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BBC reporting Iran have now closed the Strait of Hormuz inferring the US have failed to lift their blockade.

Seriously, you don't know what's going to happen from one moment to the next.

If accurate, this will no doubt put a bomb under the FTSE on Monday morning... just when you thought matters were stabilising!

Hormuz open, SP flying!

Maybe going somewhat unnoticed, it looks like LGEN short positions have reduced from 3 to 2 with Canada Pensions bailing out on Thursday. This leaves GIG Partners and Numeric as the 2 remaining short positions here.

I'm not a fan of shorters.

Hi Robleo, thanks for your reply. As always (LGEN) I really appreciate it. You & I more often than not are on the same page. Drip feeding into PHP seems like a sensible approach given the current geopolitical and economic conditions.

FishingGardner: Very good post. I always like to hear where fellow investors place their faith in. I'm guessing you're retired or nearing retirement due to swing toward dividend paying stocks? Are you invested in any of the financials?

I've been heavily invested in LGEN for a number of years choosing to reinvest dividends bur now that I've retired, I'm switching to income to help support said retirement. Having built a modest cash balance, I'm looking seriously at PHP, SUPR and London Metric all of which I see you're invested.

I guess I'm on the fence right now contemplating whether to invest now or wait until markets (if ever) stable somewhat following geopolitical tensions. I'm probably not alone in this thinking.

Excellent overview. It could be forgiven this paper had been written by Meconopsis!

Financial analysts should take heed!

The number of shares that are bought back will definitely be announced via an RNS. This is a regulatory requirement so its a question of keeping a watchful eye on this board.

I suspect they've taken advantage of the low SP for its first tranche so I would expect an RNS to appear today or first thing Monday. Time as always will tell though.

Hi all, the £1.2bn LGEN SHARE BUY-BACK programme starts today and ends, at latest, on the 18th September, 2026. . This should help provide some share price support for the immediate future subject to other market conditions.

In my humble view, the markets, yesterday, fired its guns and asked questions later. Hopefully, we will start to see a correction upward once the results have been properly absorbed!

Hi Robleo, I know we're both heavily invested here and approximately the same age. My best as ever mate.

Meconopsis: Once again, a very balanced synopsis. Thanks.

I've also taken the opportunity to further my retirement holding this morning having purchased an additional 4000 shares.

Longer term holders here know that results day often results in a significant drop in share price. It's almost inevitable, no matter how positive any announcements are made. Shorter term or new investors may get spooked by the drop today but believe me, this is nothing new. Patience, as ever, the key. Good luck to all invested here.

I too doubt the SP will implode toward the £2.20 mark unless there's a global financial crisis. AI might prove to be a disrupter in the world of "Wealth Management Services" potentially and this remains a concern going forward. Other than this, and right now, the SP appears to be gaining some traction and nay I say, not before time!

This is what Berenberg reckon...

Legal & General investors are being ‘paid well’ for their patience as the insurer undertakes its strategic shake-up, according Berenberg.

Analyst Michael Huttner retained his ‘buy’ recommendation and increased the target price from 289p to 308p on the insurance giant, which was trading up 0.29% at 263p on Tuesday.

The group will report full-year 2025 results next month and Huttner believes it will ‘also announce the steps it is taking to reduce the complexity and opacity of the group’s operations and results’.

‘While L&G still has over one year to run before the end of its 2025-27 strategic plan, we believe that the group’s plan to make its investment case simpler will already be welcome now,’ he said.

‘In addition, investors are paid well to wait for the next strategic plan, which we believe could be presented in mid-2027.’

Huttner forecast dividends per share of a total £21.79 for 2025, equivalent to an 8.2% yield, and a £200m recurring annual buyback, equivalent to a 1.3% cash return yield. This would create a ‘highly attractive 9.5% total cash return yield’.

"Dc, I guess it depends on the reasons for holding, now that I've retired this is a long term hold for income stock for me, and will add on any big drops, but we are all different, always good to see it doing well though, sometimes it's better to ignore the noise"

Afternoon Robleo, I'm in exactly the same position as you. I'm using the dividends here to help boost my income that is, incidentally, tax free via an S&S ISA. I intend to use some excess cash to buy around 5% of each dividend payment shortly after ex-div day to offset inflation. (a tactic recommended by Meconopsis a while back)

Hope you're keeping well in your retirement.

I started a position at £4.26 a couple of weeks ago and now over 5% up. We spend a lot of money in Tesco's each week... at least now we wont feel quite as bad!

