"Lloyds’ share price, which rose 0.80 percent to 76.30p on Friday, is expected to surge this week on the back of an announcement of Scottish Widows’ sale." says the Invezz site. Oh, how I would love a surge. Anyone remember the Spitting Image sketch with David Steele and David Owen? "Oh David, I'm surging... I'm surging".
We'll see I guess. Hopefully a "surge" is more than 1p.
I note that Invezz quote 76.30p rather than 75.38 as the closing price on Friday (which is also what Google displays if you search on Lloy). Anyone tell me why Google often does this with the Lloy SP, giving a different result?
"Troy’s Francis Brooke has used inflows into his £1.3bn Trojan Income fund to initiate a position in Lloyds Banking Group ahead of the bank's return to the dividend register.
Brooke (pictured), who joins a number of his UK equity income peers in buying Lloyds, told Investment Week the bank is now "much more attractive", even when the stock's 76% rise over the past year is taken into account.
The lender, which Brooke has not owned since 2008, is reportedly targeting payouts equivalent to some 70% of earnings once it restarts dividend payments next year.
Trojan Income's cash position remains at around 8% as of 31 October - the same level seen at the end of Q3 - but Brooke said this disguises "quite a lot of activity" as flows into the fund accelerate.
Brooke acknowledged he has likely been a beneficiary of a shift in UK equity income allocations following the announcement of Neil Woodford's 2014 departure from Invesco Perpetual.
Troy introduced an initial charge of 5% on Trojan Income earlier this year in order to protect existing investors, but retail investors can still access the fund via platforms without paying that fee.
"When you think of the amount of money that was invested with one manager, it is hard not to see how it affects the wider sector," he said.
"However, this is not necessarily about people selling one fund and buying another. There is a steady flow [into Trojan Income], which suggests it is a redirection of new money as much as it is selling."
The manager has been using flows into the fund to top up existing holdings, such as AstraZeneca, Centrica and Provident Financial, as well as buying Lloyds.
Asked about the bank's provisions on its mortgage book, Brooke said Lloyds has been "pretty impressive" in recognising the poorer quality assets in its legacy HBOS book, adding provisions on business written in the past few years are likely to be less onerous.
"Recovery funds have done very well out of Lloyds, but I am less interested in where it has been and more interested in where it is going. It is a much more attractive purchase for income funds now."
Very true,I'm not totally clueless as have been into both in the past,just nice to get views from both boards,have to say though that I'm pretty sure if this stays at the 75p mark tomorrow I'm joining you guys here.the tsb iPo and hopeful reinstatement of divs announced next year should be a nice start to 2014.Have a great day all.
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