacted the business. Soylent
launched just before Huel did in 2015,
and offers meal replacement drinks
deal rather than a deep-rooted issue at
the firm. Elliott is increasingly active in
the City after stalking several UK companies and even entering takeover
talks with bookseller Waterstones earlier this year.
The fund pushed for change at mining giant BHP Billiton last year,
demanding that the mining giant
ditches its dual listing and disposes its
US shale assets.
that meet all the nutritional
requirements of an average adult.
Los Angeles-based software
engineer Rob Rhinehart developed
the product in 2013 as an alternative to
fast food. The product was named in
homage to Harry Harrison’s 1966
science fiction novel Make Room!
Make Room!, which explores the
impact massive population growth
could have on world resources.
While Soylent has faced some
setbacks since it launched – last year
traces of milk product were found in
batches of one of its powders that was
advertised as free of lactose and milk
products – Huel, by comparison, is
growing from strength to strength.
Hearn says its team of 38 people,
most of whom are based at its
headquarters in Aylesbury, where
Hearn lives, will likely double by the
end of the year, and its emergence into
new markets will bring new
opportunities. While the firm has
already launched in Sweden and
France this year, it is looking at
expansion in the Netherlands,
Italy and Spain next. The
language barrier means each new
market has to be entered in
isolation, Hearn says, but thanks
to Huel’s exclusive partnership
with Amazon, it doesn’t have to
rely on a big presence in each
country in order to grow.
Could Huel be the food of the
future? With a growing global
population putting substantial
pressure on the food supply
chain, it might just be.
new takeover bid, in the hope of securing Britain’s biggest pay-TV operator at
the £10.75 per share price agreed by
Fox in December 2016.
In an unprecedented ruling, the
panel rejected Disney’s arguments on
the basis that “securing control of Sky
might reasonably be considered to
be a significant purpose of Disney’s
acquiring control of Fox”. Disney
chairman Bob Iger has described Sky
as a “crown jewel” among the assets he
has agreed to buy from the Murdoch
family for $66bn (£46.4bn).
The panel said £10.75 per share in
cash is the minimum Disney can bid for
Sky. The bid would be triggered if
Fox has not won full control by the time
Disney’s deal with the Murdochs is
complete.
It is understood that Sky lobbied the
panel to force Disney to bid, allowing
its independent directors, led by deputy chairman Martin Gilbert, another
opportunity to negotiate a higher price.
Either Disney or Fox is likely to be
forced to pay significantly more than
£10.75 if they are to take control of Sky.
Comcast, the US cable giant and owner
of the Disney rival Universal, has made
a rival approach at £12.50 and the
shares are already trading above £13
in expectation of an auction. The
Takeover Panel decision failed to lift
the shares further.
Comcast would face a battle with
either Fox backed by Disney, or Disney
directly. Neither Disney nor Comcast is
viewed as having political and regulatory baggage that has repeatedly stymied the Murdochs. Matt Hancock, the
Culture Secretary, is due to decide this
summer on whether to allow them to
go ahead, on advice from the Competition and Markets Authority.
6
Friday 13 April 2018 The Daily Telegraph
***
Business
Follow Questor’s investing
rules to avoid being caught
out by a new Conviviality
Questor
Inheritance
Tax Portfolio
Richard Evans
The collapsed drinks
wholesaler caused
painful losses for
some readers. Here
are our tips for
avoiding a similar
fate in the future
The full Questor Inheritance Tax Portfolio
Date
IN light of the very disappointing total
Faced with these odds, we urge
loss on our Conviviality tip, on which
readers never to follow individual tips in
we published an update here a week
isolation. Instead it is vital that investors
ago, Questor feels that we should set
protect themselves against the risk of
out how we expect our stock selections severe, even total, losses of money by
to be used.
the most potent protective medicine in
Several readers have been in
investment: diversification.
touch to describe the very
So if you are a new Questor
severe losses they have
reader and have read
Questor’s Inheritance
Tax Portfolio
suffered and it is clear that
a column you believe
some had taken large bets
makes a convincing case
1.7pc
on this one stock. This is
for buying a particular
most definitely not how
share, by all means act
The loss you would
have made overall,
we want our tips to be
on it – but in such a way
despite demise of
acted on.
that the stock forms part
Conviviality
When we say a stock is a
of a portfolio of shares
“buy” we mean that we have
and does not become the
good reason, based usually on
sole home for your hard-earned
the opinions, and more importantly
savings.
the actions, of professionals whose job
Let’s imagine you have £100,000
it is to scrutinise stocks, to expect the
to invest for your retirement. You
price to rise. But nothing is certain
read a convincing case in Questor,
in investment and even the most
or elsewhere, for buying a particular
experienced, intelligent and wellstock. Whatever you do, no matter how
informed professionals can have
strongly you believe in that stock, do
their expectations confounded
not commit your entire £100,000 to it.
by events. In fact, fund managers
Instead limit your purchase to £10,000,
sometimes say they are doing
or ideally less, and continue your stock
well if 60pc of their
research until you have identified
holdings make money.
another nine shares, or more, into
Ticker
Stock
Mar 2
SCPA
Mar 2
CVR
Jan 19
KMK
Jan 19
MBH
Jan 19
IGR
Jan 19
GMAA
Jan 19
MUR
Jan 19
IMO
Jan 19
DTG
Jan 19
GAMA
Jan 19
CRW
Dec 8
RWS
Oct 13
YNGN
Whole portfolio
Price
paid
Price
now
Gain
471.4p
288p
26.5p
85p
409.5p
237p
485p
250p
674p
638p
£17.50
422p
£10.28
457.4p
0p
21.5p
96.1p
424.5p
215.5p
535p
286p
871.5p
700p
£18.35
444p
£12.20
–3%
–100%
–18.9%
13.1%
3.7%
–9.1%
10.3%
14.4%
29.3%
9.7%
4.9%
5.2%
18.7%
–1.7%
Scapa
Conviviality
Kromek
Michelmersh
IG Design
Gama Aviation
Murgitroyd
IMImobile
Dart Group
Gamma Comms
Craneware
RWS
Young & Co NV
which you are equally happy to commit
your money. In other words, spread
your cash among at least 10 shares and
preferably nearer 20.
These shares should not include
more than a couple that are particularly
risky or speculative, normally labelled
as such in this column. Aim to own
companies that operate in a variety of
sectors and are exposed to different
aspects of the economy.
The best proof of the power of
diversification comes from looking at
Questor’s Inheritance Tax Portfolio, of
which Conviviality was a part. As we
know, anyone who put all their money
into the drinks firm has made a 100pc
loss. But an investor who split their
money equally between the 13 stocks in
the portfolio has to date made a loss of
just 1.7pc. Despite Conviviality, the IHT
Portfolio has outperformed the FTSE
100 index by 2.8 percentage points.
FTSE 100 on
tip date
Change in FTSE Outperformance
of tip
100 since tip
7176
7176
7701
7701
7701
7701
7701
7701
7701
7701
7701
7321
7556
The only time you should feel free
to disregard the advice above is when
you are committing sums small enough
to be regarded as punts. An investor
with £100,000 in total might feel
comfortable putting £1,000 into one
stock on the basis that if it does go bust
the loss is bearable.
But for serious investors who intend
to commit the bulk of their life savings
to stocks, diversification is essential.
If you do want to put serious sums
into the stock market but do not wish
for any reason to do the work necessary
to identify the 10 or more stocks
needed for a prudent level of safety,
invest your money in funds instead.
We recommend an investment trust, a
fund listed on the stock market, in this
column every Thursday.
Had you put all your money into
one of Questor’s investment trust
selections, the worst loss you would
1.1%
1.1%
–6.1%
–6.1%
–6.1%
–6.1%
–6.1%
–6.1%
–6.1%
–6.1%
–6.1%
–0.9%
–4.1%
–4.1%
–101.1%
–12.8%
19.2%
9.8%
–3%
16.4%
20.5%
35.4%
15.8%
11%
6.1%
22.8%
2.8%
have suffered is 27.9pc (and that tip was
labelled as “more risky than many”).
As the trust remains in business, there
is also the chance of recovery. It is still
better to invest in a selection of funds
than commit all your money to one, but
the latter course is much less risky than
it is with individual shares.
Anyone who has already put large
sums into one or two of our stock
picks is advised to sell the bulk of
those holdings as soon as possible
and reinvest the money in several
other shares so as to build the kind of
diversified portfolio outlined above.
Finally, remember that even with a
portfolio of stocks there is still risk –
the entire market could fall severely,
for example. Be prepared to hold your
stocks for enough time to ride out the
ups and downs. If you are not able to
accommodate these risks, do not put
money in the stock market.
Share prices www.telegraph.co.uk/shares
© 2018 Tradeweb Markets LLC. All rights reserved. The
Tradeweb FTSE Gilt Closing Prices information contained
herein is proprietary to Tradeweb; may not be copied or
re-distributed; is not warranted to be accurate, complete or
timely; and does not constitute investment advice. Tradeweb
is not responsible for any loss or damage that might result
from the use of this information.
