Q3 Takeaways

Tuesday, 22 October: The persisting volatility from MPs tomfoolery surrounding Brexit kept the FTSE 250 lower today, as the index is primarily more vested in the British economy. The FTSE 100 which has more international earners influencing its movements was allowed to rise as we typically see when the pound falls. At the close the FTSE 100 was +0.68% higher whilst the 250 was 0.62% lower. In the latest news Boris Johnson has threatened to scrap the Brexit bill and turn to a general election if MPs vote down the timetable. Effectively as we have continually said since more or less June 24th 2016, we’re no further forward and if anything more confused about what is going on. Join us tomorrow for a likely similar report and an outcome from Westminster that leaves us no closer to a deal.

In companies news, the market was dominated by Q3 reports. One of the few firms seeing a major move in their share price unrelated to Q3 news was Just Eat, their shares jumped 24% this afternoon after a competing bid emerged for the business. Prosus’s £4.9bn bid represents a 20% premium to Takeaway.com’s but Just Eat gave claimed it doesn’t reflect future significant upside.

Anglo American shares also climbed, up 1%, on the day after broadly positive Q3 results, they showed copper-equivalent output was up 4%.

Reckitt Benckiser on the other hand has cut full-year guidance after their respective Q3 update, after stating their health business had taken a hit from the ongoing issues between China and the US. Shares closed -0.65%.

Also updating us with their Q3 progress was Bunzl, whom have seen revenue climb 4% and are involved in a number of acquisition discussions. Despite this the market took the news unfavourably and shares dropped 2.75% through trading, with only TUI shares closing lower on the FTSE 100.

St James’s Place has seen inflows decline 15% for Q3 but that hasn’t stopped their AUM hitting a record high. Shares in the wealth manager climbed 3.16% on the day.

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