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Citywire snippet including brief broker comment
https://citywire.com/investment-trust-insider/news/11-yielding-gore-street-sees-global-revenues-rise-amid-uk-downturn/a2438665
I bought in here after reading Ian Cowie's column in The Sunday Times, big mistake I am massively down, I do however receive an OK dividend. Cowie has since sold his holding, mentioning a lack of skin in the game, by directors and the fact that output was tied up in ppa offtake agreements for an average of 14 years and so did not benefit from jump in energy prices after start of Ukraine conflict. Also note from RNS, company was effectively up for sale earlier in the year, but no takers or investors.
I notice from the chart that volume leapt in December and the share price has ticked up for the first time in over a year, perhaps with interest rates expected to fall in 2024 this is the bottom.
I will continue to hold as I do envisage some sort of recovery. Most importantly DYOR as I have found to my cost here.
T
BlackRock picks up Intermediate Capital in share price blip
BlackRock manager Adam Avigdori has picked up a stake in Intermediate Capital (ICP) after recent weakness in the private equity group’s shares.
The Citywire Elite Company was added to Avigdori’s £37m BlackRock Income & Growth (BRIG) investment trust, which he runs with David Goldman.
‘Intermediate Capital has demonstrated the resilience of its business model while trading on an attractive valuation,’ Avigdori said.
‘Recent weakness in the share price has given us an opportunity to regain exposure here having sold it in the past at a higher valuation.’
More generally, Avigdori said domestic-facing UK companies have been impacted by rising inflation and fiscal policy, with financials being one of the hardest-hit sectors.
‘The valuation of the UK market continues to be extremely low in absolute terms but particularly versus other developed market indices with many companies, notably the domestic earners trading at Covid or Brexit lows in share price or valuation terms,’ he said.
‘Although we anticipate further volatility ahead as earnings estimates moderate, we know that in the course of time, risk appetites will return and opportunities are emerging.’
Thanks JB
It's a pity there wasn't some form of canvassing by the CWU, of the workforce's opinion on what changes & pay rise they would accept; after all it is the workforce who actually have to go on strike. It could also be useful to RMG.
I was not impressed by Dave Ward at the Labour conference saying they were involved in strike action at RMG , BT & PO. Far too macho to justify their existence !
'The better news is employees should actually find out out what their union are asking for.,..................
.,.............. next week at long last.'
WHY next week ??
Thanks
How could RMG have job losses when they're struggling to cope with workload at the moment?
1. Srrip all / or all large parcels out of the network and give them to Parcel force which would become the UK arm of GLS. Very possibly using white van man as a stop gap.
2. Get the USO reduced from 6 days to 4 days, this would need Parliamentary approval but I'm sure mad Lizzie would be up for it. Delivering less mail to a growing number of addressees becomes more economical if you do it on a reduced number of days.
This is what the CWU are are afraid of, and facilitating at the same time.
Were already delivering parcels on Sunday in some offices, unfortunately about half of this work is done by temps.
Anger we have now established That ST has said IA might cause redundancy’s now can someone explain to me where 4 offices I know are not clearing the Mail on a regular bases because the office are short staffed why would they make postman redundant and July and August is when Mail is at its lightest I also I believe ispy said the same about his office .
Redundancies among posties could n't be put in place straight away, but they could be possible down the line; by reducing the number of days on which mail is delivered. ST has already hinted at dropping Saturday's mail as a quid pro quo for delivering parcels on Sunday. I would think the Government would push OFCOM to make Royal Mail's job as easy as possible if GLS were spun out and they were staring at a loss making postal system.
I spent a few hours in Wetherspoons on Newcastle Quayside last night and lost count of the number of times I saw staff serving a single drink to a group at a table, ordered via the 'spoons' app. Surely it's time management reviewed the idea of offering bargain price drinks with waitress service ! Drinks should be ordered at the bar; while punters should be encouraged to use the app to order food, so saving staff time.
Although disappointed to see a £30M loss mooted, I am particularly encouraged that Spoons have fixed energy costs to the end of 2023, other pubs maybe burning the furniture for heat by the end of this year ! Suspect Tim is playing the long game.
