AJ Bell (AJB) has pulled in 34,154 customers over the last year as it steps up its battle with Hargreaves Lansdown. The investment platform, which is run by founder Andy Bell, bumped up its customer numbers by 17% in the year to September 30. The amount of money it looks after for savers climbed by 13% to £52.3billion as investors piled £5.4billion into AJ Bell’s platform to buy funds and shares. The increase came as AJ Bell’s biggest rival, Hargreaves Lansdown, was caught up in the scandal engulfing Neil Woodford after years of backing the troubled stock picker’s funds.
AstraZeneca (AZN) has hiked its sales forecasts for the second time this year amid booming demand for its new medicines. The pharmaceuticals group said a surge in third quarter revenues was down to the success of its cancer drugs and a strong performance in China. It said revenues rose to £5billion in the three months to September, up from £4.2billion the previous year and higher than the £4.6billion predicted by analysts. Astra credited its performance to new medicines such as cancer treatments Tagrisso and Lynparza, with sales jumping by 62% to £2.1billion overall.
Shares in Woodford Patient Capital Trust (WPCT) rocketed as new managers were revealed after the fallen fund manager stood down. After months of uncertainty amid the scandal affecting frozen Neil Woodford’s flagship Equity Income Fund, the board of the £275million Woodford Patient Capital Trust has announced Schroders (SDR) will take over as manager by the end of the year. Woodford’s name will be removed from his trust, which was launched to much fanfare, and it will be rebranded as the Schroder UK Public Private Trust.
Petro Matad Ltd. (MATD) soared after tests at one of its wells showed there was more oil there than expected. The results from Heron-1 mean the Mongolia-focused group can move from being an oil explorer to a producer. AIM-listed Petro Matad will study the test data and prepare an application to the Mongolian government for a licence to produce oil. If it is successful, Petro Matad can start bringing in revenue for the first time.
Natwest-owner Royal Bank of Scotland Group (RBS) slumped to a third-quarter loss of £8million in the three months to September after it was forced to put aside a further £900million to compensate customers who were stung by mis-sold payment protection insurance (PPI) on loans and credit cards. The bank made a profit of £961million in the same period of last year. Making matters worse, its investment banking arm, Natwest Markets, posted a loss of £193million in a set of figures Jefferies analysts labelled ‘deplorable’. The results, which were considerably poorer than the City had expected, are the last to be overseen by New Zealander Ross McEwan, who has been chief executive for six years and will make way next month for career-RBS staffer Alison Rose. Rose ‘must be wondering what has just hit her’, Investec’s Ian Gordon mused.
Metro Bank (MTRO) rose as rumours gained traction that it could be a takeover target. In dire figures released after the market closed on Wednesday, it slipped to a loss of £3.3million in the first nine months of this year, while founder Vernon Hill finally stepped aside as chairman into an ’emeritus chairman’ role. But chief executive Craig Donaldson refused to rule out a takeover when asked if Metro had received any approaches. On the City rumour mill, Lloyds Bank’s name has been added to a list that also includes RBS and HSBC as potential buyers.
Shoe Zone (SHOE) rallied after revenues rose almost 1% to £162million during the year to October 5 and it kept its full-year profit forecast, saying it was ‘encouraged’ by recent sales. Although modest, the update is a sign the troubled retailer is stabilising following a profit warning and the departure in August of then chief executive Nick Davis.
