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09 Jan 2020 | 09:11

FTSE 100 rebounds as Iran tensions ease, bumper day for retail updates

The FTSE 100 rose 0.43% in early morning trading, having closed relatively flat at the end of yesterday (January 8, 2019).

The index reached 7,607.61 this morning having ended the day yesterday at 7,569.3 after falling 4.54 points or 0.06%.

Tesco's share price was up almost 2% as it reported its fifth consecutive Christmas of growth in its latest trading update, with the biggest ever day of UK food sales in its history.

Sales for the supermarket giant grew strongly across the 19-week period, by 3.8% excluding tobacco (3.4% including tobacco), in spite of a subdued market.

Marks & Spencer also reported improved Q3 performance as UK like for like revenue at was slightly up during the third quarter period to December 28, 2019, driven primarily by an outperforming food business.

The food business maintained the momentum seen in the first half of the year, with positive like-for-like revenue and further improvement in volumes.

It reported standout performance in the two-week Christmas period as customers responded to sharper value and more relevant innovation, the company has said.

In spite of this, however, the retail giant's share price fell 7.3% in early morning trading.

Meanwhile, Zegona has announced that Aberforth Partners LLP joins its other leading global investors with a shareholding of over 6%.

On December 2, 2019 Zegona confirmed that its Underlying Asset Value per Share was £1.41 - 46% higher than its share price.

On January 7, 2020 it launched a Buyback programme of up to £10 million with a Buyback Policy that allows shares to be acquired at prices up to the Underlying Asset Value per Share.

Rathbone Brothers has seen a 14.3% increase in its funds under management and administration (FUMA) as at December 31.

In its latest update, the business said it had £50.4 billion in FUMA at the end of 2019, compared with £44.1 billion at the same time in 2018.

The Investment Management business was up 11.7% from £38.5 billion at December, 31 2018, while the Unit Trusts business stands at £7.4 billion, up 32.1% from £5.6 billion at December 31, 2018.

Total net inflows across the group in 2019 were £0.6 billion. While Polar Capital reported a 3% increase in its assets under management (AuM) in the nine months to December 31, 2019.

During the period assets under management reached £14.2bn, compared to £13.8bn at the end of March 2019.

During the period, assets under management increased by £0.4bn which comprised net outflows of £1.1bn offset by an increase of £1.5bn related to market movement and fund performance.

Irish-based energy company Providence Resources saw its share price rise 4% on the back of its announcement of its new chief executive officer.

Alan Linn has been appointed Chief Executive Officer of the Company with immediate effect. He also joins the board as an executive director.

Alan has over 35 years of international oil and gas industry experience with a successful track record of operating and developing businesses in diverse and often challenging environments. Story provided by StockMarketWire.com
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