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New surge in China Covid cases halts rally in Asia-related stocks and investment funds
Thursday 24 Nov 2022A resurgence of Covid in China has put a spanner in the works for the big Asia reopening story. Many investors had bid up Asian stocks and Asia-focused funds and investment trusts in recent weeks in anticipation of the Chinese government taking a softer approach to dealing with the coronavirus...
Signs of life appear in the UK IPO market: Grindr shares gain 330% on debut
Thursday 24 Nov 2022To say that 2022 has been a trickier for companies looking to list on the London stock exchange would be an understatement. According to consultants KPMG a total of 11 firms listed in the first half of 2022 raising just £0.5 billion which is a whopping 95% down on the £9.9 billion raised in the...
Hilton Food shares in freefall after second warning in two months
Thursday 24 Nov 2022Shares in Hilton Food ( HFG ) hover near five-year lows at 546p and are down more than 50% year-to-date after a second profit warning (8 November) in as many months. This has left a sour taste with investors mindful of the adage that profit warnings come in threes. In its latest earnings alert, the...
Walmart beats forecasts and raises guidance on market share gains
Thursday 17 Nov 2022Shares in US retail giant Walmart (WMT) reacted positively to its latest trading update (15 November), climbing 7.5% to $149 pre-market for a year-to-date gain of 3% compared with a loss of 17% for the S&P 500 index. The firm reported revenues for the third quarter of $152.8 billion, up 8.7% on...
Warren Buffett ditches Procter & Gamble for Asian tech group TSMC
Thursday 17 Nov 2022Warren Buffett’s investment company Berkshire Hathaway (BRKB:NYSE) had sold its stake in US personal products giant Procter & Gamble (PG:NYSE) and invested in Taiwanese semiconductor maker TSMC (2330:TPE) instead. TSMC is the world’s largest made-to-order chip maker and is expected to generate...
Agricultural sector suppliers continue to harvest tasty gains
Thursday 17 Nov 2022Companies that process crops benefit when drought or wars such as the Russia/Ukraine conflict create shortages in parts of the world. Prices for food-related commodities including wheat, corn and soybeans remain elevated on a five-year view, though they have softened since Russia agreed for grain...
FTX collapse hurts shares in Microstrategy and Argo Blockchain
Thursday 17 Nov 2022A horror year for cryptocurrencies reached its latest zenith as crypto exchange FTX filed for bankruptcy. This has raised fears over contagion in this nascent asset class and seen investor nervousness grow over other participants in the market. In what resembled a digital version of a bank run,...
Black Friday sales expected to fall as consumers cut back on spending
Thursday 17 Nov 2022Retailers will be hoping that money-off deals at this year’s Black Friday event (25 November) will be enough to tempt cash-strapped consumers into buying goods. However, Statista forecasts that UK consumer spending will drop to £8.71 billion over the four days starting with Black Friday, down from...
Bill Ackman: why we might see a stock market recovery in late 2023
Thursday 17 Nov 2022Billionaire investor Bill Ackman of FTSE 100 investment company Pershing Square Holdings (PSH) believes markets could have a better time in 2023 than in 2022. He says: ‘Predicting the market in the short-term is a sucker’s game’ but believes the latter part of next year could be when stocks pick up...
How Energean has been fired up by first gas from Israel and strong prices
Thursday 17 Nov 2022Shares in oil and gas firm Energean ( ENOG ) continue to rise as it benefits from higher energy prices and first gas from its Karish field offshore Israel in October. The FTSE 250 constituent is up 68% year-to-date to £14.96 as it has successfully brought the flagship Karish asset on stream...