Gold rush is over for Covid testing companies
Ending testing requirements for travellers entering the UK means many businesses offering PCR and lateral flow may soon go bust.
(The article below is mainly about companies offering tests for travellers but it does offer offer a view on the need for lft's going forward. As ever the comments after the article are more interesting, ie, South Africa cancelling future deliveries of Pfizer & J&J vaccine, in late November. because current stock was n't being used up.)
(Lets hope we hear something about Avacta's mooted development of LFT's for sepsis and cortisol before too long.)
https://www.telegraph.co.uk/business/2022/01/29/gold-rush-covid-testing-companies/?WT.mc_id=e_DM1542513&WT.tsrc=email&etype=Edi_Cit_New_v2&utmsource=email&utm_medium=Edi_Cit_New_v220220130&utm_campaign=DM1542513
Test & Trace & LFT's got a mention on today's episode of this 'making sense of statistics' programme.
A couple of academics from the Optimising Coronavirus Tests Project were interviewed.
www.octs.info
I'd not heard of this but it's an 8 country comparison of CV19 testing regimes. From memory the UK academic said the oft quoted figure of £37B was an exaggeration and that there are only figures available for the first year of T&T, which came in at about £13.5B, of which roughly £4B was for lateral flow tests.
Anyway, it may be of interest to someone with time on their hands & likes digging ( Poirot?)
And who is sir Alan ?
'The LFT uses the Whittleford-based pharmaceutical company’s proprietary Affimer and pre|CISION platforms to detect the virus.'
I'm surprised to read the pre|CISION platform is involved, or is that one of the reasons it's taking so long !
@jsp
I hope that's your attempt at humour !
Throwing unused LFT's in the bin is a crime against the environment. Who do you think is paying for the admittedly crap Chinese tests ?
My average is 177, thankfully I sold a quarter at 254 and another quarter at 144.
I have taken notice of Trends and Targets sp targets for Avacta over the last several months which have proved helpful.
Looking at the chart it's easy to think that a head and shoulders pattern over the last year or so, is playing out and that an intraday low of 88+p will be repeated, before the sp recovers. News trumps TA of course, but I'm not expecting another rns soon, so if the opportunity arises I will buy more, as I do believe in the Avacta story.
PS Blackcat 63 , Are you a fellow makem ?
Hi A_D. You did well to get out approaching 1400, I'd be interested to know if you get back in.
I've bought JDW at 1180 and 1320, hoping to repeat gains I made on Greggs SP. I viewed both companies as well managed recovery plays, although GRG was pretty much debt free and JDW has debts above £800M. However interest rates are supposed to stay low for the next few years, so hopefully that won't be a problem.
Punch taverns and others have written to Gov threatening legal action as they argue hospitality being unduly restricted in comparison to non essential shops etc, so just maybe reopening could be sooner.
Only other thing I noticed from results was % of freeholds over rented sites, has increased from last year which I view as a positive.
I am optimistic that JDW will do well when reopening gets underway as their mix of pubs appeal to those with and without much money.
I am also encouraged by SP targets mentioned by Trends and Targets, they had a' trigger' price of 1280 and an UP target of £15.33
Also from The Times
Boris Johnson is drawing up plans for a testing blitz of millions of people in England as the Covid-19 lockdown is eased.https://www.thetimes.co.uk/article/hz-splash-17-hsc-xz3dpdnvx?utm_source=newsletter&utm_campaign=newsletter_102&utm_medium=email&utm_content=102_12219983&CMP=TNLEmail_120896_12219983_102
NHS Test and Trace is preparing for nationwide “surge” testing under which more than 400,000 rapid lateral flow tests will be sent by post to homes and workplaces every day, The Times has learnt. The aim is to get the country to “a new normal”.
Dominic Raab, the foreign secretary, said today that rapid testing was a “key part” of the government’s strategy to end lockdown. He told Sky News that the aim was to do it “at scale and at pace so that when you do have upticks of the virus, we can come down on it like a tonne of bricks”.
A lockdown exit strategy: Lessons from Israel and Australia
On Monday the prime minister will unveil a roadmap for how we exit lockdown. Today we look to two countries which might show us a glimpse of the future: Australia and Israel.
