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Heads up, Aviva will be reporting on Wednesday. This is important as there should be a good indicator of profitability improvements in the car and home insurance market in the UK. Also look out for the improvement in medical insurance sales.
Admiral will also be updating the market
Two bits of good news from following article:
The Financial Conduct Authority (FCA) said the growing cost of repairs had caused motor insurance prices to spike, but Tim Kelly, an insurance expert and owner of the website MotorClaimGuru.co.uk, said some insurers were hiking prices to increase profits after the Covid pandemic.
“There is a lot of smoke and mirrors going on. Through Covid, insurers made massive profits. Now we have come out of Covid into a very different economic climate, insurers want their profit and are not absorbing the increased cost of inflation. In short, consumers are the losers and insurers are the winners,” he said.
and ...
The hike in premiums for older customers could be due to the rising number of drivers aged 80 and over, which has soared by 18 per cent over the past two years to reach 1.7 million, according to the DVLA. Elderly drivers may be seen as higher risk, pushing up the average price for the 65-plus category.
https://www.independent.co.uk/money/why-has-car-insurance-risen-so-much-b2391334.html
I like the bit where a saga customer renews with saga even after car insurance premium doubles . She haggled it down from 3 times.
https://www.bbc.co.uk/news/business-66466626
Alnwick,
Cant agree with you more bought in years ago when I thought they were dirt cheap after the huge share price fall from the previous moron of a CEO. Have watched this go up and down and have been averaging down on so many occasions. Watching this go up and buying small amounts. However very aware that this is a very volatile share but hopefully this can only go up from here as it just seems ridiculously cheap IMHO
Phenry,
So you are right it is not significant until it breaks the trading range which will only happen if we break 140p.
However if you look at the chart there was a rising wedge shape and a breakout from that rising wedge so it looks likely that the 140p will be broken soon
Https://www.reuters.com/business/cruise-operators-plan-hike-prices-costs-rise-demand-swells-2023-08-03/
"(We are) working hard to close the outrageous and unwarranted 25% to 50% value gap to land-based offerings over time," Carnival Corp CEO Josh Weinstein said on a post-earnings call in June.
Looks like a good read through for Saga:
https://travelweekly.co.uk/news/tour-operators/tui-river-cruises-reports-best-ever-sales-day
Tui River Cruises has reported its “best-ever sales day” following the addition of Nile cruises.
The line saw a 170% year-on-year increase in bookings on August 2 and reported “significant uplift” across all four seasons currently on sale, from summer 2023 to winter 2024.
The newly added Legends of the Nile was the most popular itinerary, followed by the Magical Danube and Rhine Explorer, “demonstrating demand for some of Europe’s best-loved waterways,” the line said.
I think Bilzo is correct. All these moves just seem to be traders playing around. Nothing significant until this goes passed trading range of 140p. I have analysed the trades last few days and a few AT trades of a few thousand ponds at the same time can push the stock price up and down a few percent. Although the last jump looks like a few hundred thousand pounds worth of trades, it still could be nothing. The issue of equity is to give free shares to the non-performing board.
Cheers Bilzo for checking. Agree will get more excited if it goes above the 150 mark. Maybe a large sell order has been cleared or they are in late stages of selling AICL or buildings, who knows. All I know that Saga is ridiculously cheap ... but I guess people hear that a lot about so many shares....
Nice jump today. And interesting price action yesterday. Not sure if it is to do with RNS or possible AICL sale (maybe related). I know that they could convert their old site into 60 flats. Does anyone know if the sale of their office was in any of their accounts?
Https://www.ft.com/content/aa77705b-9d4b-41a5-a167-768d5f0a40d4
I see this as a good thing for saga. Even if it is just retail mark up as it should go up with increase in overall premiums. But of course I think competition is hotting up too
Https://www.thetimes.co.uk/article/car-insurance-soars-to-more-than-1-000-stfmf8233
Brilliant news as it means saga retail margins should go up as it becomes a smaller proportion of the overall cosst of insurance