52 week
High Low (p) Stock
Price (p) +/- Yld
P/E
1174
676 Oxford Inst
940 +69 1.4 -26.4
5820
3024 Renishaw ●
4752 +120 1.1 33.6
3750
2375 XP Power
3520* +90 2.2 23.7
Electricity -0.09%
52 week
High Low (p) Stock
Price (p) +/- Yld
P/E
Insurance +0.84%
52 week
High Low (p) Stock
Price (p) +/- Yld
NAV
52 week
High Low (p) Stock
Price (p) +/- Yld
P/E
52 week
High Low (p) Stock
Price (p) +/- Yld
Price (p) +/- Yld
P/E
Media -0.92%
124⅛ +3¼ 3.2 20.3
102⅜
75½ Amer Express $
93½ +1⅞ 1.5
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3175 +38 4.2
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1342
1035 Telecom Plus ●
1230 +6 4.0 10.4
33
22⅛ BankAmerica $
30⅝
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857⅛
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694⅛* +5⅛ 17.4
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190⅛ Vodafone
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150⅜ +3⅝ 2.1
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740½ JPM Emerg Mkt ●
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396
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1766 Admiral
1905½ +9½ 6.0 16.3
448
334 JPM Eur Sm Cos
550
482¼ Aviva
509⅝* +7⅝ 5.4 14.6
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823⅝ -3⅞ 5.4
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1111 Hiscox ●
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1296½ +5½ 7.1
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701
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1784
1399 RELX
1505½ -20 2.6 18.3
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3873 Rightmove ●
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1378
11⅜ Sky
1301* -9 1.0 32.0
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542½ Lancashire Hldg ●
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728½ Bodycote ●
900 +10 1.9 17.6
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157.52 146.14 Treas 4¾% 38
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1453
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91
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2145
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1684 Mondi
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975
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1590
41
955
549⅞ Law Debenture
210
36⅛ Coca-Cola Euro $
639 UBM ●
652
124
44¾
65¼ Trinity Mirror
699
-½ 4.6
2.3
963½
-¾ 1.8
201½ 3i Infrastructure ● 208½ -2¼ 4.8
-¼ 3.8
121¾
1680 -10 3.6 1912
113½ Aberdeen Diversified 121
119
547
1633¾ Keystone Inv Tr
272⅜
102½ Chevron $
100
1845
125
972 -19½ 3.1 16.5
607⅜* +¾ 2.7
—
1150½ Fresnillo
1266½ -19 2.2 23.7
1055
920 Shaftesbury ●
980 +2½ 1.6
—
1952
1310 Go-Ahead Grp ●
1810* +13 5.6
136⅞
97¾ Manpower $
116½ +1¾ 1.6
4.4
270 Glencore
342½
… 4.1 11.9
318¾
266 Town Centre
285
+3 4.0
—
996
716¼ GVC Hldgs ●
928*
— 3.2 -82.5
19½
10½ Marathon Oil $
17⅝
+⅛ 1.1
4.8
186⅛ Hochschild Mng ●
195⅞
-3 1.2 34.8
151⅜
104¾ Tritax Big Box ●
145⅝
-⅝ 4.6
141
680⅝
525 IAG Intl Cons Air
608⅝
-7 3.1
178¾
130⅝ McDonalds $
163⅜ +⅛ 2.5
1.6
833
618 Unite ●
807
-13 2.8
—
4944
3656 Intercont Hotels
4253* +2 1.7 19.7
66⅜
52⅞ Merck $
57⅛
+⅞ 3.4
0.5
237 Urban&Civic
315
— 1.0 65.6
211⅜
99 Mandarin
172⅛* +⅜ 1.2 56.1
97¼
64⅞ Microsoft $
93½ +1⅝ 1.8
0.7
2.6
408 Aberdeen New India 435½
-½
—
501
250
222 Mtn Currie Port
490½* +3½ 3.2 22.2
774
665 Alliance Trust ●
701
— 1.9
742
2220
1855⅝ Mercantile InvTr ●
3254
1712¾ Smurfit Kappa
2954 -18 2.6 19.3
1353½
865 Allianz Tech Trust
1255
—
France
0.75
+0.30
-2.09
6155
5020 Spirax ●
5720 +25 1.5 26.7
927
744½ Bankers Inv ●
838
— 2.3
Germany
0.45
–
-2.39
1320
830 Vitec
1185
883½
650 Biotech Growth
692
-2
1696 Weir ●
2090 +40 2.1
83
66¼ BlackRock Com
74*
+⅛ 5.4
78
393
303¼ BlackRck Emer Euro 320½ +5 3.3
346
77
62 Northern 2 VCT
62½
-½ 16.8
66
169½
144 BlckRock FroInv
160
-2 3.2
155
102
88½ Northern 3 VCT
89½
— 11.7
95
1100
577¾ Polymetal ●
662¾ +19 4.7 11.5
316½ -3½ 1.7
333
86½
64⅝ Nthn Venture
66
— 16.7
70
8255
5540 Randgold Res
5692* -184 2.5 27.4
+4 3.3
201
361
163¾ Brown N
196 +10 7.3 12.5
1020
670 Playtech ●
470½ +2 1.9
549
253¾
31⅞ Carpetright
38½
-3⅜ —
250
169⅝ Rank Group ●
175¼
-½ 5.3
160
708½
570½ Dairy Farm
381¾
229¼ Restaurant Gp
Japan
0.02
-0.43
-2.82
2326
1.45
+1.00
-1.39
Food producers -0.28%
United States
2.84
+2.39
–
2.8
3387
2386 Ass Brit Fds
2581 +5 1.6 17.0
346
288 BlckRck Grt Euro
The share prices, price-earnings ratios and dividend yields
below are supplied by Interactive Data (Europe) Ltd. The
yields are calculated using historic dividend payments divided
by the closing share price multiplied by 100.
150
118 Carr’s Grp
134
-4 3.0 17.4
214
185 BlckRck Inc&Grth Inv 198
2711
2077 Coca-Cola HBC
2501
-9 1.9 24.7
501½
400½ BlackRock Latin
Aerospace & defence -0.63%
3497¾ 2524 Cranswick ●
2800
— 1.6 20.9
534 +10 4.2 19.5
52 week
High Low (p) Stock
150¼
111⅛ Cobham ●
118⅞
322⅞
190¼ Qinetiq ●
218½ +⅝ 2.8 10.2
994½
795½ Rolls-Royce
881¼ -4⅜ 1.3
310⅜
205¾ Senior ●
290
2218⅝ 1138 Ultra ●
-½
—
34.0
3
GKN
Gas & Water +0.03%
1715
1315 Close Bros ●
798⅝
618 HSBC
763
+1 0.2
736
40
736
825
710 Murray Income
749
+7 4.8
812
351¾
212 Kenmare Res
230
+5
—
18.2
325
1314
1127 Murray Intl ●
1180* +2 4.2 1133
120½
55¾ Lonmin
57⅞
-2
—
-0.2
105¼
97 Warehouse REIT
101
+1 2.5
97
147¾
95⅞ Marston’s ●
103⅞ +3¼ 7.2
7.3
39⅜
31⅝ Pfizer $
36⅜
+⅝ 3.7
9
6¼ Petropavlovsk
7
…
—
9.9
1040½
827 Workspace Gp ●
1002 +3½ 2.3
—
284¾
219⅞ Mitchells&But ●
255 +1⅝ 2.0 16.9
94⅝
75¾ Procter & Gamble $ 78⅛
-⅛ 3.7
1.3
413⅜
337¼ National Ex ●
411⅝ +6¼ 3.3 16.0
210¾
148¼ Rockwell $
174⅞ +3 1.9
0.9
8967
6027⅜ PaddyPwrBet
7125 -105 2.8 27.6
139¼
109⅛ United Tech $
123⅝ +1¼ 2.3
2.1
804¾ +43⅜ 3.9 12.6
110
73⅛ Wal Mart Strs $
86⅜
+⅜ 2.4
1.6
116⅛
96¼ Walt Disney $
100⅜
-⅜ 1.7
4.2
275¼ +8⅝ 6.3 16.7
37⅜
27⅛ Xerox $
28⅜
+⅛ 3.5
0.7
1398¼ +10¾ —
Europeans +0.48%
⅜
Hummingbird
34¾ +1¼ — -13.8
Retailers +2.00%
38.5
578¼* -7⅜ 2.6 27.6
21¼
-⅛ 16.1
5.3
559
2777
734⅞ Dignity
933 +20½ 2.6
8.1
217⅝
124⅜ Stagecoach ●
149¼ +6¾ 8.0 27.1
418
349⅝
145¾ Dixons Carph ●
199¼ +7¼ 5.6
7.8
132¼
85¼ Thomas Cook ●
121¾ +1¾ 0.5
—
83⅛
71⅝ Akzo Nobel €
77⅞
… 3.2
1.3
202½ Highbridge MultiStrt 222
-1
—
222
760
503 Dunelm ●
570* +46 4.6 13.2
1687⅞ 934⅜ TUI AG
1587 +2 3.5 16.7
97½
77⅛ BMW €
89⅞
… 4.4
2.6
755
659⅜ British Empire Trust ● 692
-3 1.7
772
240
150 Findel
239½ +2½ —
1346⅛ 952⅜ Wetherspoon ●
1145 +26 1.0 22.2
23⅝
16¼ Carrefour €
15⅞
-½ 2.9
1.4
796
679 Brunner
-4 2.2
816
1400¼ 1028 Greggs ●
3809 +65 2.6 16.5
257⅜
186½ Continental AG €
225¼
— 2.0
3.3
-3.6
1798⅝ 1253¾ Ryanair
3499⅞ Whitbread
1251 +15 2.6 22.1
4333
AIM +1.02%
59 Daimler €
65½
+¼ 5.6
2.7
72⅛
61⅞ Danone €
64⅞
+⅛ 2.9
1.8
1480 -45 2.2 33.7
41⅜
30½ Deutsche Post €
36⅜
+⅜ 3.2
1.9
1790 BrooksMacdonald 1887½* +40 2.3 43.9
18⅛
12¾ Deutsche Tele €
13⅞
… 4.7
0.9
-1 1.7
2.3
2488 Caledonia ●
2690
— 2.1 3265
380½
305⅜ Halfords ●
352 +11¼ 5.0 12.3
144
111⅞ Candover
116½
—
—
155
596¾
282 Howden Joinery ●
466
1345* -6 3.7 20.3
947¼
577⅜ Pennon Gp ●
648⅜ +5¼ 5.5 16.3
201
176¾ City Merchants HY
189¾
-¼ 5.3
191
369¾
285¼ Kingfisher
302¼ +4⅞ 3.6 13.7
1600
1225 Arbuthnot
2575
1664 Severn Trent
1847½ -2½ 4.5 12.7
130⅝
106 City Nat Res H Yld
112
-¼ 5.0
138
131½
78½ Lookers
+2⅝ 4.2
2580
1078
648⅝ Utd Utilities
703⅝ -6¾ 5.6 11.1
92
+1 2.4 15.6
7.6
444⅝
392 City of Lon ●
417 +1½ 4.2
406
397¾
262 Marks & Spen
270¾ +5¾ 6.9 37.6
1⅝
⅞
91⅜
79⅝ Heineken €
89
498
330¼ Dunedin Ent
369
+5 5.1
439
254⅜
203¼ Morrison (WM)
230⅛ +1¼ 2.6 17.3
345½
2⅝ Central Asia Met
328
+2 5.0 16.1
278¼
203¼ LVMH €
281 +2¾ 1.8
2.0
786
608 Edinburgh Inv Tr ●
659
-2 4.0
725
137⅛
18⅛ +1⅛ —
16
8⅛ Ceres Power
12¼
+⅛
60
50⅜ LafargeHolcim SFr
52⅞
+½ 3.8
2.7
541½ Edin Worldwide
757
+3
744
5355
3565 Next
5028 +152 4.9 12.1
1270
780 Churchill China
950 +50 2.6 16.3
31¼
15 Lufthansa €
27
+¾ 3.0
4.8
832½ +6½ — 1114
603¼
235¾ Ocado ●
514⅜ -9⅝ —
—
460
3¼ Cohort
342½
6
3¾ Nokia OYJ €
4½
… 4.2
1.7
7.4
13 Mothercare
3.8
447¼
318⅞ Ashmore ●
385⅜ +4¾ 4.3 15.4
820
399⅜
314¾ Brewin D ●
353⅜ +5⅝ 4.2 21.4
2793½ 821¾ ElectraPrivEq
1468* +10 4.2 11.4
433
308 Charles Stanley
341
+2 2.1 27.6
331
286 EP Global Opp
304 +3½ 1.7
39¼
20 Pendragon
27¼ +1¼ 5.7
681⅝ +6 5.3 20.2
68
68 El Oro
67
— 3.6
1360
1175 European Assets
1215 -15 6.4 1190
213⅞
108 Saga ●
123¾ +6¾ 7.3 10.1
216 +1⅜ 3.0 -21.0
84
15.3
76½
3020
139½ +⅝ 8.6 23.3
General financial +1.09%
-⅝ 4.3 10.8
— 4.2
746
20 Debenhams
119¾ Centrica
Banks +0.70%
177¼ Barclays
628¼ Monks ●
220⅛
-3.8
439⅜* +4⅞ 2.1 15.0
225½
826½
-3⅜ 2.4 20.2
Automobiles & parts +1.13%
463¼
4557½ 3678½ Unilever
841
7.3
-5 1.8
3924½ -19 3.2 21.0
565⅜
213½* +1 1.4 89.0
337⅝
509
226
522⅝ Tate & Lyle ●
162 Chemring
510
370*
— 5.0 10.2
796½
214½
+5 5.0
307⅛ BlackRock Wld M
425
—
502
373½ BlkRk Throg Tst
516
300
450 Merchants Tst
55⅝
-8.9
846
290 REA Hldgs
514
— 1243
— 1.7 1508
+4
670½ Hilton Food
385
591⅝
8.7
1355
-14 2.2 22.6
900
-5 3.7 22.1
533½ BAE Systems
144 BlckRck NrthAmerInc 151*
1109½ BlackRock Small
479¾ Dairy Crest ●
682½
171
1390
654
P/E
Price (p) +/- Yld
… 3.6
416⅞
547
5¼ Smith (DS)
