Cobus Loots, CEO of Pan African Resources, on delivering sector-leading returns for shareholders. Watch the video here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksMan Share News (EMG)

Share Price Information for Man (EMG)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 256.40
Bid: 256.60
Ask: 257.00
Change: 0.40 (0.16%)
Spread: 0.40 (0.156%)
Open: 254.60
High: 256.80
Low: 253.80
Prev. Close: 256.00
EMG Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

LONDON MARKET MIDDAY: Stocks lower; Sunak looks to sell protocol deal

Tue, 28th Feb 2023 12:03

(Alliance News) - Stock prices in London were mostly lower at midday on Tuesday, as investors wait to hear whether UK Prime Minister Rishi Sunak has been able to win support for his Northern Irish border deal with the EU.

The FTSE 100 index was down 27.93 points, 0.4%, at 7,907.18 heading into Tuesday afternoon. The FTSE 250 was down 22.90 points, 0.1%, at 19,863.20, though the AIM All-Share was up 1.07 points, 0.1%, at 859.54.

The Cboe UK 100 was down 0.4% at 791.35, the Cboe UK 250 was up marginally at 17,433.50, and the Cboe Small Companies was down 0.1% at 14,060.42.

Sunak insisted that his new Brexit deal for Northern Ireland addressed the concerns of unionists, despite the "small and limited" role for EU law and its court.

The PM, who was visiting Northern Ireland to sell the deal secured with the EU, said he believed "hand on heart" that it addressed the concerns expressed about the current post-Brexit trading arrangements which triggered the collapse of power-sharing in Stormont.

The Democratic Unionist Party, which brought down the Northern Ireland executive over the measures, is considering its response to the new deal.

The framework removes the Northern Ireland Protocol's barriers on trade across the Irish Sea and hands a "veto" to politicians in Stormont on EU law – a set of concessions from Brussels that went further than some expected.

"While the deal may provide a reset for UK/EU relations and be good for the UK economy, reports suggest some in the DUP are not fully satisfied by what's on the table," said AJ Bell analyst Russ Mould.

Sunak, who is also expected to speak to backbench MPs in England on Tuesday, spoke at length in the Commons on the deal as he sought to see off any threat of rebellion from within his own ranks.

MPs are expected to get a vote on the deal, but Downing Street has not so far said when or how such a vote might take place.

The pound was quoted at USD1.2093 at midday on Tuesday in London, up compared to USD1.2019 at the equities close on Monday. The euro stood at USD1.0611, up against USD1.0591. Against the yen, the dollar was trading at JPY136.72, up compared to JPY136.24.

UK Bank of England Monetary Policy Committee member Catherine Mann and Chief Economist Huw Pill will each speak at around 1230 GMT.

On the LSE, Ocado hurt the FTSE 100 index, slumping 8.3%.

The online grocer and warehouse technology firm said group revenue edged up just 0.6% to GBP2.51 billion in the year ended November 27. All segments saw growth, except for retail - its joint venture with Marks & Spencer - which fell 3.8%. "Robust" customer growth in retail was offset by lower value baskets, the firm said.

Ocado's pretax loss widened to GBP500.8 million from GBP176.9 million. No dividend was declared, unchanged from a year before.

Looking ahead, Ocado expects Retail growth in the mid-single digits for 2023, with Technology to see around 40% Ocado Smart Platform fee revenue growth, and UK Logistics to be "broadly stable".

AJ Bell's Mould said: "The latest results are as appetising as a bucket of sick. Revenue growth has ground to a halt, pretax losses are getting worse and net debt has ballooned.

"Ocado has long argued that it needs to spend money to make money, but patience is wearing thin for the long-suffering shareholders."

However, the firm's grocery market share improved to 1.9% from 1.8% in the 12 weeks to February 19, according to the latest Kantar survey. Ocado sales grew by 11% on-year.

Grocery inflation hit a record of 17.1% in the four weeks to February 19, according to Kantar. This means the average UK household is likely to see an GBP811 increase to their annual bill if inflation continues at the same pace.

Croda International also hurt the FTSE 100, shedding 4.4%.

The Yorkshire, England-based chemicals maker said sales rose 11% year-on-year to GBP2.09 billion in 2022 from GBP1.89 billion a year earlier. Constant currency sales rose by 5.0%, driven by "its ability to recover input cost inflation, with price/mix up by 24%."

Pretax profit surged 90% to GBP780.0 million from GBP411.5 million, as basic earnings per share jumped to 465.8 pence from 230.0p a year ago.

