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The UK stock market is starting to look increasingly lopsided
Thursday 29 Jun 2023UK investors will be well aware of the lopsided performance of the US stock market in recent months, with a handful of stocks accounting for almost the entire index gains so far this year. However, a similar phenomenon is occurring right under our noses with most of the gains in the FTSE 100 and...
Carnival shares have soared this year but it’s become a rockier ride
Thursday 29 Jun 2023Shares in cruise operator Carnival ( CCL ) are trading 75% higher versus the start of 2023 thanks to strong customer demand for its voyages. Despite the strong rally, the shares have become more volatile in recent sessions after the company guided for lower than expected profit in the current...
Why the market was spooked by the Bank of England’s super-sized rate hike
Thursday 29 Jun 2023London’s FTSE 100 and FTSE 250 indices both fell on 22 June when the Bank of England raised interest rates by half a percentage point in response to inflation holding firm at 8.7%, as investors worried about the impact of further rate hikes on the UK economy. The central bank’s decision to raise...
CAB Payments IPO could be the trigger to revive UK stock market flotations
Thursday 29 Jun 2023Fintech business CAB Payments has set the price for its upcoming IPO (initial public offering) at 335p per share, implying a market value of £851 million when conditional trading starts on 6 July 2023. It should join the FTSE 250 index later this year based on that valuation. IPOs in London have...
Drug companies under the spotlight after breakthrough with new weight-loss treatment
Thursday 29 Jun 2023The obesity drugs market could be worth over $100 billion annually by the end of the decade according to industry experts as pharmaceutical companies race to find treatments for one of the fastest growing world health problems. On 23 June, family-owned German company Boehringer Ingelheim said...
Fidelity China Special Situations shares hit after China reopening stutters
Thursday 29 Jun 2023Last October, shares in Fidelity China Special Situations (FCSS) started to rally on hopes that a relaxation of Covid restrictions in China would help to lift the economy and benefit the companies in its portfolio. The shares went from circa 178p to 302p over the space of four months. Since then,...
Why Vodafone’s marriage of convenience with Three leaves questions hanging
Thursday 22 Jun 2023More than eight months since first mooting a possible tie-up, Vodafone ( VOD ) has confirmed plans to merge its UK operations with Three’s UK arm. If the proposed deal completes, it will create a UK mobile business on a par with rivals EE and Virgin Mobile/O2 in terms of subscribers, although still...
Cost of UK mortgages breaches 6% while June house prices fall for the first time in five years
Thursday 22 Jun 2023The outlook for UK house buyers is about to get tougher after the average cost of two-year fixed mortgages crept back above 6% this week, according to data group Moneyfacts. It is the highest level since last December in the wake of the disastrous mini-Budget last autumn when two-year fixed rates...
Shares in this US restaurant business more than doubled on its stock market debut
Thursday 22 Jun 2023Mediterranean restaurant chain Cava (CAVA:NYSE) made an explosive stock market debut on 16 June in New York, pushing its valuation beyond $4 billion. The company priced its IPO (initial public offering) at $22 per share, above the expected range of $19 to $20. The shares then started trading at...
Motorpoint shares slump as profit wiped out amid a multitude of factors
Thursday 22 Jun 2023Shares in second-hand car seller Motorpoint ( MOTR ) have fallen over 30% in the past six months to trade around the 102p mark – a far cry from the 385p level at which it traded just two years ago. On 14 June, Motorpoint reported a pre-tax loss for the year ending 31 March 2023 of £0.3 million...