Great Britain
22
1746
1501½* +1½ 2.9 10.6
565
T-Bonds
—
6.6
233
1354 Smiths Gp
Spread vs
Bunds
-5 2.6 19.3
7.9
2070 -15 2.6 2299
1697
Spread vs
Yield%
10-year Government Bonds
93 Caterpillar $
133⅞
—
NAV
-½ 3.4 14.5
173¼
Tobaccos -1.05%
465 +10 4.5
94½
Price (p) +/- Yld
892⅜
52 week
High Low (p) Stock
88⅝ TalkTalk ●
102
2184
—
P/E
220
— 0.3
298
1176½ SSE
Price (p) +/- Yld
270⅞ +3⅜ 0.6-2709.0
100½
218 Drax Group ●
Engineering / Industrial +0.22%
52 week
High Low (p) Stock
251⅞ Capital&Count ●
98 JPM ElecManCsh
368¾
Flat Rdm
Price (£) +/- Yield Yield
P/E
326⅛
103
—
323
873½
4¼
Cambria Africa
484¾ Dart Group
1
Deltex Medical
1
—
—
0
— -12.3
— 2.2 37.7
871½ +11½ 0.6 16.8
1⅜
—
—
-1.5
130⅞
110⅛ Michelin €
120½ +½ 2.9
2.6
141⅛
111⅝ Pernod Ricard €
138½
-⅞ 1.5
2.3
73⅝
61¾ Lloyds Bk Gp
68⅛ +1⅛ 4.5 15.5
1935
1258 Hargreaves L
1703½ +13½ 1.8 38.1
974
825 The Europ InvTr
896
-10 2.6
996
339⅞
222⅜ Sainsbury J
253 +2⅝ 3.8 14.5
56½
40 Elecosoft
54¼*
— 1.1 21.7
21
16½ Peugeot €
20⅜
+¼ 2.6
4.1
304¼
221¾ Ryl Bk Scot
264¾ +1½ —
42.0
868½
503⅜ IG Group ●
823½ +3 4.0 17.8
408¼
352 Fidelity Asian V
393
+1 1.3
399
2347
1635 Smith WH ●
2018 +39 2.5 19.3
121⅝
98¾ Finsbury Food
120*
+1 2.6 16.9
36⅛
29¼ Philips (Kon) €
32⅛
+⅜ 2.5
1.9
541¾
387⅛ Santander
462⅛
-⅝ 3.3 13.5
1204
721½ Intermediate C ●
1063 +28 2.7 14.3
263
187⅞ Fidlty Chna Sp Sits ● 240½ +½ 1.0
272
424⅜
280¼ Sports Direct ●
371¼ +3
9.4
62½
21⅝ Futura Medical
35
-½
— -10.8
133½
99¾ Siemens €
104¾ +⅞ 3.5
1.8
2500
1485¼ Secure Trust Bk
1865 -22½ 4.2 17.3
649⅜
451¼ Investec ●
565⅜ +8¼ 4.2 11.1
235
193⅞ Fidelity Euro V ●
207½* -1½ 2.1
233
234⅛
165⅜ Tesco
233¼ +7¾ 1.3 15.8
15½
5½ Gaming Realms
8
+⅜
—
-3.1
52¼
41⅞ Societe Gen €
44¼
+¼ 5.0
1.3
864¼
678¾ Standard Ch
733⅛* +3⅜ 1.1 44.4
158⅜
99¾ IP Group ●
128¼ +1¼ —
18.2
160
105 Fidelity Japan V
148½ +2¼ —
165
Support services +0.08%
7.7
1.1
336½
250¼ Virgin Money ●
265¼* +4¾ 2.3
620
425 Liontrust
560
-30 2.9 37.0
274
228 Fidelity Sp V
254½ +½ 1.8
261
47
41 Lon. Fin. & Inv.
42½
— 2.6 12.1
778
688⅜ Finsbury Gwth ●
758*
-1 1.9
748
7.0
Beverages -0.48%
4371
3164 Lon Stock Ex
4238
-8 1.2 28.9
678
553¾ Foreign & Col ●
629*
+2 1.7
643
657½ Britvic ●
696½ +½ 3.8 16.4
219¼
143⅞ Man Group ●
189½ +14 4.2 17.4
338
299 F&C Cap & Inc
321
-2 3.3
317
High Low (p) Stock
2735½ 2186½ Diageo
2493½ -12 2.5 23.5
1018
1000 +4 3.0
2.8
152¼
133⅞ F&C ComProp ●
142
-¾ 4.2
140
268
234 Pacific Assets
253
489¾ +7 3.2 11.4
211⅜
176 F&C Mgd G
197½
—
—
194
1929
1720 Pantheon ●
1895 +5
+1 3.6 15.1
146
127 F&C Mgd I
133
— 4.2
131
411⅝
329½ Perpetual Inc & Gr ● 350½ +½ 3.9
2402⅞ 312⅛ Provident Fin ●
680⅝ +17¾ — -10.3
366
307 F&C Priv Eq Ord
359*
-4 3.9
347
41680
38700 Personal Ass ●
2400 +10 2.5 25.9
1420
1241 F&C Glob SmCo ●
1310
— 1.0 1330
88½
81¼ Picton Prop Inc
839
320
155½ Stock Spirits
256
-7½ 2.7 49.3
Chemicals +1.16%
5⅝ NEX Group ●
556
400¼ Paragon ●
92
75½ Park Group
81
52 week
52 week
219⅝ Charles Taylor
263
+½ 4.2 20.0
46¼
34¾ Miton Group
41¾*
6.9
73
46¼ Communisis
66
+1¾ 4.0 11.7
215
75 Mpac Group
201½ +½
-7.7
711½
461 De La Rue
505
-1 5.0 12.8
220
153 MS Intl
184
-1 4.5 20.2
-1½ 3.2 13.7
1888* +2 1.7 1789
560⅝
428½ TP ICAP ●
455¼* +4¾ 3.7 28.8
305
265 Hend Alt Strat
271½
— 1.7
328
242
218⅜ Ruffer Inv Pref
228½ +½ 0.8
97⅝
86⅜ Hend Div Inc Tst
91¼
-¾ 4.8
88
383⅛
275⅛ Schroder Asian TR
344*
-7 1.4
201½
165 Hend High Inc
174¾* -¼ 5.4
179
383
336 Scot American
357*
904
723 Hend Smaller Co
864
-4 2.2
970
973½
771 Scot Invest ●
798
1110
890 Hend Opp
990
+9 2.0 1197
479¼
925½ Herald Inv ●
1180 +10 — 1374
1767½* -12½ 2.6 1877
8.6
890⅛
495⅜ Mediclinic Int
580¾ +4¾ 1.4 18.7
1230
8.3
1442
1173 Smith & Nep
1326* +3 1.9 21.5
1813⅜ 1476½ HgCapital
354
235 Boot H
297½ -1½ 2.7
9.3
Household goods -1.54%
90½
74 Breedon Group
494½
419½ Costain
648½
429¾ Crest Nicholson ●
2955
27 CRH
78¼
—
—
19.7
459½ -5½ 3.0 14.8
2024
484¼ +1¼ 6.8
7.3
2376* +13 2.5 12.1
— 8.5
142
437 BP
504½ -1⅜ 5.6
735½
376½ Hunting ●
729½ +22½ — -63.3
7762½ 6445 DCC
6590 +15 1.8 27.0
384½
230½ Numis
376
338
902
4¼ Petrofac ●
560 +1⅜ 4.8 -93.8
588½
414 Essentra ●
418* +1¼ 5.0
174
151 Oakley Capital
168½ -1¼ 2.7
-2 3.1
343
104½
42¾ Premier Oil
78¼
-2.3
1708
1428 Experian
1545 -7½ 2.1 23.9
45
-5 2.5
874
2579½ 1982½ Royal D Shell A
2368½ -25½ 5.6 21.3
5722
4427 Ferguson
5306* +24 —
103½
74⅞ Prime People
361⅛ Scot Mortgage
450⅜ +2¼ 0.7
441
2617
2037 Royal D Shell B
2411 -22½ 5.5 21.7
342⅝
233¾ G4S
253⅜ +⅛ 3.8 16.7
602
177¼
155½ Sec Tst of Scot
160¼* -¼ 3.7
171
150
87⅛ Soco Intl
103⅝
-⅝ 5.1
206¼
155 Hays ●
181¼* -4⅞ 1.8 20.8
179⅞
167 Seneca Global
170¼
— 3.7
168
Pharmaceuticals +0.17%
872
625 Homeserve ●
732
+2 2.2 30.5
502
421¾ Stand Life Eq Inc
459
-3 4.1
464
249¾
52¾ Interserve
86⅞ +1½ 9.3
35
-½
—
—
-3.1
9.6
17.0
393
5520
4260 AstraZeneca
5045 -25 4.0 30.3
5470
3927 Intertek Group
4810 +5 1.5 26.9
57½
19 SRT Marine Sys
26¾ +2¼ —
833
784
540 BTG ●
647½ +7½ —
74.4
392
188⅞ IWG ●
242¼ +6⅛ 2.4 19.5
188
116 StatPro
162
— 1.8 -45.0
—
16
12⅝ Sterling Energy
13⅞
+¾
94½
67 Tribal Gp
82¼ +2⅜ 1.2 63.2
1622 Dechra Pharma ●
2834 +40 0.8
151¾
1⅜ Johnson Serv
137⅜ -1⅝ 2.0 19.6
1652 Genus ●
2360 +30 1.0 43.9
750
619 Menzies J
656
8110⅜ 4973⅜ Reckitt Benck
6036 -114 2.7
6.9
84⅛
74⅝ InvesPerp Enhc Inc 80⅜*
+⅞ 6.2
2102
1540
— 1.9 19.0
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167 InvesPerp Sel UK E 177½ +4 3.6
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214⅛* -1¾ 3.3
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1118
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318
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2940½ Shire
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— 0.9 2396
Net Asset Values © 2018 Morningstar Estimated at previous
67¼
56⅝ Assura ●
58¾*
-⅝ 4.3
—
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96
+1⅞ — -4797.5
1245* +13½ 3.7 13.4
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2970½
26¾ Micro Focus Intl
346¾
216¾ JPM Chinese
296
-2 0.5
344
910½
722 Big Yellow Gp ●
895
— 3.3
—
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—
