Activist seeks role in hunt for Barclays (BARC) chairman. Sherborne Investors said yesterday that it was “engaging” with Barclays on the “search process for and mandate of a new chairman” as the bank hunts for a replacement for John McFarlane, who is expected to leave at next year’s annual meeting.
Bellway (BWY) hits new-build landmark. Bellway has warned of moderating growth in house prices after selling more than 10,000 homes in a year for the first time.
Bookmaker gets big kick from World Cup. The chief executive of described the bookmaker’s interim results as “a game of two halves” as a flat first quarter was followed by a 13% jump in second-quarter revenues helped by the World Cup.
Glencore (GLEN) profits ease focus on US inquiry. The head of Glencore brushed off questions yesterday over an anticorruption investigation in the United States as the giant mining and trading group unveiled record first-half profits.
Humber pipe ‘catastrophe’ warning falls on deaf ears. The energy regulator has rejected National Grid (NG.) request to charge customers £140 million for the replacement of a pipeline that carries about a fifth of Britain’s gas supplies across the Humber estuary.
Prudential (PRU) divorce ‘still on track’ as Asia drives up insurer’s first-half profits. Mike Wells, chief executive, said that work was well under way to separate its British and European life business from its faster-growing insurance operations in Asia and the rest of the world, a move that would create two new companies.
Morgan Sindall Group (MGNS) gets helping hand from its auditor. A lucrative contract to fit out the gleaming steel and glass offices of its auditor in central London have helped earnings and dividends to go high rise at Morgan Sindall, the construction group
Centrica (CNA) – British Gas puts prices up again ahead of cap. Britain’s biggest domestic energy supplier blamed rising wholesale gas and electricity costs for the 3.8% increase to its standard tariff, which comes on top of a £60 rise in May and will take a typical bill to £1,205 a year from October.
Eon overtakes SSE (SSE) in Big Six league table
UDG Healthcare Public Limited Company (UDG) – Investors suffer headache after health warning. The warning in yesterday’s trading update for the 3Q that its Ashfield commercial and clinical division was operating well below the same quarter last year. Analysts were split on the company. At Peel Hunt and Liberum, they were upbeat and, citing full-year guidance, recommended a “buy”. Their peers at Numis were more cautious with their “reduce” position.
TI Fluid Systems (TIFS) rose to the top of the mid-cap index after the maker of automotive fluid storage said that half-year revenue was up 4.5% at €1.8 billion.
One short-seller’s decision to reverse its bet against a fall in the share price of Aggreko (AGK) helped to push the temporary power supplier into positive territory. The short position has fallen from about 20% in April to 15.5% this week, driven by a positive earnings announcement at the start of August.
A savage note from Berenberg put shares in Spire Healthcare Group (SPI) on course to continue their downward spiral, having already fallen below their float price after a profit warning earlier in the week. Issuing a “sell” recommendation and a target price of 120p, the broker cited lower visibility of NHS market factors affecting the company’s growth and concerns that cost growth had been more rapid than expected.
Dealers were watching a sell-off at Koovs (KOOV). It closed down ½p at just under 14p as investors in a recent share placing apparently looked to reduce their positions. However, dealers reckoned that it could be a good time to buy into a business expected to generate positive sentiment in future announcements.
Edi Truell, the financier, is expected to confirm today that he has increased his stake in Tungsten Corporation (TUNG), the struggling electric invoicing company that he founded. Disruptive Capital Finance, the private equity firm that Mr Truell co-founded, has lifted its holding from 12.4% to 13.07%. The move comes after Crispin Odey, the hedge fund tycoon and a shareholder, failed in an attempt last month to remove Nicholas Parker, Tungsten’s chairman, Richard Hurwitz, chief executive, and two independent directors.
Tempus – Pagegroup (PAGE): Buy. Diversification could provide a good hedge for Brexit while investment in headcount will continue to boost fee growth this year
Tempus – Spirax-Sarco Engineering (SPX): Hold. Class company but a 27 times earnings multiple makes it expensive at present
