UK rallies as financials come to the rescue
UK markets turned positive late yesterday to finish on a high, with financial stocks coming to the fore amid changes to the US regulatory landscape. Asset managers Schroders and Standard Life Aberdeen both closed up over 3%, while investment platforms were also in the ascendency, as investors cheered the reversal in the US. The London Stock Exchange, which owns and operates the UK’s leading markets, also gained 2.2% after it appointed Anna Manz – currently chief financial officer of Johnson Matthey – as its new CFO. On the downside United Utilities tumbled 4.5% as the stock went ex-dividend, the point where the shares will no longer qualify for the coming dividend payout. Rightmove also sold off sharply, down 4.2%, after analysts at Berenberg cut their rating from hold to sell and slashed their price target to 385p.
- FTSE 100: +0.4% Thursday, -18.27% YTD
- FTSE 250: -0.23% Thursday, -21.71% YTD
What to watch:
Sainsburys: Next week investors will get to see how Sainsburys has benefited — or otherwise — from the switch to stay at home in the UK. The company is one of the few which has been able to continue to operate amid the pandemic but, like rival Tesco, analysts will be watching to see if the increased business it has been doing will be offset by rising costs. Currently analysts favour the stock, with eight rating it as a strong buy or a buy, versus just three holding it as a sell.
On the Beach: UK-based holiday firm On the Beach, which reports its interims on Tuesday, has had a rough time year-to-date, with shares down around 40% amid the onset of the coronavirus pandemic. The stock has been downgraded by one analyst in the last few weeks, despite raising some £67.3m to help weather the coronavirus storm. Nonetheless, according to ShareCast, brokers are still overwhelmingly positive, with seven buy ratings and one hold.
Crypto corner: FC Barcelona raises $1.3m in tokens from fans
FC Barcelona fans have invested over $1.3m in tokens issued by the club which gives them the chance to vote on how it is run.
Known as Barca Fan Tokens, more than 600,000 tokens were sold at $2 each in just two hours earlier this week, according to Coindesk.
First announced back in February, the token is designed to help promote fan engagement, and can be used to purchase merchandise and various club experiences.
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