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400
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760
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738
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589 Brit Land
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216⅜ BT Group
240½ +1⅝ 6.4 12.5
429
235 discoverIE Grp
427 +15 2.0 80.6
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+2 2.3 24.2
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777½
— 1.4
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256⅜
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104 JPM ElecManInc
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23.5
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day’s close see www.Morningstar.co.uk.
50 Cap&Regional
⅛
Union Jack Oil
⅛
—
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—
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—
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102
101¾ RM ZDP
101½
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-4
-4.8
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—
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52 week
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Recent issues
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-9 4.2
Price (p) +/- Yld
—
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3191
387
388½ +8½ 2.5
2010
3883 -13 2.8
380 James Halstead
290 M&C Saatchi
173¾
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1.3
2.6
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—
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3805
15⅛ UBS AG SFr
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3558
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181½
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550⅜
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141⅛ +1⅛ —
3225* +26 3.5 15.0
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1476 Ashtead Gp
127⅝ Capita ●
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1826 Victrex ●
311¾
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7.6
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… 5.5
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4647 +48 1.7 25.7
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Construction +0.05%
17
141¼ -1¼ 7.4 13.9
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4684
— 2.0 22.8
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High
391
P/E
172 Gattaca
191¼
NAV
558½ Vedanta Res ●
Price (p) +/- Yld
— 3.6 18.0
-½ 12.7
339
Price (p) +/- Yld
— 2174
Low Stock
748¼
—
-0.1
1525 +10 1.2 24.8
1324⅜ 997⅞ Young & Co - N/V 1220 +5 1.6 22.1
The Alternative Investment Market is for young and growing
companies. Shares may carry higher risks than those with a full
quotation, and may be difficult to sell.
Bold FTSE100 Stocks
* Ex-dividend
§ Ex-rights
●
FTSE250 Stocks
† Ex-scrip
# Suspended
‡ Ex-all
Cover relates to the previous year’s dividend.
Yields are net of basic rate tax.
Data is provided for information purposes only and is
not intended for trading purposes. Speak with a
financial advisor before using any data to make
transactions.
Americans +1.34%
52 week
High
Low Stock
Price +/- GrsYd Cvr
+¼ 6.4 13.1
39⅛
24¾ 21st Cent Fox A $
36⅜
+¼ 1.0
+⅝ 6.2 19.9
57½
29½ Alcoa $
54⅝
+⅝
—
2.2
—
The Daily Telegraph Friday 13 April 2018
7
**
Business
Dunelm soars as it weathers the ‘Beast’
TOM REES
PORT
MARKET REPORT
Results roundup
Company
Aberdeen Asian Small Cos IT
DUNELM enjoyed its best day of
trading in over two years on hopes
that the home furnishings company
can survive the high street slump
intact after shrugging off the recent
cold snap sinking its peers.
Dunelm’s share price tumbled to a
six-year low in the wake of a disastrous
profit warning and the exit of its chief
financial officer in March. But
investors piled back into the FTSE 250
company after its sales were bolstered
by its attempt to tap the shift in retail
from bricks to clicks.
City analysts had expected Dunelm
sales to continue to feel the heat from
squeezed UK consumers shunning big
ticket purchases and retail trading
icing over during March’s cold blast.
Falling sales in John Lewis’s homeware
department, one of Dunelm’s largest
competitors, had hinted at another
troubled quarter for the company.
But Stifel analysts declared that the
company had beaten the ‘Beast from
the East’ and emerged from a
“challenging quarter for non-food
retailers” unscathed. Dunelm’s sales
growth indicates that the company
continues to make “significant gains in
market share”, it told clients as the
retailer soared 46p, or 8.8pc, to 570p.
Pre-tax (£)
EPS (p)
DIV (p)
Pay day
XD
Int – (–)
2.6m (2.6m)
6.57 (6.82)
n/a (n/a)
–
–
Int – (78k)
-4.5m (-3.9m)
-7.85 (-8.34)
n/a (n/a)
–
–
Central Asia Metals $
Fin 102.5m (66.7m)
49.7m (33.6m)
29.02 (24.26) 10.000p (10.000p)
May 25
Apr 24
City Pub Group [The]
Fin 37.4m (27.8m)
-260k (581k)
-2.45 (1.49)
2.250 (1.500)
Jun 30
May 30
Fin – (–)
-3.2m (-1.4m)
-8.40 (-4.00)
n/a (n/a)
–
–
Fin 7k (6k)
-4.0m (-3.7m)
-0.40 (-0.40)
n/a (n/a)
–
–
Fin – (–)
51.6m (49.5m)
61.20 (53.20) 21.500 (15.250)
May 09
Apr 12
Destiny Pharma
Falcon Oil & Gas $
Mercantile Inv Trust [The]
Patagonia Gold $
Countryside snaps up
Ofcom abandons plans to
affordable house builder force access to network
Winners and losers (pc)
Turnover (£)
C4X Discovery Holdings
BUSINESS BULLETIN
Fin 31.9m (30.0m)
10.1m (2.2m)
0.40 (0.10)
n/a (n/a)
–
–
Saga
Fin 860.1m (871.3m)
178.7m (193.3m)
13.00 (14.10)
6.000 (5.800)
Jun 29
May 17
WH Smith
Int 643.0m (643.0m)
82.0m (83.0m)
61.50 (62.20) 16.000 (14.600)
Aug 02
Jul 12
Ç Information technology
Countryside Properties has bought
Midlands-based affordable homes
builder Westleigh for £135.4m. The deal
will enable Countryside to extend its
work with local authorities and housing
associations, while Westleigh’s founder,
Chris Beighton, who set up the business
in 1985, is expected to pocket around
£27m. He will step down when the sale
is completed.
