Pensionbee valued at £365m ahead of London IPO April 21, 2021 Pensionbee has priced its IPO at 165 pence per share valuing the company at £365m ahead of its listing this month. The pension consolidation business is set to join the high growth segment of the London Stock Exchange. Last week it announced an offer price range of between 155p and 175p per share. The offer [...]
Antofagasta production on track but miner warns on Chile lockdown April 21, 2021 Mining giant Antofagasta today said its production and costs were in line with expectations in the first quarter but warned of the impact of a fresh lockdown in its home country. The Chile-based company said copper production was on track at 183,000 tonnes, 5.7 per cent lower than last year and five per cent lower [...]
Plus500 moves into US with $30m acquisition of futures platform April 21, 2021 After a strong year Plus500 is dipping its toe in the US market with a $30m deal to buy a futures trading platform. The online trading platform this morning announced it has bought the membership interests of Cunningham Commodities, a regulated Futures Commission Merchant, and trading platform Cunningham Trading. The deal represents a growth opportunity [...]
Markets: Wall Street slips from record levels April 19, 2021 Major U.S. stock indexes fell from record levels on Monday as investors sought cues from first-quarter earnings reports to justify the rich valuation of equities. Tesla was the biggest drag on the S&P 500 and the Nasdaq, with the electric-car maker down three per cent after a Tesla vehicle, which was believed to be operating [...]
Mind the GAAP! The dangers of “growth at any price” stocks April 19, 2021 | City Talk Anyone who has ever taken a subway in New York City or frequented the London Underground will be familiar with the warning to “mind the gap” between the carriage and platform. In a similar fashion, investors also need to be fully aware of the dangers posed by the GAAP, or “growth at any price” stocks. [...]
Steel tycoon Gupta raised cash through circular selling April 18, 2021 Embattled tycoon Sanjeev Gupta is facing fresh questions over his Liberty Steel empire following reports the company raised cash from Greensill Capital by selling steel that it then planned to buy back itself. Liberty Steel Newport in south Wales used a circular trading scheme where it sold steel to a company with close links to [...]
Treasury tremors: how does the current sell-off compare with past episodes? April 16, 2021 | City Talk US Treasuries have seen the second worst start to a year and third worst quarter in 50 years. It is another eye-catching development amid what have been extreme conditions in markets and the economy over the past year. Bond markets have seen particularly unusual circumstances, with yields falling ever lower and an increasing number of [...]
Grab considers Singapore listing after US SPAC merger April 16, 2021 Ride hailing and food delivery firm Grab is reportedly mulling a secondary listing in Singapore after merging with a US-listed SPAC. The company recently finalised a merger with Altimeter Growth to go public in the US at a valuation of just under $40bn (£29bn). Grab, which was founded in 2012 and became south-east Asia’s first decacorn [...]
Beleaguered Cineworld tops the list of 10 most shorted UK stocks April 15, 2021 Cineworld tops the list of 10 most shorted stocks in the UK as hedge funds take aim at the cinema which has been forced to shut for over a year. A “short” is a method of betting against a stock, so that the investor can make a profit if the share price falls. Investors borrow [...]
S&P 500 and Dow hit record highs on upbeat earnings April 15, 2021 The S&P 500 and Dow Jones indexes hit record highs on today, as upbeat earnings reports from companies including Bank of America and Blackrock as well as a strong rebound in March retail sales bolstered hopes of a broader economic rebound. The Dow Jones Industrial Average rose 57.64 points, or 0.17%, at the open to 33,788.53. The S&P 500 [...]
