CITY WHISPERS: Pressure on Rolls-Royce as bull run runs out of steam
CITY WHISPERS: June Interactive Investor’s hottest stocks list contained most of the usual suspects, but Rolls-Royce dropped out
Investment platform Interactive Investor’s June most popular stocks list contained most of the usual suspects.
Lloyds Banking Group, Legal & General, Vodafone and Glencore all scored highly. But a tiddler listed on the AIM managed to break through the ranks.
Miner Premier African Minerals was the ninth most traded stock after it said it was in talks with a potential partner to buy materials from a project in Zimbabwe.
Under pressure: Rolls-Royce was the best performing stock in the FTSE 100 for months
However, one frequent flyer fell out of the mix. Rolls-Royce, whose shares are up nearly 60 percent this year, was missing from the top 10.
For months it was the best performing stock in the FTSE 100.
Last week, Barclays said its estimates for Rolls interims were “restrained,” echoing UBS’s judgment. After an absolute bull run, it looks like new boss Tufan Erginbilgic has to prove he can continue his harsh words.
The pressure is on.
Sir Nigel Wilson recalls a painful past
Speaking of Legal & General, Sir Nigel Wilson has brought out a painful story from his past.
Wilson, who is coming to the end of his more than a decade as head of the insurance company, recently joked that he needed better career advice now than in the past.
“Many years ago I was approached by Apple to become chief financial officer,” he said at a City event.
“My close friends advised me it wasn’t a good career move. I’m about to change careers. I would like new good friends.’
Set is suing Diageo for distillery vapor
Those with a penchant for dram might think living next to a distillery is a dream come true.
Not so for the Chalmers, a couple who have won the right to sue drinks giant Diageo over claims that ethanol vapor from its Bonnybridge site between Edinburgh and Glasgow has devalued their home.
The emissions that escape from the wooden barrels, known as “angel’s share,” can lead to what appears to be black mold.
The Chalmers originally took the case to the Court of Session in Edinburgh, seeking £40,000 in damages.
Diageo contested the action, but an attempt to have it dismissed has been rejected.
The company says it is “disappointed” by the court’s ruling and is considering options for appeal.
Problems with More Acquisitions AVA?
Rumor has it that things could begin at tomorrow’s annual meeting for More Acquisitions, set up to source and buy a company focused on the green transition.
Tensions between a few shareholders and the board have been high since a deal to buy Wiltshire-based Megasteel collapsed.
While the focus will be on the annual meeting, some investors want an extraordinary, one-off meeting to vote on board resignations.
It is claimed that a notice has been submitted to demand a meeting, but the company says it has not received a request that meets basic requirements to be processed.
Contributor: John-Paul Ford Rojas