Croda lifted its annual dividend by 8.0% to 108.0 pence per share from 100.0p a year prior.

Looking to 2023, it is trading in line with expectations, and expects destocking to end during the first half. It said it expects its performance to be weighted towards the second half, putting pressure on its future performance.

"Investors hate hearing that phrase as it raises the chances of a profit warning if that six-month period doesn't live up to expectations," Mould added.

In the FTSE 250, Man Group gained 7.9%.

The London-based hedge fund manager said pretax profit in 2022 jumped 25% to USD608 million from USD487 million in 2021. Assets under management fell 3.6% to USD143.3 billion from USD148.6 billion, however.

The company declared a 2022 dividend of 15.7 cents, up 12% from 14.0 a year prior.

Meanwhile, Chair John Cryan will retire from the board "towards the end of 2023". Non-Executive Director Anne Wade will replace Cryan after his departure.

On London's AIM market, Abingdon Health gained 26%.

The developer and manufacturer of rapid diagnostics tests said it expects revenue to increase significantly in its second half, with annual revenue to improve from GBP2.8 million in financial 2022.

Revenue for the six months to December came in at GBP1.1 million, down from GBP1.7 million.

"The company has successfully transitioned its activities away from Covid-19 and is now operating as a fully integrated [contract development & manufacturing organisation] maintaining its full focus on lateral flow testing," the firm explained.

Safestay also jumped 26%.

The hostel owner and operator said annual revenue in 2022 will come in ahead of market expectations at GBP19.0 million, up from GBP6.4 million in 2021. Adjusted earnings before interest, tax, depreciation and amortisation are expected to be in line with market expectations at GBP5.9 million, swinging from a GBP1.0 million loss.

It said business is "returning to normal" with guests being predominantly young travellers, as group bookings are seeing a slower recovery. Average bed rate increases to GBP23.70 from GBP19.70, which should be "sustainable", the firm noted.

In European equities on Tuesday, the CAC 40 in Paris was flat, while the DAX 40 in Frankfurt was up 0.1%.

Growth in the French economy slowed in the final quarter of 2022, final data released on Tuesday confirmed, but it avoided contraction.

According to Insee - France's national statistics body - gross domestic product in the fourth quarter grew by 0.1% from the third quarter. In the third quarter, it had grown by 0.2% from the second.

Insee also released preliminary data for consumer prices.

In February 2023, consumer prices should increase by 6.2% year-on-year, quickening from growth of 6.0% in January.

Also putting the European Central Bank under the spotlight, figures showed inflation in Spain also intensified in February, suggesting that price pressure is proving stickier than ideal.

According to INE, the yearly inflation rate in Spain quickened to 6.1% in February, from 5.9% in January.

Stocks in New York were called lower. The Dow Jones Industrial Average, the S&P 500 index, and the Nasdaq Composite were all called down 0.2%.

Brent oil was quoted at USD83.11 a barrel at midday in London on Tuesday, up from USD82.28 late Monday. Gold was quoted at USD1,810.53 an ounce, down against USD1,816.96.

Still to come in Tuesday's economic calendar, there will be a US consumer confidence reading at 1500 GMT.

By Sophie Rose, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2023 Alliance News Ltd. All Rights Reserved.