3.09
Ç Retailers
2
Ç Electricals
1.81
Ç Americans
1.34
Ç Chemicals
1.16
Ç Automobiles & parts
1.13
Ç General financial
1.09
Ç AIM
1.02
Ç Insurance
0.84
Playtech agrees takeover Polyus to buy back bonds
of Italian rival Snaitech
amid market ‘volatility’
www.theice.com/data
Elsewhere, takeover target Shire
Pharmaceuticals rallied a further 96p
to £36.86 amid numerous reports that
Japanese suitor Takeda has
approached lenders to finance a mega
deal which City analysts believe could
hit the £35bn mark. Although pharma
peer Takeda has pledged to maintain
its dividend and credit rating, reports
in Japan have indicated that it is
seeking to lend tens of billions of
dollars to fund a swoop for the FTSE
100 company. Shire shares have been
in the ascendancy since Takeda
revealed its interest last month but
doubts have been raised over the
Osaka company’s ability to finance a
swoop without placing further strain
on its stretched balance sheet.
Buoyant online grocer Ocado pulled
back 9.6p to 514.4p after analysts at JP
Morgan added the mid-cap company
to its “sell” list. Its shares have
skyrocketed as much as 150pc since
November after revealing a string of
international deals with major
retailers. JP Morgan warned investors
to be watchful of the rights issue
announced in February and the higher
than anticipated investment needed to
execute its transformation into a
technology company.
Countryside Properties climbed
15p to 353p after acquiring
housebuilder Westleigh in a £135m
deal to step up its presence in the
Midlands and Yorkshire.
Market sentiment tentatively
recovered after Donald Trump
signalled that the US may delay an
attack on the Assad regime. The softer
rhetoric lifted stocks in Europe and
the US but sinking oil shares and a
stronger pound weighed heavily on
the FTSE 100 with the index closing
just 1.2 points higher at 7,258.34.
È Transport
-0.01
È Electricity
-0.09
È Food producers
-0.28
È Beverages
-0.48
È Aerospace & defence
-0.63
È Oil & Gas
-0.74
È Media
-0.92
È Tobaccos
-1.05
È Household goods
-1.54
Ofcom has abandoned “dark fibre” plans
to force BT’s network Openreach to
allow telecoms rivals to connect their
own equipment to its network from
March 2019. Following industry
wrangling and a court defeat by
Openreach, the regulator said it would
not be going forward with the plans.
However, it said it may revisit the idea
at a later date.
Gaming company Playtech has agreed
to buy Italian rival Snaitech in a deal
that is expected to complete by the end
of this year. Playtech said it has agreed
to buy a 71pc stake in the group for
€846m (£737m) and once that
completes it will be required to make a
takeover offer. The deal would boost its
position in regulated markets.
The largest gold producer in Russia,
Polyus, is seeking to buy back up to
$250m (£175m) of its 2021 convertible
bonds, pointing to the “existing market
dislocation and volatility across its
publicly traded financial instruments”.
US sanctions have not been imposed on
Polyus, but its owner Suleiman Kerimov
was targeted by the sanctions.
Hays profits hurt by
cautious UK employers
Tata Steel merger held
up by talks with unions
Hays, the UK’s largest recruitment firm,
said British employers continued to be
cautious about hiring staff, pushing its
gross profits in the UK down 7.1pc in the
last three months. The firm is the third
to report results this week: both Page
Group and Robert Walters also said
trading in the UK had been subdued so
far this year.
The merger of Tata Steel and
Thyssenkrupp’s European operations
has been delayed as talks with unions
remain ongoing. Thyssenkrupp has
already secured approval from its
workers for the deal to go ahead, but
Tata remains in talks with staff at both
Port Talbot and Ijmuiden in the
Netherlands.
Market data
Unit trusts & open-ended investment companies prices www.telegraph.co.uk/funds
World market indices
Name
Index
Init chge
Mid
Sell
Change
Buy on day
Change
Mid
Change
Buy on day
Discretionary Unit Fund
Multi-Mgr Inc&Gwth A Acc
5.00
*173.8000
+0.20
JPM Global Uncons Eq A Inc 3.00
Multi-Mgr Inc&Gwth A Inc
5.25
*152.1000
+0.20
JPM Japan A Acc
Multi-Mgr Mangd A Acc†
5.00
*272.7000
…
JPM Japan A Inc
Multi-Mgr Mangd A Inc†
5.00
*265.7000
Sterling Bond Acc†
4.25 219.6400 229.1100
Sterling Bond Inc†
Strategic Bond A Inc
Name
Init chge
Sell
Mid
Change
Buy on day
All Ordinaries
5911.40
-14.40
-0.24pc
No 1, Poultry, London EC2R 8JR. 020 7415 4130
Ç Brazil
Bovespa
85443.53
+197.94
+0.23pc
Maitland Discretionary Inc
È China
Shanghai Composite
3180.16
-27.92
-0.87pc
CAC General
5309.22
+31.28
+0.59pc
DAX
12415.01
+121.04
+0.98pc
Hang Seng
30831.28
-66.43
-0.21pc
È Australia
Ç France
Ç Germany
È Hong Kong
7 Newgate Street, London, EC1A 7NX
www.axaframlington.com Cust Svs: 0845 777 5511
Ç India
S&P CNX500
9247.25
+16.40
+0.18pc
Nikkei
21660.28
-26.82
-0.12pc
RTS
1125.09
+41.56
+3.84pc
Straits Times
3468.61
-11.15
-0.32pc
Amer Gwth Acc
5.25
*568.2
-1.30
Biotech Acc
5.50
*165.4
-0.10
È Singapore
Ç Spain
Madrid SE
990.26
+1.75
+0.18pc
Ç Switzerland
SMI Index
8774.76
+66.32
+0.76pc
Ç USA
Dow Jones
24483.05
+293.60
+1.21pc
Ç USA
Nasdaq
7140.25
+71.22
+1.01pc
Commodities summary
Price
È Gold
per troy oz
È Silver
Change
-17.46
-1.29pc
£11.57
-0.16
-1.35pc
£936.06
-19.42
-2.03pc
$1335.00
per oz
È Krugerrand
Emerg Mkts Acc
5.25
270.1
+0.20
European Acc
5.25
867.0
+0.20
Unit Trust
Financial Acc
5.25
653.9
-3.80
Global Opp Acc
5.25
1384.0
-7.00
Global Opp Inc
5.25
1221.0
-6.00
Global Tech
5.25
105.1
+0.10
Health Acc
5.50
1713.0
-5.00
Cash Fd Y
–
100.01
…
Cash Fd Y Accum.Units
–
100.34
+0.01
È New Sovereign
£216.41
-3.21
-1.46pc
Japan Acc
5.25
*585.7
-3.00
£935.01
-14.84
-1.56pc
Managed Balanced Acc
5.25
380.4
+0.20
£641.80
-5.27
-0.81pc
Managed Income Inc
5.25
*141.0
…
per oz
È Palladium
È Copper
È Tin
Wealthbuilder
3.50
-0.3
132.2
per oz
£675.21
-2.09
-0.31pc
£4792.72
-72.48
-1.49pc
Managed Income Acc
5.25
*987.8
+0.20
Enhanced Inc Fd
3.50
105.5
+0.2
high grade
£14716.84
-65.65
-0.44pc
Monthly Inc Inc
5.25
*253.9
+0.60
Extra Income Fd
3.50
27.60
+0.03
£1642.07
-41.02
-2.44pc
£2172.22
-96.54
-4.26pc
Monthly Inc Acc
5.25
*615.9
+1.40
Moneybuilder Bal
–
48.55
+0.06
high grade
£1604.48
+21.70
+1.37pc
UK Growth Acc
5.25
295.9
+1.20
Moneybuilder Inc
–
36.52
+0.04
£9675.38
-56.42
-0.58pc
UK Select Opps R Inc
5.25
*1868.0
+2.00
UK Select Opps R Acc
5.25
*3426.0
+4.00
UK Smllr Cos Acc
5.25
301.3
+0.20
È Nickel
Ç Baltic Dry Index*
Ç Wheat
È Brent Crude
993.00
+14.00
+1.43pc
per tonne
£146.65
+0.75
+0.51pc
Jun settlement
$72.02
-0.04
-0.06pc
*Copyright Baltic Exchange Information Services Ltd.
