Gold price bounces back after steep sell-off August 12, 2020 The price of gold rebounded this afternoon to £1,485 an ounce after its steepest sell-off in seven years. Spot gold rebounded today after its steepest decline in seven years on Tuesday, with the price rising from a low of £1,438.65 during a turbulent Asian trading session to just shy of £1,486 at the time of [...]
Markets live: US stocks near record high on stimulus hopes as FTSE 100 soars August 11, 2020 The FTSE 100 jumped today as US stimulus hopes offset bleak new data that showed a surge in UK job losses during the coronavirus crisis. The blue-chip index was up 2.42 per cent at 6,197 points at midday, before closing up 1.71 per cent at 6,154 in a bullish day for western markets. The gains [...]
Prudential to spin off US unit to focus on Asia and Africa August 11, 2020 Insurer Prudential said today it planned to spin off its US business Jackson to focus on Asia and Africa, as its adjusted operating profit fell three per cent in the first half. A minority initial public offering (IPO) of Jackson is planned for the first half of 2021, with “full divestment over time”, Prudential said [...]
Petrofac books $78m loss and cuts dividend on back of oil price crash August 11, 2020 Oil services group Petrofac posted a $78m (£59.6m) loss in the first half of 2020 and said it would not pay its dividend due to the decline in oil prices caused by the coronavirus pandemic. The FTSE 250 firm also announced plans to become net zero in scope one and two emissions – those used [...]
Plus 500 boosts profit following coronavirus market volatility August 11, 2020 Trading platform Plus 500 today unveiled stellar numbers for the first half of the year with profit growing 452 per cent on the back of increased market volatility. Plus 500 boosted revenue 281 per cent to $564.2m (£431.6m) in the six months to 30 June. The company grew earnings 452 per cent to $361.8m during [...]
Is there any method to the market’s madness? August 11, 2020 “Unprecedented” has been the most overused phrase to describe this year’s events. “Mystifying”, however, might be the word a visitor from Mars would use to describe some of 2020’s market moves. The world economy is set to see the largest contraction since the Second World War, and the UK the largest fall in economic activity [...]
Investors expect even higher returns from the stock market in years ahead – despite coronavirus shock August 10, 2020 | City Talk Savers predict annual returns of 10.9% from their stock market investments, even as Covid-19 halted the longest economic expansion on record and plunged the world into deep recession. Investors continue to hope for double-digit yearly total returns from their portfolios, despite the huge blow inflicted on the global economy by the Covid-19 pandemic, according to [...]
Activist investor Everest prevails in Petropavlovsk board battle August 10, 2020 Investor Everest Alliance has prevailed in a bitter boardroom showdown with Petropavlovsk as shareholders elected not to reappoint former chief executive Pavel Mavlovskiy. Shares plummeted on the back of the results, falling 8.7 per cent in the immediate aftermath of the meeting. Along with six other directors, Mavlovskiy was voted out at the firm’s previous [...]
FTSE 100 climbs on economic recovery hopes August 10, 2020 The FTSE 100 pushed higher today as investors shrugged off concerns about ongoing tensions between China and the US and focused on positive signs of economic recovery. The blue-chip index was up 0.93 per cent at 6,087 points in early trading, before dipping to a 0.42 per cent rise shortly before 3pm. The positive start [...]
Equinor picks new chief executive as oil giant prepares for green pivot August 10, 2020 Norwegian oil giant Equinor has today announced a new chief executive as it seeks to accelerate the transition to becoming a renewable energy focused business. Company insider Anders Opedal, executive vice president for technology, projects and drilling, will replace Elder Saetre, a 40-year veteran of the company, in November. The appointment comes at a time [...]