LGEN also riding sentiment with most other financial institutions gaining recently. M&G appears to be the exception today. For those wishing for capital gains, today looks like it's going to be a good day. ( Where's Eckie)

Shorters getting a tad nervous maybe?

Enjoy the ride whilst you can!

Many thanks for sharing this with us Meconopsis. I'd almost forgotten about the sale of the US protection business. Once finalised, I can't see how it wouldn't provide a boost to the SP. Fingers crossed on that one. We haven't heard from you for a while. Nice to see that you're still around and continuing to provide us with the benefit of your LGEN understanding.

Driftking27: "I have held both LGEN since 2010 and ULVR since 2004.

I’m not liking the innovative approach ULVR have, and was going to see it all having top sliced twice since then and move here. Would you?"

In answer to your question... a lot depends on your strategy and how long you intend to hold LGEN. LGEN is more a dividend play and if your intention is to buy in order to capture a high yield for example to help provide additional retirement income, I believe this is one of the best and fairly stable if history has anything to go by. At circa £2.44 a pop I doubt there is much room for any significant capital growth despite what you may read on this board to the contrary. FYI, I have re-invested the dividend to help increase my stock holding and at the same time, reduced my average cost per pop. This strategy has worked well for me. I've recently converted to dividend income to help support my retirement next year. My LGEN holding is held within a S&S ISA so all income is tax free. As a soon to be retiree, I need to keep as much money away from the tax man as I can. NB: Meconopsis has recommended that I do reinvest some dividend money in new shares to help offset inflation. A recommendation I intend to take up. I do hope that you haven’t sold any ULVR before the huge SP increase yesterday.

Hi Robleo, I've just put TW on my watchlist and saw your name crop up a couple of times. I'm waiting until after the Budget before I jump-in here. I suspect there could be something in the budget however small, to help benefit housebuilders such as TW and to help counter the bad news somewhat. Anyway, I'm looking very seriously at TW to help diversify my overweight position to financial assets including LGEN.

Absolutely and not before time if truth be told. I'm very pleased to say that I'm actually in profit here. It's been a while since I've been able to say that! Hopefully, WWH can go on an extended run!

Rachel Reeves is facing a growing backlash after refusing to rule out a tax raid on pensions.

The bosses of Legal & General, St James’s Place, and AJ Bell sounded the alarm over the Chancellor’s plans amid fears she will target retirement pots in the Budget on November 26.

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The warnings came as the Government refused to rule out changes to the tax-free lump sum and reliefs on pension contributions in response to a petition. Shadow Chancellor Mel Stride said: ‘Damaging speculation about pension tax changes is causing concern for savers.

‘People cannot plan for their retirement when Labour’s economic mismanagement is fuelling so much uncertainty.’

Reeves is scrabbling to raise as much as £30billion of extra taxes – with pensions, savings and family homes in the firing line.

Antonio Simoes, the boss of L&G, Britain’s biggest savings firm with more than £1trillion on its books, said any tax changes that deterred people from putting aside money for retirement would be ‘really concerning for the country’.

Big spender: Chancellor Rachel Reeves is scrabbling to raise as much as £30bn of extra taxes to make her Budget numbers add up - with pensions, savings and homes in the firing line

St. James’s Place boss Mark FitzPatrick warned of ‘heightened speculation’ around the Budget and ‘a more uncertain picture for UK consumers’.

A survey from Nucleus, a service provider for financial advisers, found three in five savers were worried Reeves would cut the tax-free lump sum.

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Those aged 55 and above can take up to 25 per cent of the value of their pension tax-free, up to a maximum of £268,275. But it is feared this could be reduced to £100,000 or even £40,000.

Nucleus technical services director Andrew Tully said: ‘Last year’s speculation of potential changes to tax-free rules saw many investors take lump sums, with some trying to reverse those actions when no such rule change materialised.

'There’s a real sense of deja vu.’

The Government, responding to a 10,000-signature petition calling for changes to lump sums or tax reliefs to be ruled out, said: ‘The Government does not comment on proposed tax changes or tax-related speculation ahead of Budgets.’

Mike Summersgill, boss of AJ Bell, which launched the petition, said: ‘Speculation over pension taxation ahead of the Budget, which has developed in the absence of a clear and lasting Government commitment to pension tax stability, creates damaging uncertainty.’

Tom Selby, director of public policy at AJ Bell, said: ‘Changing the rules of the game before people retire would be a betrayal of those still working hard to build up their