More News
15 May 2024 16:03

UK dividends calendar - next 7 days

Thursday 16 May 
abrdn Property Income Trust Ltdex-dividend payment date
Alternative Income REIT PLCex-dividend payment date
Aquila European Renewables PLCex-dividend payment date
Balfour Beatty PLCex-dividend payment date
BlackRock Latin American Investment Trust PLCdividend payment date
BP PLCex-dividend payment date
Bunzl PLCex-dividend payment date
Churchill China PLCex-dividend payment date
EJF Investments Ltdex-dividend payment date
Essentra PLCex-dividend payment date
Fevertree Drinks PLCex-dividend payment date
FRP Advisory Group PLCex-dividend payment date
Greencoat UK Wind PLCex-dividend payment date
GSK PLCex-dividend payment date
Haleon PLCdividend payment date
Henderson Opportunities Trust PLCex-dividend payment date
Income & Growth VCT PLCex-dividend payment date
Irish Continental Group PLCex-dividend payment date
James Halstead PLCex-dividend payment date
Jarvis Securities PLCex-dividend payment date
Kingfisher PLCex-dividend payment date
M Winkworth PLCdividend payment date
Majedie Investments PLCex-dividend payment date
Manx Financial Group PLCex-dividend payment date
Mercantile Investment Trust PLCdividend payment date
Morgan Sindall Group PLCdividend payment date
Murray Income Trust PLCex-dividend payment date
Ocean Wilsons Holdings Ltdex-dividend payment date
Octopus Renewables Infrastructure Trust PLCex-dividend payment date
PageGroup PLCex-dividend payment date
Pershing Square Holdings Ltdex-dividend payment date
Princess Private Equity Holding Ltdex-dividend payment date
Property Franchise Group PLCex-dividend payment date
Prudential PLCdividend payment date
RHI Magnesita NVex-dividend payment date
Shell PLCex-dividend payment date
Spectris PLCex-dividend payment date
Supermarket Income REIT PLCdividend payment date
Target Healthcare REIT PLCex-dividend payment date
TClarke PLCex-dividend payment date
Tesco PLCex-dividend payment date
TwentyFour Select Monthly Income Fund Ltdex-dividend payment date
Unilever PLCex-dividend payment date
Vaalco Energy Incex-dividend payment date
Vector Capital PLCex-dividend payment date
Witan Investment Trust PLCex-dividend payment date
Friday 17 May 
AB Dynamics PLCdividend payment date
Barratt Developments PLCdividend payment date
Breedon Group PLCdividend payment date
Cairn Homes PLCdividend payment date
Direct Line Insurance Group PLCdividend payment date
Drax Group PLCdividend payment date
Finsbury Growth & Income Trust PLCdividend payment date
IMI PLCdividend payment date
Impact Healthcare REIT PLCdividend payment date
JPMorgan Japan Small Cap Growth & Income PLCdividend payment date
JPMorgan US Smaller Cos Investments Trust PLCdividend payment date
Kenmare Resources PLCdividend payment date
Luceco PLCdividend payment date
Morgan Advanced Materials PLCdividend payment date
Primary Health Properties PLCdividend payment date
Seneca Growth Capital VCT PLC - Class Bdividend payment date
Standard Chartered PLCdividend payment date
Monday 20 May 
Airea PLCdividend payment date
Ascential PLCex-dividend payment date
hVIVO PLCdividend payment date
Invesco Bond Income Plus Ltddividend payment date
Jupiter Fund Management PLCdividend payment date
Murray International Trust PLCdividend payment date
Tuesday 21 May 
Bridgepoint Group PLCdividend payment date
HgCapital Trust PLCdividend payment date
Lloyds Banking Group PLCdividend payment date
Old Mutual Ltddividend payment date
Wednesday 22 May 
Central Asia Metals PLCdividend payment date
Eurocell PLCdividend payment date
Harbour Energy PLCdividend payment date
London Stock Exchange Group PLCdividend payment date
Man Group PLCdividend payment date
Merchants Trust PLCdividend payment date
Phoenix Group Holdings PLCdividend payment date
Smith & Nephew PLCdividend payment date
Softcat PLCdividend payment date
  
Comments and questions to newsroom@alliancenews.com
  
A full 14-day events calendar is provided each day with a subscription to Alliance News UK Professional.
  
Copyright 2024 Alliance News Ltd. All Rights Reserved.

Read more
10 May 2024 09:52

LONDON BROKER RATINGS: UBS raises Trainline, cuts Kingspan

(Alliance News) - The following London-listed shares received analyst recommendations Friday morning and Thursday:

Read more
3 May 2024 17:04

Ex-Odey portfolio manager Hanbury warns investors are 'buying blind'

LONDON, May 3 (Reuters) - Former Odey Asset Management (OAM) portfolio manager James Hanbury has said in a letter to investors that passive and systematic trading strategies have grown so much that those trading on company fundamentals might be hurt.

