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14 March 2019

Redmayne Bentley’s Top Trades

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.
 
MELROSE INDUSTRIES (MRO)
Index: FTSE 100
Sector: Industrial Engineering
Market Capitalisation: £8,742.43m
 
Melrose Industries has taken its first steps in breaking up UK engineering group GKN, which it bought in a hostile takeover last year. Melrose specialises in buying underperforming manufacturing
companies with a view to improving profitability before selling them on. The group’s Chief Executive hailed the progress of the deal last week despite pre-tax losses worsening to £550m from £28m in 2017, losses which were largely down to non-cash accounting charges which, when stripped out, led to adjusted profit of £703m.
 
DS SMITH (SMDS)
Index: FTSE 100
Sector: General Industrials
Market Capitalisation: £4,641.17m
 
DS Smith has announced the sale of its plastics division to private equity group Olympus Partners for US$585m. The sale will have eased investors’ leverage concerns following the company’s recent debt-fuelled acquisition spree, the latest of which came in January when Britain’s largest box maker acquired
Spanish Rival Europac for €1.9bn. Chief Executive Miles Roberts cited growing environmental concerns surrounding plastics as further rationale for the sale. The sale is expected to bring in net proceeds of £400m.
 
AVIVA (AV.)
Index: FTSE 100
Sector: Life Insurance
Market Capitalisation: £16,656.19m
 
Aviva finally concluded its lengthy search for its new Chief Executive last week, appointing company veteran Maurice Tulloch. Mr Tulloch, who joined the insurer in 1992 and has led the group’s international business since January 2017, stated that he is “determined to re-energise” the insurance company by removing complexities that he believes are holding the business back. Aviva also announced the introduction of a progressive dividend policy alongside plans to prioritise debt repayment ahead of share buybacks, marking a change from the previous strategy.
 
Top Trades is published every fortnight in Equity Insight, a newsletter written by our stockbrokers and investment managers. It provides market commentary, a focus on individual sectors, technical analysis, potential trading opportunities and share reviews.
 
Please note that investments and income arising from them can fall as well as rise in value and you may lose some or all of the amount you have invested. Past performance and forecasts are not a reliable indicator of future results or performance. Please note that this communication is for information only and does not constitute a recommendation to buy or sell the shares of the companies mentioned.
Redmayne Bentley’s Top Trades
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