AXA IM Funds www.axa-im.co.uk
Change
Buy on day
Mid
Change
Buy on day
Mid
Change
Buy on day
-0.2900
Jupiter Emerg Euro Opps
–
201.45
+4.16
M&G Episode Growth A Inc
4.00
60.41
+0.12
3.00
*453.1000
-2.5000
Jupiter European
–
2123.80
-7.08
M&G Episode Income A Inc
4.00
*129.54
-0.1
3.00
*109.1000
-0.6000
Jupiter Euro Inc Acc
–
78.85
-0.32
M&G Episode Income A Acc
4.00
*169.42
-0.13
…
JPM Multi-Asset Income A Acc 3.00
*94.4900
+0.0600
Jupiter Euro Inc Inc
–
54.09
-0.23
M&G Global Dividend A Inc
4.00
*199.27
+0.76
…
JPM Multi-Asset Income A Inc 3.00
*65.2300
+0.0500
Jupiter Euro Special Sits
–
405.42
-1.40
M&G Global Dividend A Acc
4.00
*273.72
+1.04
4.25 64.9100 67.7000
…
JPM Multi-Asset Inc A Mth Inc 3.00
*64.7500
+0.0400
Jupiter Fin Opp
–
595.06
-3.91
M&G Glbl Emrgng Mkts A Inc 4.00
259.13
-0.6
4.00
*122.9000
…
JPM Multi-Man Gwth A Acc
*967.0000
-0.1000
Jupiter Fund Of Inv Trusts
–
249.01
-0.37
M&G Glbl Emrgng Mkts A Acc 4.00
280.51
-0.65
+0.04
Sell
Growth & Income Funds
Name
Init chge
3.00
Sell
£ > € Rate 1.1554 Change +0.83¢ £ > $ Rate 1.4232 Change +0.26¢
Tourist £1= Sterling £1=
1 Euro =
Pan Euro HY Bond Inc
5.25
*32.21
+0.03
Pan Euro HY Bond Acc
5.25
*104.5
+0.10
1 Dollar =
Sell
157.0000
+0.20
JPM Multi-Man Gwth A Inc
3.00
*884.8000
…
Jupiter Global Emg Acc
–
70.77
+0.46
M&G Glbl High Yld Bd A Inc
3.00
*50.24
+0.50
JPM Natural Res A Acc
3.00
*593.6000
+2.7000
Jupiter Global Eq Inc Acc
–
*69.11
-0.34
M&G Glbl High Yld Bd A Acc
3.00
*131.44
+0.1
UK & Irish Small Co A Acc
5.00
643.0000
+2.20
JPM Natural Res A Inc
3.00
*41.6100
+0.1900
Jupiter Global Eq Inc Inc
–
*60.46
-0.30
M&G Global Macro Bd A Inc
3.00
81.49
+0.27
UK Equity Income A Inc
5.00
*622.7000
+1.40
JPM Portfolio A Acc
3.00
260.8000
+0.4000
Jupiter Global Managed Acc
–
*225.74
-1.00
M&G Global Macro Bd A Acc
3.00
123.0
+0.41
UK Index A Acc
–
610.9000
+1.10
JPM Sterling Corp Bd A Grs Acc 3.00
*92.5800
-0.0300
Jupiter Global Managed Inc
–
*216.91
-0.96
M&G Global Themes A Inc
4.00
851.4
-1.53
UK Tracker A Acc
–
274.4000
+0.50
JPM Sterling Corp Bd A Grs Inc 3.00
*55.5300
-0.0100
Jupiter Growth & Inc
–
100.72
+0.43
M&G Global Themes A Acc
4.00
1323.55
-2.39
US Growth A Acc
5.00
960.8000
-4.80
JPM UK Dynamic A Acc
3.00
*200.1000
+0.6000
Jupiter Income
–
553.02
+4.35
M&G Managed Growth A Inc 4.00
108.51
+0.02
JPM UK Dynamic A Inc
3.00
*157.9000
+0.6000
Jupiter India Fd
–
123.60
-0.22
M&G Optimal Income A Inc
3.00
*149.42
-0.18
JPM UK Equity Core E Acc
–
*353.7000
+0.6000
Jupiter Int Financials
–
92.54
-0.60
M&G Optimal Income A Acc
3.00
*211.14
JPM UK Equity Core E Inc
–
*60.5300
+0.1000
Jupiter Japan Inc Fd Acc
–
114.84
-0.27
M&G Property Portfolio A Inc
J.P. Morgan Asset Management
60 Victoria Embankment, London, EC4Y 0JP
Clients:0800 204020.Brokerline 0800 727770
–
117.13
117.13
-0.26
+0.01
JPM UK Equity Gwth A Acc
3.00
*139.8000
+0.3000
Jupiter Japan Inc Fd Inc
–
89.93
-0.20
M&G Recovery A Inc
4.00
138.22
+0.87
JPM UK Equity Gwth A Inc
3.00
*125.4000
+0.3000
Jupiter Merlin Bal Prtfo Acc
–
179.21
-0.11
M&G Recovery A Acc
4.00
323.34
+2.05
JPM UK Higher Inc A Acc
3.00
*1059.0000
+2.0000
Jupiter Merlin Bal Prtfo Inc
–
125.20
-0.07
M&G Strategic Corp Bd A Inc 3.00
*75.46
-0.11
JPM UK Higher Inc A Inc
3.00
*551.3000
+1.2000
Jupiter Merlin Conserv Prtfo Acc–
*57.59
+0.18
M&G Strategic Corp Bd A Acc 3.00
*116.71
-0.17
JPM UK Sm Cos A Acc
3.00
481.0000
+1.4000
Jupiter Merlin Conserv Prtfo Inc–
*49.80
+0.15
M&G UK Inc Distribution A Inc 4.00
*768.41
+1.38
JPM UK Sm Cos A Inc
3.00
91.8400
+0.2800
Jupiter Merlin Grth Prtfo Acc –
*396.28
-0.71
M&G UK Inc Distribution A Acc 4.00
*6991.17
+12.57
JPM America Eq A Acc
3.00
85.2000
-0.4300
JPM UK Strat Eq Inc A Acc
3.00
*184.9000
+0.3000
Jupiter Merlin Grth Prtfo Inc –
*385.13
-0.69
M&G UK Infl Lkd Corp A Inc
3.00
*114.89
-0.02
JPM America Eq A Inc
3.00
85.1900
-0.4300
JPM UK Strat Eq Inc A Inc
3.00
*110.3000
+0.1000
Jupiter Merlin Inc Prtfo Acc
–
292.34
+0.22
M&G UK Infl Lkd Corp A Acc 3.00
*118.51
-0.03
JPM Asia Growth A Acc
3.00
*206.2000
-0.9000
JPM Uncons Bond A Acc
3.00
*72.1300
+0.0200
Jupiter Merlin Inc Prtfo Inc
–
132.20
+0.10
N.A.A.C.I.F. Inc
–
84.78
+0.26
JPM Uncons Bond A Inc
3.00
*57.1500
+0.0200
Jupiter Merlin WW Prtfo Acc –
284.29
-0.62
N.A.A.C.I.F. Acc
–
8352.82
+25.54
JPM US A Acc
3.00
*991.8000
-4.8000
Jupiter Merlin WW Prtfo Inc –
284.28
-0.61
†CAR - Net Income reinvested.
Jupiter Monthly Inc Acc
–
*114.64
-0.04
Jupiter Monthly Inc Inc
–
*30.50
-0.02
Jupiter N.American Inc Acc
–
142.76
-0.62
Jupiter N.American Inc Inc
248.0
+0.6
JPM Asia Growth A Inc
3.00
*113.6000
-0.6000
–
76.73
+0.13
JPM Emg Euro Eq A Acc
3.00
*192.3000
+3.9000
+26
Init chge
147.8000
3.50
3602
Name
5.00
Moneybldr Gwth
3.50
Sell
5.25
Moneybldr Div
American
Init chge
UK Alpha A Acc†
Growth Funds
Exchange rates
Name
UK Absolute Return A Acc
Income Funds
special high grade
Ç Aluminium
Mid
*94.6800
Init chge
†Available as an ISA
Investment Funds (OEIC)
grade A
È Lead
È Zinc
Fidelity International
130 Tonbridge Road, Tonbridge, Kent TN11 9DZ
Call free: Private Clients 0800 414161
Broker Dealings 0800 414181
È Maples
È Platinum
-2.98
AXA Investment Managers UK
Limited
È Japan
Ç Russia
3.00 2368.11 2514.58
Name
Natwest Investment Funds
(RBS Collective Investment Funds Ltd)
PO Box 249, York YO90 1ZY
0117 940 3848
Australia
Amer Sp Sits
3.50
1449
+10
–
118.95
-0.51
Aus $
1.7343
1.8342
1.5875
1.2888
Canada
Can $
1.7003
1.7942
1.5529
1.2607
European
3.50
2177
-5
Jupiter Responsible Inc Fd Acc –
*112.71
+0.64
Balanced Inc
5.00
*328.90
Denmark
Krone
8.1218
8.6033
7.4460
6.0450
European Opps
3.50
495.9
-0.4
Jupiter Responsible Inc Fd Inc –
*71.51
+0.41
Balanced Acc
5.00
*422.00
…
Global Special Sits
3.50
3736
+11
Jupiter Strategic Bond Acc
–
97.77
+0.04
Equity Income
5.00
*349.80
…
Japan
3.50
356.5
-0.5
Jupiter Strategic Bond Inc
–
64.78
+0.02
Extra Income
5.00
*108.60
…
Japan Smaller Cos
3.50
311.7
-1.6
Jupiter Strategic Res Acc
–
53.37
-0.07
Growth
5.00
*392.70
…
Global Focus
3.50
1883
+1
Jupiter Strategic Res Inc
–
51.95
-0.07
High Yield
5.00
*126.60
…
104.8600
+0.0900
Intntl Growth
5.00
*499.60
…
3902
+14
Euro
€
1.0949
1.1554
…
0.8118
HK $
10.5600
11.1719
9.6691
7.8498
India
Rupee
81.7500
92.9314
80.4301
65.2975
Israel
Shekels
4.4896
5.0012
4.3285
3.5141
Hong Kong
Japan
Kuwait
New Zealand
Yen
144.2600
152.6738
132.1360
107.2750
Dinar
…
0.4269
0.3695
0.3000
NZ $
1.7903
1.9288
1.6693
1.3553
Norway
Krone
10.5100
11.1011
9.6077
7.8001
Pakistan
Rupee
154.3100
164.4793
142.3534
115.5700
Saudi Arabia
Riyal
4.9714
5.3373
4.6193
3.7502
$
1.7317
1.8687
1.6173
1.3130
South Africa
Rand
15.9800
17.0749
14.7779
11.9975
Sweden
Krona
11.3100
12.0117
10.3959
8.4399
Singapore
Switzerland
1348
-4
3.50
282.5
+0.2
Boston Co US Opp Fund
0%
115.78
-0.68
Insight Corporate Bd
0%
*92.81
-0.04
Target Funds
-0.48
359.68
-1.43
Jupiter UK Special Sits Inc
–
*186.19
+0.84
Jupiter US Sm&Md Inst I Acc –
69.26
+0.04
Jupiter US Sm&Md Cap Ret Acc –
63.93
+0.04
Liontrust Investment Funds
1.3699
1.1856
0.9626
38.4183
31.1900
Insight Eq Inc Fund
0%
*171.27
+0.13
Target 2020
5.2274
4.5241
3.6730
Insight Eq Inc Booster
0%
*126.82
+0.78
†CAR - Net income reinvested
Insight Glob Abs Ret Inc
0%
*110.45
+0.10
Glob Income
5.00
152.34
160.71
+0.35
Insight Glob Multi-Strat Fd
0%
*121.94
+0.21
Growth Fd
5.00
410.07
434.08
+0.3
Insight Inflat-Link Corp Bd
0%
*107.44
+0.09
Long-Term Global Equity
0%
243.53
-1.16
Fundsmith LLP
Newton Asian Income
0%
*189.92
-0.75
0%
258.95
-0.51
PO Box 10846, Chelmsford, Essex, CM99 2BW.
