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Greek debt breakthrough market boost fades
by Caelainn Barr on Nov 27, 2012 at 16:20
Royal Bank of Scotland (RBS.L) jumped 10.2p, or 3.6%, to 295p to the top of the FTSE 100 as analysts at UBS increased their rating of the stock from ‘neutral’ to ‘buy’ and raised its target price from 287p to 328p. Barclays analysts also upped their price target from 270p to 330p with an ‘overweight’ rating.
Semi-state owned bank Lloyds (LLOY.L) added 1p, or 2.3%, to 46p as analysts at Barclays raised their target price from 27p, to 35p with an ‘underweight’ rating.
Aberdeen Asset Management (ADN.L) fell 1p, or 0.3%, to 335p. Analysts at JP Morgan, Credit Suisse, Numis and Société Générale all increased their price target on the stock following the company's full-year results released on Monday. However investors were cold on the shares as the group doubled its net cash reserves in the past year but announced no plans for share buybacks or increasing its dividends.
Britvic (BVIC.L) fell 0.4p, or 0.1%, to 400p as annual profits fell 19% after a costly recall of its children’s Fruit Shoot drink. The group signed a £1.4 billion merger with Irn-Bru maker AG Barr earlier this month.
Pub and restaurant owner Mitchells & Butlers (MAB.L) fell 7.7p, or 2.3%, to 323p as it reported a sharp drop in full-year profits. Pre-tax profits fell from £132 million last year to £83 million in 2012 and the group was hit with one off pension charges and a reduction in the value of its property portfolio.
Chemring (CHG.L) added 11p, or 4.8%, to 240p as it announced an overhaul and admitted full-year results for 2012 would be ‘extremely disappointing’.
The group said defence spending in the US, UK and EU was expected to remain under pressure and its end of year order book stood at £750 million, compared to £878.3 million at the end of 2011. It warned that ‘operational performance has been weak, and management of investors' expectations over the past year has also been poor’.
Utilities company Severn Trent (SVT.L) shed 0.4p, or 0.3%, to £15.52 as pre-tax profits jumped by 85%, meeting forecasts. The group also announced plans to raise its interim dividend to 30.3p from 28p.
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- Royal Bank of Scotland Group PLC (RBS.L)
- Lloyds Banking Group PLC (LLOY.L)
- Aberdeen Asset Management PLC (ADN.L)
- Mitchells and Butlers PLC (MAB.L)
- Chemring Group PLC (CHG.L)
- Britvic PLC (BVIC.L)
- Severn Trent PLC (SVT.L)
Aberdeen Live supplement: Fundamentals point to ongoing flows and solid returns from EMD
After a record year for inflows and market-leading performance in 2012, emerging market debt has taken a large step towards the mainstream. Our recent debate covers the outlook for the asset class this year and where opportunities can be found.
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