He told Times Radio: “Lateral flow testing is really important. The ability to do that testing at pace and at scale has already shown that it can have a significant impact.”
Asked whether ministers would meet the 400,000 daily target, he said: “We’re doing absolutely everything we can to meet those targets. They’re obviously designed to be challenging because we want to get people out of the current lockdown.”
A campaign provisionally called “Are you ready? Get testing. Go” will begin before schools return, to encourage people to have a test even when they do not show symptoms. Ministers hope that it will be led by household names.
Professor Stephen Reicher, who sits on the government’s SPI-B behavioural advisory group, warned that the slogan was potentially dangerous because rapid tests are not accurate enough to give people certainty that they do not have the virus.
Lateral flow tests are “red-light tests, not green-light tests,” he told Times Radio. “They’re very good at telling you when you’ve got the infection and when you should self-isolate. They’re not very good at telling you when you haven’t got the infection — there are lots of false negatives.”
“I’m really rather concerned with the slogan ‘go’. That suggests it is a green-light test and it suggests if you get a negative test it’s fine to go out and lessen your guard. That’s a really dangerous message.”
He added that the government needed to do more to help people to self-isolate. “The big hole still in our whole testing system . . . is supporting people to self-isolate,” he said. “We don’t give that support to people with the result that tens of thousands of people with the infection aren’t able to self-isolate still wandering around in our community.”
Andy Burnham, the mayor of Greater Manchester, tweeted: “To work, this must be accompanied by a proper system of self-isolation sup
From Trends and Targets
Wetherspoon (LSE:JDW)
Once a year in Scotland, there’s a very special evening when people gather in pubs, clubs, hotels, to toast the memory of Robert Burns. The poet was probably best known for his world famous hit single, ‘Old Lang Syne’, along with some truly miserable dirges which somehow become praiseworthy on Burns Night. They certainly justify the quantity of whisky usually consumed.
This year, everything inevitably changed.
Instead, our invitations were to attend ‘Virtual Burns Nights’, essentially a bunch of folk getting drunk and eating haggis while sitting at their computers, peering myopically at a camera. Leaving aside the haggis, this state of affairs doubtless defines most people on Twitter & Facebook after 10pm any night, without the inconvenience of brushing up on the writings of the famous man.
Wetherspoon share price is showing early signs of enthusiasm for a future when Lockdown ends and we can once again gather on dark winter nights to infect each other with cold & flu in pubs. Socialising properly is something, personally, I didn’t know I missed. But events of 2020 ensured we only risked visiting our local bar/restaurant twice and now, we opt to show support by purchasing takeaway food from the place, hoping they weather the financial mess the business must be in. When the current Lockdown ends and vaccinations are in place, it’s easy to suspect we personally shall tend make up for lost time. making a point of dropping in for Lunch/Dinner rather more often than used to be the case.
It’s easy to speculate Wetherspoon shall also experience a dizzy pace of recovery nationally, when (or if) normality ever rears its ugly head again. We’ve decided to emplace a recovery trigger at 1,280p as share price movement above such a level should prove capable of swift acceleration to an initial 1,533p. If exceeded, our longer term secondary is truly surprising, calculating at 1,901p and a new all time high. Despite the price looking fairly calm at 1,180 presently, the share really does not require much work to get things moving.
If things intend go horribly wrong, the share price needs drip below Red on the chart, presently 900p, to justify concern. Such a calamity allows weakness next to an initial 734p with secondary, if broken, at 405p.
Hey, chart goes here . To see the chart check the website for jan 26th.
Tony
SP rising even better than than I dared hope, although it must surely run out of steam before the gap between 1920 - 1975 ish. Helps ease some covid stock pain ie AVCT.
Would buy more GRG if it fell substantially.
Looking for similar recovery at Wetherspoons JDW when hospitality reopening becomes a little clearer.
Anyone out there got any recovery tips ?
Chartwise, Greggs has today broken above the downtrend line from the £24 high in February. It may retest the brake out point, around 12.70s but I would expect a slow recovery from here.