0330 123 1815
www.fundsmith.co.uk enquiries@fundsmith.co.uk
…
0.8655
0.7026
1.4232
1.2317
…
Tourist rates for indication use only. www.travelex.co.uk
Rates
Inflation
RPI (1987=100)
Kings Meadow, Chester, CH99 9UT
0870 333 1835
Newton Cont European
Newton Global Dyn Bd
0%
*101.81
+0.02
Newton Glb High Yld Bd
0%
*60.06
+0.01
Fundsmith Equity T Acc
–
348.68
-1.50
Fundsmith Equity T Inc
–
323.73
-1.39
Feb 278.60
+2.10
+3.6pc
+0.40
+2.7pc
Halifax house price index
Mar 737.50
1.5pc
+2.7pc
Money
Bank Rate
0.50pc
Nationwide Base Mortgage Rate
Overnight
0.48pc
US Fed Funds
7 day
0.49pc
US Long Bonds Yld
3.05pc
1 month
2.50pc
1.50-1.75pc
0.52pc
European repo rate
1.25pc
3 months
0.77pc
European base rate
0.00pc
6 months
0.88pc
Major price changes FTSE 100
3.20pc
È Rentokil Initial
8.94m
273¼
-1.94pc
Ç Standard Life Abr 7.70m
377
3.17pc
È Reckitt Benck
1.64m
6036
-1.85pc
Ç Next
1.24m
5028
3.12pc
È Compass
2.23m
1461½
-1.62pc
Ç Shire
3.89m
3685½
2.67pc
È Fresnillo
1.23m
1266½
-1.48pc
Ç Just Eat
2.84m
729¾
2.62pc
È PaddyPwrBet
0.15m
7125
-1.45pc
Ç Marks & Spen
8.77m
270¾
2.19pc
È RELX
2.23m
1505½
-1.31pc
Ç Whitbread
2.28m
3809
1.74pc
È Intl Cons Air
15.84m
608⅝
-1.14pc
68⅛
1.70pc
È Brit Amer Tob
4.42m
4174
-1.09pc
Ç Kingfisher
11.15m
302¼
1.65pc
È WPP
4.91m
1187
-1.00pc
Ç Aviva
10.46m
509⅝
1.51pc
È Utd. Utilities
2.81m
703⅝
-0.96pc
Ç Legal&Gen
21.10m
269½
1.39pc
È Royal D Shell B
3.37m
2411
-0.92pc
Ç Johnson Matt
0.56m
3270
1.27pc
È Imp Brands
1.78m
2466½
-0.88pc
Ç Direct Line Ins
6.18m
357½
1.16pc
È BAE Systems
6.56m
591⅝
-0.84pc
11.69m
439⅜
1.13pc
È Bunzl
0.73m
2099
-0.80pc
Ç British Land
2.95m
653
1.11pc
È Sky
6.68m
1301
-0.69pc
Ç Croda Intl
0.40m
4647
1.04pc
È Smurfit Kappa
Ç Sainsbury
9.16m
253
1.04pc
È Persimmon
Ç Mondi
1.58m
1907
1.01pc
È GlaxoSmKline
Ç Ashtead Group
1.31m
2031
0.94pc
23.32m
681⅝
0.89pc
+0.5
-0.6
*220.2000
-0.4000
JPM US Eq Inc £ Hdg A Inc
3.00
*116.8000
-0.9000
UK Select Port Inc
–
340.3
340.3
*93.8000
-0.1900
JPM US Eq Inc A Acc
3.00
*164.5000
-1.1000
UK Selection Port
–
616.8
616.8
-1
Newton Intnl Bond
0%
228.49
-0.38
JPM Emg Mkts Inc A Acc
3.00
*71.9600
+0.2100
JPM US Eq Inc A Inc
3.00
*133.1000
-0.8000
UK 100 Co’s Fund Inc
–
*213.9
213.9
-0.3
Newton Multi-Asset Bal
0%
188.52
-0.29
JPM Emg Mkts Inc A Inc
3.00
*57.5000
+0.1700
JPM US Select A Acc
3.00
*153.8000
-0.9000
UK 100 Co’s Fund Acc
–
*369
Newton Mult-Asset Div Ret
0%
153.96
-0.03
JPM Eur Dyn (ex-UK) £ Hg A Acc3.00
*213.7000
+0.5000
JPM US Select A Inc
3.00
*151.8000
-0.9000
W’wide Man Inc
–
492.3
+0.9
JPM Euro Dyn (ex-UK) A Acc 3.00
W’wide Man Acc
–
789.8
+1.3
Newton Mult-Asset Gwth
0%
807.74
-0.61
Newton Oriental
0%
655.01
-5.50
Newton Real Return A
0%
111.90
-0.10
Newton UK Equity Fund
0%
*843.90
-0.17
+0.21
1661
259.8
3.00
321.22
-3.13pc
2.70m
+0.3
259.8
3.00
0%
-4.86pc
5692
114.2
–
JPM Emg Markets A Acc
Newton UK Opps
142⅞
114.2
High Income Acc
JPM Emg Markets A Inc
+0.06
0.45m
–
-0.6000
Sell
-0.22
*65.41
23.55m
High Income Inc
*137.3000
Init chge
-0.52
0%
È Randgold Res
Change
Buy on day
3.00
Name
270.30
Newton UK Inc
È ITV
Mid
JPM US A Inc
*187.57
Change
7.56pc
+0.8800
0%
Close
3.46pc
Change
Buy on day
*42.4900
Sell
0%
Volume
233¼
Mid
3.00
Init chge
Newton Glb Inc Stg Inc
Fallers 39
1258½
Name
JPM Emg Euro Eq A Inc
Newton Glb Opps
Change
74.41m
PO BOX 23850, Edinburgh EH7 5FY
Dealing and Admin 0330 123 3822
Marks & Spencer Unit Trust
Management Ltd
+3.6pc
Feb 104.90
Ç Micro Focus Intl 8.63m
-0.05
+0.80
CPI (2015=100 target 2pc)
Close
65.03
Year
Feb 278.10
Volume
3.50
Change on month
RPIX (Target 2.5pc)
Ç HSBC
3.50
UK Select Acc
320.79
–
44.3896
…
Ç GKN
South East Asia
–
1.2956
1.3540
149.77m
Sterling Income Shares
Jupiter UK Growth
Jupiter UK Smaller Cos
4.8863
$
Ç Lloyds Bk Gp
3.50
39.5400
£
Ç Easyjet
–
Special Sits
Baht
USA
Ç Tesco
Index UK A Acc
BNY Mellon Investment Funds (ICVC)
Franc
UK
Risers 61
Investors: 0800 614330 Brokers: 08085 660000
www.bnymellonim.co.uk,
clientservices@bnymellon.com
Dirham
Thailand
UAE
BNY Mellon Fund Managers
Carvetian Capital
Management Limited
Admin: Stuart House, St John’s St,
Peterborough PE1 5DD
Dealing & Enquiries: 0845 850 0255
Janus Henderson Investors
*216.9000
-0.1000
JPM US Sm Cos A Acc
3.00
618.9000
+1.3000
JPM Euro Dyn (ex-UK) A Inc
3.00
*97.3200
-0.0700
JPM US Sm Cos A Inc
3.00
162.1000
+0.3000
JPM Europe A Acc
3.00
*1429.0000
-3.0000
JPM Europe A Inc
3.00
*79.4300
-0.1700
-1.00
JPM Euro Smaller Co A Acc
3.00
757.6000
-3.3000
…
JPM Euro Smaller Co A Inc
3.00
PO Box 9023 Chelmsford, CM99 2WB
Enquiries: 0800 832 832
Website: www.janushenderson.com
Asia Pac Cap Gwth A Acc
5.00
1079.0000
Asian Dividend Income Inc
5.00 105.0200 110.3300
98.1200
-0.4400
Cautious Managed A Acc
5.00
262.9000
+0.60
JPM Global Bd Opps A Grs Acc –
*54.3400
+0.0400
Cautious Managed A Inc
5.00
151.5000
+0.40
JPM Global Bd Opps A Grs Inc –
*49.0800
+0.0400
China Opps A Acc
5.00
1445.0000
-5.00
JPM Global Bond A Gross Acc 3.00
*263.0000
-0.1000
-0.5
M & G Securities Ltd
Jupiter Unit Trust Managers Ltd
The Zig Zag Building, 70 Victoria Street, London,
SW1E 6SQ
020 3817 1000
Emerg Mkts Opps A Acc
5.00
206.2000
+0.80
JPM Global Bond A Gross Inc 3.00
*204.1000
…
European Growth A Acc†
5.25
227.6000
-0.40
JPM Global Eq Inc £ Hdg A Acc 3.00
*81.9300
-0.1600
1604.0000
-2.00
JPM Global Eq Inc £ Hdg A Inc 3.00
*55.1000
-0.1100
Jupiter Abslt Rtn
PO Box 9039, Chelmsford, CM99 2XG
Enq: 0800 390 390. UT Deal: 0800 328 3196
-0.11
Charibond Inc
–
123.17
Charibond Acc
–
3955.94
-3.64
–
1566.84
+5.71
53.77
+0.12
Charifund Inc
–
910.67
+3.08
Charifund Acc
–
23986.52
+87.42
–
*127.04
-0.65
M&G Corp Bond A Inc
3.00
*40.29
-0.07
–
*117.43
-0.60
M&G Corp Bond A Acc
3.00
*69.53
-0.13
Jupiter China Acc
–
*138.18
-0.11
M&G Dividend A Inc
4.00
59.34
+0.05
M&G Dividend A Acc
4.00
660.76
+0.58
FENIX Balanced Fd
5.00
154.4
…
European Sel Opps A Acc
5.00
Generation Fd
5.00
773.0
…
Fixed Int Mthly Inc A Inc
4.25 *21.7900 22.7300
…
JPM Global Eq Inc Fd A Acc
3.00
*94.0700
-0.2500
Jupiter Asian Fd
Consistent Unit Trust
Management Co Ltd
Global Care Growth A Inc
4.50
*280.8000
-0.90
JPM Global Eq Inc Fd A Inc
3.00
*76.6200
-0.2100
Jupiter Asian Inc Fd Acc
Global Equity Inc A Inc†
5.25
*58.5000
-0.11
JPM Global HiYld Bd A Grs Acc 3.00
*110.5000
+0.1000
Jupiter Asian Inc Fd Inc
Admin: Stuart House, St John’s St,
Peterborough PE1 5DD
Dealing & Client Services 0345 850 8818
Global Growth Acc
4.25 2917.6799 3043.3701
…
JPM Global HiYld Bd A Grs Inc 3.00
*36.9400
+0.0300
–
Global Strategic Cap Acc†
5.00
232.7000
+0.20
JPM Global HiYldBdAGrsMthInc3.00
*36.6000
+0.0300
Jupiter China Inc
–
*132.77
-0.10
Global Technology A Acc
5.00
1620.0000
-5.00
JPM Global Macro Bal A Acc
3.00
*72.6300
-0.0700
Jupiter Corp Bond Inc
–
*56.66
-0.04
JPM Global Macro Bal A Inc
2954
-0.61pc
1.09m
2660
-0.56pc
Unit Tst Inc
5.00
50.72
51.62
-0.18
Multi-Mgr Abs Ret A Acc
5.00
*139.8000
…
3.00
*63.6600
-0.0600
Jupiter Dstrbtn Acc
–
*101.19
+0.03
10.48m
1429⅝
-0.53pc
Unit Tst Acc
5.00
130.8
133.2
-0.5
Multi-Mgr Active A Acc†
5.00
*219.0000
-0.10
JPM Global Macro Opps A Acc 3.00
74.09
-0.11
Jupiter Dstrbtn Inc
–
*58.64
+0.02
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2.76m
881¼
-0.50pc
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5.00
*229.7
246.2
+0.6
Multi-Mgr Distbn A Inc
5.25
*133.6000
+0.20
JPM Global Macro Opps A Inc 3.00
73.4
-0.11
Jupiter Dstrbtn & Grth Inc
–
*120.00
+0.26
È AstraZeneca
1.76m
5045
-0.49pc
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5.00
*1216
1303
+4
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–
*84.8600
+0.05
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*1275.0000
-4.0000
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–
*370.02
-0.86
0.63m
369
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* Denotes Ex-dividend
