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Redmayne-Bentley's Top Trades

28 February 2013

Below we take a look at the most frequently traded shares through Redmayne-Bentley over the last couple of weeks and consider why they have been so popular.

Amec (AMEC)
Index: FTSE 100
Sector: Oil Equipment, Services & Distribution
Market Capitalisation: £3.240bn

Amec has been in demand of late after updating the market with its full-year results. For the 12 months to 31st December 2012 the engineering consultancy group posted a pre-tax profit of £263m, slightly ahead of the year earlier. Revenues were an impressive 28 per cent higher to £4.16bn, from £3.26bn in 2011. Although results were encouraging, and cited as ‘decent’ by analysts, we did see a sell-off, although investors were picking the shares up on weakness last week as the group staged a recovery. Income seekers will have been keen after the group announced a 20 per cent hike in its full-year dividend.

Severfield (SFR)
Index: FTSE All-Share
Sector: Industrial Engineering
Market Capitalisation: £70.51m

Severfield was out of favour last week, compounding its recent woes as the group announced a £20.1m charge following a review of its projects. The structural steel group announced that following a review of its contract at 122 Leadenhall Street, technical challenges were greater than anticipated and the project will require more time and resources to reach completion. The £20.1m charge relates to this and a number of other projects, and although it represents no cash loss to the group, it will be stated on its balance sheet for the year to 31st December.

RSA Insurance Group (RSA)
Index: FTSE 100
Sector: Insurance (non-life)
Market Capitalisation: £4.781bn

Shares in RSA Insurance Group plummeted last week after the group surprised investors with a dividend cut, sparking a severe sell-off. Shares lost 14 per cent in early trading following the announcement, with analysts at Deutsche Bank and Panmure Gordon both cutting their ratings on the stock. RSA posted a drop in full-year 2012 operating profit to £684m from £727m in 2011, further adding to the share price fall. The management commented that the drop was as a result of wet weather in the UK, earthquakes in Italy and lower bond yields. In addition to cutting 2012’s dividend, RSA plans to lower its 2013 interim payment.

Past performance and forecasts are not a reliable indicator of future results or performance. Please note that investments and the income paid on them can fall, as well as rise, in value, therefore your capital is always at risk.

These comments do not constitute a personal recommendation and any advice given to individual clients would vary according to their personal risk profile and objectives.

Notes to Editors

For all media enquiries please contact:
Paul Fitzjohn
Tel: 0113 200 6476

Paul Fitzjohn
Public Relations Executive
Tel: 0113 200 6476

Branch: Leeds (Head Office)

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