My guess was continued selling XD, but probably the A trades triggered by the downgrade. On the other hand some big buyers taking advantage eg 140k at 71p. Ive added a few thousand.
Agreed dont fixate on averaging down, if you’ve available funds, or even sold with intention of buying back, keep an open mind and compare all opportunities. Where is the best opportunity to make money or recover losses. And be patient until the opportunity arises, keep money in money market until then.IMO.
Mec, yes I recognise that the Consumer Duty applies prospectively to in force policies. The cost should therefore identifiable and reliable. I was contrasting with SJP where the service review is retrospective and the cost unknown, estimated and may well increase in future statements.
I’m not sure that higher interest rates or higher annuity rates make much difference to Phoenix in the longer term. Where liabilities are matched with bonds held to maturity, those liabilities are paid off when due. In the short term if bonds are marked to market, there is a book loss which is recovered over time. Happy to hear from any insurance experts!
Presumably falling life expectancy is beneficial to Phoenix to the extent that the fall is greater than planned when fixing annuity payments.
The Consumer Duty does not apply retrospectively. The issue at SJP is different and is retrospective because they haven’t been providing a service ie ongoing reviews that they have charged for.
Trek, I think you’re right, there’s someone offering to sell close to the bid price.
Trades are difficult to interpret this morning, my buy looks like a sell compared to other trades this morning. Hopefully a good buy under 30p, should be 10% capital gain in it , and near 10% yield while waiting.
The record date, ie 1st March, hasn’t passed yet so wouldn’t expect anything. IG usually very good with corporate actions so I’d expect to hear during March. Not quite sure how timing will work given short timescale between notice of tender price and deadline for acceptance.
“The assessment revealed that our evidence of ongoing client servicing was less complete…” presumably there was no evidence because there was no ongoing client servicing, do these people think that investors are mugs? They probably do because that’s been their business model until they were caught out. Why not just be honest instead of looking like fools.
Gordon, there are no buys or sells, only trades because every trade is a buy and a sell. You realise that if you use DMA on SETs stocks, ie you can place a bid directly on the SETs order book and someone else sells against your buy. It’s the same principle on SETS QX except obviously it’s the market makers taking the other side of the trade.