…
8
Friday 13 April 2018 The Daily Telegraph
***
Business
Shell boss sets out plans to safeguard returns in a greener world
By Jillian Ambrose
ROYAL Dutch Shell is shaking off fears
that billions of dollars worth of oil and
gas investment could be left in the
ground as global governments push for
a cleaner energy system.
In its first major sustainability report
the Anglo-Dutch group said it is confident that the business will remain resilient. The oil major faces rising calls
from activists and shareholders to
prove that it can safeguard its balance
sheet against the shift away from fossil
fuels towards low-carbon energy.
Shell boss Ben van Beurden said the
firm plans “to keep pace, and catch up
with, society’s progress” towards goals
of the Paris climate agreement.
“Understanding what climate change
means for our company is one of the
biggest strategic questions on my mind
today. In answering that question, we
are determined to work with society
and our customers,” he said.
He added that the FTSE 100 group
will still provide strong returns for
shareholders “well into the future”.
Global leaders agreed in 2015 to take
action to limit the earth’s warming to
2C above pre-industrialised levels by
cutting the greenhouse gas emissions
that contribute to the warming. In
Europe, the move to a cleaner energy
system has already gained pace in
power generation but will also take in
transport fuels, industrial emissions
and heating.
But Shell estimates that the world
can meet these climate targets and still
drill for oil and gas in the years ahead,
while using more solar power and
hydrogen for electricity and transport.
“For Shell, this means that we will
still produce and sell the oil and gas
that society needs, while preparing our
portfolio to move more into lower-carbon energy, where this makes commercial sense,” the report said.
The group’s most “ambitious and
challenging” scenario outlines a “technologically, industrially and economically possible route to achieving the
goals of the Paris agreement” in which
oil and gas demand continues to grow.
BEERPIXS/GETTY
Nugget Point in the
Catlins area of
South Island. New
Zealand prime
minister Jacinda
Ardern has ruled
out issuing fresh
offshore oil
exploration permits
in its waters,
effectively banning
the sinking of new
wells, as the
country transitions
to a carbon-neutral
economy
New Zealand bans offshore oil exploration
By Jillian Ambrose
NEW ZEALAND has banned offshore
oil exploration in one of the boldest
political moves yet to tackle global climate change.
Jacinda Ardern, the country’s prime
minister, shocked New Zealand’s small
oil industry by ruling out any new
exploration permits for drilling while
the country strives towards a “carbonneutral” economy.
Ms Ardern, who clinched last year’s
election with a strong focus on the
environment, said the ban was “an
important step to address climate
change and create a clean, green and
sustainable future for New Zealand”.
She said her government “has a
plan to transition towards a carbonneutral future, one that looks 30 years
in advance”.
New Zealand’s annual oil production
is a sliver of that from the UK’s declining North Sea basin and makes up just
1.4pc of the country’s economy.
The ban will not affect 50 existing
oil permits, or any onshore oil drilling plans, meaning the country
could continue to produce oil for over
a decade.
“Transitions have to start somewhere and unless we make decisions
today that will essentially take effect in
30 or more years’ time, we run the risk
of acting too late and causing abrupt
shocks to communities and our country,” said Ms Ardern. The ban is likely to
reverberate among nations that have
pledged to cut carbon emissions in order tackle climate change, and could be
emulated by others in time.
It goes even further than France’s
decision last year to end all exploration
for oil and gas by 2040.
“This sends a powerful message:
we are ending the age of oil,” said the
New Zealand boss of Greenpeace Russel Norman.
“New Zealand has taken a historic
step and delivered a massive breakthrough for the climate, spurred on
by the tens of thousands of people
who have fought for years to pro-
tect our coasts from new oil and gas
exploration,” Mr Norman added.
New Zealand’s opposition party
leader Simon Bridges branded the “political stunt” a “reckless” hit to the
country’s economy.
Shares in local firm New Zealand Oil
and Gas slipped 3pc to seven-month
lows of around 60 cents on the country’s stock exchange.
New Zealand’s oil industry is already
in decline after a downturn in the
global market from 2014 took a heavy
toll on its earnings.
In the wake of the oil price collapse,
major companies have prioritised exploration in areas where they can produce the commodity more cheaply.
New Zealand pumped an average of
just 31,000 barrels of crude a day last
year, according to data from the US
Energy Information Agency (EIA), a
fraction of the 913,000 barrels produced daily in the North Sea.
By contrast the hydrocarbon superpowers Saudi Arabia, Russia and the US
produced a daily average of around
10 million barrels of crude in 2017.
The political momentum behind
tackling harmful emissions has taken
hold in the UK, which has banned coalfired power generation from 2025.
Drax, owner of the UK’s biggest coal
plant, said earlier this week it may even
shutter its coal burning units before
the 2025 deadline.
Global oil demand would grow at a
compound average rate of 0.9pc between 2020 to 2025 before appetite
contracts at the same rate each year
from 2025 to 2030.
Meanwhile demand for solar power,
a key focus for Shell, will surge. The
peak growth in solar demand is likely
before 2025 at an average annual
growth rate of 20.3pc and 19.3pc in the
second half of the decade.
Central Asia
Metals chief
hints at future
acquisitions
By Jon Yeomans
THE boss of Central Asia Metals
(CAML) has hinted the miner could be
on the trail of fresh acquisitions, having
completed the reverse takeover of a
zinc miner in Macedonia.
Nick Clarke, the executive chairman
of the Aim-listed mining company, said
he wanted “to build a strong business
in the right manner”.
“We’re not going to become deal
junkies for the sake of it but if the right
opportunities come along, we will take
a look them.” CAML completed the
$400m (£292m) purchase of Lynx Resources at the end of last year. Mr
Clarke said the deal had added $14m to
the company’s bottom line, as well as
increasing its production of metals by
150pc and its resources by 200pc.
“We’ve now got a company that produces three metals: copper, lead and
zinc,” he said. CAML has pleased investors by maintaining steady dividends
since 2012, in contrast with many in the
mining sector. Prior to the Lynx deal,
its biggest asset was its copper mine
in Kazakhstan.
For the year to Dec 31, CAML will pay
a dividend of 16.5p a share, a 6pc increase on the year before. Revenues
jumped 35pc to $102.5m while pre-tax
profits climbed 33pc to $49.7m.
Mr Clarke remains bullish on the
outlook for copper, noting global supply is tightening, while zinc supply is
also volatile. The latter metal is used to
coat steel to protect it from corrosion.
He added that recent US sanctions
on Russia should not affect Kazakhstan, despite its close ties to its neighbour. A management reshuffle at CAML
effective from the end of this week will
see Nick Robinson, the chief financial
officer, become chief executive.
Mr Clarke will step back to being
non-executive chairman, though he insisted he would remain “hands on”.
CAML shares closed up 0.61pc at 328p.
The value of its stock has risen more
than a third in the last year, giving it a
market cap of £564m.
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