Read more
2 May 2024 13:48

UK shareholder meetings calendar - next 7 days

Friday 3 May 
Ashoka India Equity Investment Trust PLCGM re share issue
HSBC Holdings PLCAGM
Intercontinental Hotels Group PLCAGM
Mondi PLCAGM
More Acquisitions PLCAGM
Monday 6 May 
no events scheduled 
Tuesday 7 May 
Caledonia Mining Corp PLCAGM
CPPGroup PLCAGM
Just Group PLCAGM
Macfarlane Group PLC AGM
Plus500 LtdAGM
Supernova Digital Assets PLCAGM
Wednesday 8 May 
Airea PLCAGM
Antofagasta PLCAGM
Aston Martin Lagonda Global Holdings PLCAGM
Deltex Medical Group PLCAGM
Direct Line Insurance Group PLCAGM
Fidelity European Trust PLCAGM
Haleon PLCAGM
Jardine Matheson PLCAGM
JZ Capital Partners LtdEGM re investing in a secondary fund
Oscillate PLCAGM
Pershing Square Holdings LtdAGM
Rentokil Initial PLCAGM
WPP PLCAGM
Thursday 9 May 
Ascential PLCAGM
BAE Systems PLCAGM
Balfour Beatty PLCAGM
Barclays PLCAGM
CAB Payments Holdings PLCAGM
Catenai PLCGM re convertible loan note
Clarkson PLCAGM
FBD Holdings PLCAGM
Genel Energy plcAGM
Gym Group PLCAGM
Harbour Energy PLCAGM
Hiscox LtdAGM
IMI PLCAGM
Inchcape PLCAGM
Indivior PLCAGM
John Wood Group PLCAGM
Jupiter Fund Management PLCAGM
Logistics Development Group PLCAGM
Man Group PLCAGM
Morgan Advanced Materials PLCAGM
OSB Group PLCAGM
Public Policy Holding Co IncAGM
Rathbones Group PLCAGM
RM PLCAGM
Spire Healthcare Group PLCAGM
Synthomer PLCAGM
Uniphar PLCAGM
  
Comments and questions to newsroom@alliancenews.com
  
A full 21-day events calendar is provided each day with a subscription to Alliance News UK Professional.
  
Copyright 2024 Alliance News Ltd. All Rights Reserved.

Read more
2 May 2024 09:48

LONDON BROKER RATINGS: Deutsche Bank likes TP ICAP but says sell CMC

(Alliance News) - The following London-listed shares received analyst recommendations Thursday morning and Wednesday:

Read more
1 May 2024 09:26

LONDON BROKER RATINGS: UBS double upgrades AJ Bell to 'buy'

(Alliance News) - The following London-listed shares received analyst recommendations Wednesday morning and Tuesday:

Read more
19 Apr 2024 17:32

UK's FTSE 100 rises as traders ramp up rate cut bets

BoE's Ramsden more confident UK inflation risks are ebbing

*

Read more
19 Apr 2024 17:03

LONDON MARKET CLOSE: Stocks tentative on rising Israel-Iran tensions

(Alliance News) - Stock prices in London closed up on Friday, as investors showed caution in reaction to Israel carrying out retaliatory strikes on the Iranian central province of Isfahan.

Read more
19 Apr 2024 16:56

London close: Stocks mixed as investors watch Middle East newsflow

(Sharecast News) - London's stock markets closed in a mixed state on Friday as traders kept a close watch on escalating tensions in the Middle East.

Read more
19 Apr 2024 12:02

LONDON MARKET MIDDAY: Stocks down on Israel attack on Isfahan, Iran

(Alliance News) - Stock prices in London were down at midday on Friday, as equity sentiment suffered by worries of a conflict escalation between Iran and Israel, after Iranian state media reported explosions in the province of Isfahan.

Read more
19 Apr 2024 11:38

Man Group shares fall 5% on higher than expected outflows

April 19 (Reuters) - Man Group shares fell about 5% on Friday after the British hedge fund reported higher than expected client outflows.

Read more
19 Apr 2024 09:26

LONDON BROKER RATINGS: Peel Hunt starts NatWest and Barclays at 'buy'

(Alliance News) - The following London-listed shares received analyst recommendations Friday morning and Thursday:

Read more
19 Apr 2024 08:33

IN BRIEF: Positive markets offset outflows for Man Group in quarter

Man Group PLC - London-based active investment manager focused on private markets - Assets under management on March 31 are USD175.7 billion, up 4.9% from USD167.5 billion on December 31. Man Group suffers USD1.6 billion in net outflows in the first quarter of 2024, but records a positive investment performance of USD9.8 billion to create the rise in AuM. Alternative strategies see USD3.2 billion in net outflows in the recent quarter, balanced by net inflows of USD1.6 billion into Long-only strategies.

Read more
19 Apr 2024 07:47

LONDON BRIEFING: Man Group assets up; 888 revenue above outlook

(Alliance News) - London's FTSE 100 is called to open lower on Friday, though oil prices got a boost, on fears of a conflict escalation in the Middle East.

Read more
19 Apr 2024 07:42

Man Group reports 5% increase in Q1 AUM

(Sharecast News) - Investment management firm Man Group reported an improvement in assets under manager in the first quarter, according to a trading update released on Friday, but net outflows during the period caught investors by surprise, causing shares to drop sharply.

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.