Currencies

Nomura rounds up markets’ biggest misses in 2016

Forecasting markets a year in advance is never easy, but with “year-ahead investment themes” season well underway, Nomura has provided a handy reminder of quite how difficult it is, with an overview of markets’ biggest hits and misses (OK, mostly misses) from the start of 2016. The biggest miss among analysts, according to Nomura’s Sam […]

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Property

Spanish construction rebuilds after market collapse

Property developer Olivier Crambade founded Therus Invest in Madrid in 2004 to build offices and retail space. For five years business went quite well, and Therus developed and sold more than €300m of properties. Then Spain’s economy imploded, taking property with it, and Mr Crambade spent six years tending to Dhamma Energy, a solar energy […]

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Currencies

Euro suffers worst month against the pound since financial crisis

Political risks are still all the rage in the currency markets. The euro has suffered its worst slump against the pound since 2009 in November, as investors hone in on a series of looming battles between eurosceptic populists and establishment parties at the ballot box. The single currency has shed 4.5 per cent against sterling […]

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Banks

RBS falls 2% after failing BoE stress test

Royal Bank of Scotland shares have slipped 2 per cent in early trading this morning, after the state-controlled lender emerged as the biggest loser in the Bank of England’s latest round of annual stress tests. The lender has now given regulators a plan to bulk up its capital levels by cutting costs and selling assets, […]

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Currencies

China capital curbs reflect buyer’s remorse over market reforms

Last year the reformist head of China’s central bank convinced his Communist party bosses to give market forces a bigger say in setting the renminbi’s daily “reference rate” against the US dollar. In return, Zhou Xiaochuan assured his more conservative party colleagues that the redback would finally secure coveted recognition as an official reserve currency […]

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Categorized | Insurance

St. James’s Place sees fresh inflow


Posted on July 31, 2013

    A recruitment drive undertaken by wealth manager St. James’s Place to capitalise on difficulties at the banks spurred fresh inflows of client monies in the first half of 2013. Yet even after its shares rose 4 per cent on Wednesday to 618p, they remain beneath levels reached two months ago before one-time majority shareholder Lloyds Banking Group cut its stake. A prospective earnings multiple of 22 times is not cheap, given the rate of expansion may moderate, and a 2.3 per cent dividend yield is rather dull. Still, cash flows should continue to strengthen and bulls should be tempted by the discount to Hargreaves Lansdown’s valuation at 27 times earnings.

    Year to June 30 % change
    New sales £426.5m 21
    Pre-tax profit £249.5m 193
    EPS 21p 128
    Dividend 6.38p 50